Casino tokens, often called "chips", are used in gambling establishments instead of currency. 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 then 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.
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 custom to "color up" which is requesting the dealer convert your chips to a smaller number of larger value chips.
Casino tokens are collected as a part of numismatics, more specifically as a specialized exonumia collecting.
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