Casino tokens (also known as chips, checks or cheques) are small discs used in lieu of currency in casinos. Colored metal or compression molded clay tokens of various denominations are used primarily in table games, as opposed to 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.
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. The uniform weight of the casino's official tokens allows them to weigh large stacks or piles of chips rather than counting them (though counting aids such as chip trays are far more common) Furthermore, it is observed that consumers gamble more freely with replacement currencies than with cash.
"Silver Strikes" are a special edition of souvenir casino tokens won in special slot machines. Silver Strikes are usually packaged in hard plastic protectors or commerative folders. The tokens have been issued with redeemable values of $2, $3, $5, $7, $10, $12, $20, $28, $40, $200 and range in size from 1-1/2 inches to 3-1/2 inches in diameter depending on the value. The $200 is the only Silver Strike to be paid by the attendant, due to its size and weight. The $12 tokens are from cruise ships.
An example of collectible silver strikes is the John Wayne silver strike token issued by Grand Casino in 1994.
Silver Strikes are generally a limited edition casino token and collectors can find a wide variety of silver tokens available from many different casinos.
