Slot Machine Tokens
Metal token coins are used in lieu of cash in some coin-operated arcade games and casino slot machines.
Money is exchanged for the token coins or chips in a casino at the casino cage, at the gaming tables, or at a slot machine and at a cashier station for slot token coins. The tokens are interchangeable with money at the casino. They generally have no value outside of the casino.
After the increase in the value of silver stopped the circulation of silver 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 U.S. 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 casino tokens at that time.
In 1971, many casinos adopted the Eisenhower Dollar for use in machines and on tables. When the dollar was replaced with the Susan B. Anthony dollar in 1979, most casinos reinstituted tokens, fearing confusion with quarters and not wishing to extensively retool their slot machines. Those casinos which still use tokens in slot machines still use Eisenhower-sized ones.
In many jurisdictions, casinos are not permitted to use currency in slot machines, necessitating tokens for smaller denominations.
Tokens are being phased out by many casinos in favor of coinless machines which accept banknotes and print receipts for payout. (These receipts - often nicknamed "TITOs" for ticket in/ticket out, can also be inserted into the machines.)
Read more about this topic: Token Coin
Famous quotes containing the words slot machine, slot, machine and/or tokens:
“Some are able and humane men and some are low-grade individuals with the morals of a goat, the artistic integrity of a slot machine, and the manners of a floorwalker with delusions of grandeur.”
—Raymond Chandler (1888–1959)
“Some are able and humane men and some are low-grade individuals with the morals of a goat, the artistic integrity of a slot machine, and the manners of a floorwalker with delusions of grandeur.”
—Raymond Chandler (1888–1959)
“The cycle of the machine is now coming to an end. Man has learned much in the hard discipline and the shrewd, unflinching grasp of practical possibilities that the machine has provided in the last three centuries: but we can no more continue to live in the world of the machine than we could live successfully on the barren surface of the moon.”
—Lewis Mumford (1895–1990)
“It is the part of men to fear and tremble
When the most mighty gods by tokens send
Such dreadful heralds to astonish us.”
—William Shakespeare (1564–1616)