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One dollar chips from various
Las Vegas casinos.
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, but have no value outside of the establishment.
These 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 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 be overpaying a customer.
Furthermore, it is observed that consumers gamble more freely with replacement currencies 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. However, many casinos are moving to paper receipts.
Casino tokens are collected as a part of numismatics, more specifically as specialized exonumia collecting.
Contents |
Chip Denominations
- Main article: poker chip
Chips of the same denomination from different casinos tend to have similar colors. This increases familiarity with denominations.
The most common color scheme used in US casinos:
- $1.00: White (uncommon: blue, grey)
- $2.50: Pink
- $5.00: Red
- $25.00: Green
- $100.00: Black
- $500.00: Purple
- $1000.00: Orange (often oversized)
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 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.)
Future
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. Also, this technology provides minimal benefits in games with layouts that do not provide gamblers with their own designated betting areas, such as craps.
External links
Categories: Casinos
