Casino token
From Wikipedia, the free encyclopedia
Casino tokens are small colored metal or plastic discs used in gambling establishments.
There are two main types of tokens used in casinos: multicolor tokens of various denominations called chips, used primarily in table games; and metal token coins, used primarily in slot machines. Some casinos also use gaming plaques for high stakes table games ($25,000 and above). Plaques differ from chips in that they are larger, usually rectangular in shape and contain serial numbers.
Money is exchanged for the token coins or chips in a casino at a cashier station (the cage), at the gaming tables, or at a slot machine. The tokens are interchangeable with money at the casino. They generally have no value outside out of the casino, though in Las Vegas, some casinos honour chips from other casinos, but this is not guaranteed.
Tokens are employed for several reasons. They are more convenient to use than currency, and also make theft and counterfeiting more difficult. Because of the uniform size and regularity of stacks of chips, they are easier to count in stacks compared to paper currency when used on a table. This attribute also enables the pit boss or security to quickly verify the amount being paid, reducing the chance that a dealer might incorrectly pay a customer. Furthermore, it is observed that consumers gamble more freely with replacement currencies than with cash.[citation needed]
Finally, the chips are considered to be an integral part of the casino environment, and replacing them with some alternate currency would be unpopular. However, many casinos are moving to paper receipts.
Casino chip collecting is a part of numismatics, more specifically as specialized exonumia collecting. This hobby has become increaingly popular with the Casino Chips & Gaming Tokens Collectors Club formed in 1988. Some chips are worth up to $50,000 and the most popular way to collect and trade is on eBay.
[edit] Chip Denominations
Chips of the same denomination from different casinos in the same geographic area tend to have similar colors. This increases familiarity with denominations.
[edit] History
After the increase in the value of silver stopped the circulation of silver dollar coins around 1964, casinos rushed to find a substitute, as most slot machines at that time used that particular coin. The Nevada State Gaming Control 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.
In many jurisdictions, casinos are not permitted to use currency in slot machines, necessitating tokens for smaller denominations.
Tokens are being phased out of many casinos in favor of coinless machines which accept banknotes and print receipts for payout. (These receipts can also be inserted into the machines.)
In certain casinos, such as the new Wynn Casino in Las Vegas, chips are embedded with RFID tags to help casinos keep better track of them, determine gamblers' average bet sizes, and to make them harder for counterfeiters to reproduce. However, this technique is costly and considered by many to be unnecessary to profit. Also, this technology provides minimal benefits in games with layouts that do not provide gamblers with their own designated betting areas, such as craps.
