Casino token
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Casino tokens are used in gambling establishments instead of currency or coins.
There are two types of tokens used in casinos: multicolor tokens called chips, used primarily in table games; and metal tokens, used primarily in slot machines.
Money is traded for the tokens or chips upon entering the casino. The tokens are interchangeable with money at some casinos, but have no value outside of the establishment.
These tokens are employed for multiple reasons. They are more convenient to use than currency, and also make theft more difficult. They are also easier to count when used on a table than paper currency. They also allow the pit boss or security to quickly verify the amount being paid reducing the chance that a dealer might be overpaying a customer.
Furthermore, it is observed that consumers spend (or gamble) more freely with replacement currencies or credit cards than with cash. Finally, the chips are considered to be an integral part of the casino environment, and replacing them with some alternate currency would be unpopular.
Casino tokens are collected as a part of numismatics, more specifically as a specialized exonumia collecting.
Chip Denominations
Chips of the same denomination tend to have similar colors in all casinos making it easier for players to move between casinos.
When a player leaves the table it is customary to "color up", which is converting your chips to a smaller number of larger value chips.
History
After the increase in the value of silver stopped the circulation of silver dollar coins around1964, casinos rushed to find a substitute, as most slot machines at that time used that particular coin. The Nevada Gaming Board consulted with the US Treasury, and casinos were soon allowed to start using their own tokens to operate their slot machines. The Franklin Mint was the main minter of tokens at that time.
External links
- Silver State Treasures (http://www.silver-state-treasures.com)
- CCGTCC.COM (http://www.ccgtcc.com/) - Casino Chip & Gaming Tokens Collectors Club
- ChipGuide.com (http://www.chipguide.com) - The Online Information Source For Casino Chip Collectorsnl:fiche