Abstract: A system (20) for recognizing gaming chips (500) includes pairs of light emitting devices P1 through Pn, each pair emitting light (28) of a different color. The light (28) is reflected off of the surface (502) of the gaming chip (500), is sensed by a light detector (32), digitized by an analog to digital converter (33), and compared with stored intensity profiles for various denomination gaming chips (500). When a match is obtained, system (20) issues a signal indicating the color, and thus denomination, of the gaming chip (500). An energizing circuit (26) produces a constant current to ensure a constant light intensity level. An automatic adjustment circuit (40) changes the constant current to accommodate for factors such as component aging. Adjustment circuit (40) is controlled by a calibration feature wherein light (28) is reflected off of a calibration surface (42) while system (20) is in use.