In a previous blog, titled Coin Collecting, we mentioned that your missing tokens could become a small source of income. We will detail this new revenue stream here.
Typically, pub tokens are utilized as follows. A patron orders a round of drinks. Money is paid for the cost of the drinks and pub tokens are offered to be redeemed later by the folks who are not ready for a drink immediately. It's a very simple solution dating back to the 18th century.
Often the pub tokens were taken home with the intent to be redeemed at a later date. Some of these coins get lost, forgotten or collected. The bar owners are quite happy when this happens, because the price for the drink outweighs the value of the pub token. Therefore, it brings a small profit. Any profit is a good profit.
Today's most common pub coins are economical, to be polite. They are made from cheap plastic with poor graphics and do not represent a business very professionally.
Bar Tender pub coins are not to be confused with those embarrassments. Our tokens are 100% genuine, casino poker chips from the same manufacturers that supply the casinos. Besides the obvious difference of the artwork, the only true difference Bar Tender coins and casino poker chips is the security measures (serial numbering and special marking) required by the casinos. The artwork is applied in the exact same way, regardless of whether it is for a casino or a private party. This high level of quality and durability makes Bar Tender coins collectible by many. When the coins go home with a patron the bar owner wins. We will detail how below.
For ease of math and explanation, in each scenario and ROI example below, we will be assuming a bottled beer price of $4 and a chip cost of $1.
Scenario A: Patron purchases and redeems the token for a beer.
This scenario results in no profit or loss.
Scenario B: Patron purchases and keeps the chip.
• Patron buys chip + $4
• Your cost - $1
• Profit + $2
Your cost for the lost chip is $1 and no beer was redeemed. The chip pays for itself with a $2 profit remaining. This scenario paid for 3 chips.
Scenario C: Patron purchases and absentmindedly leaves the token behind.
• Patron buys chip + $4
• Your cost $0
• Profit + $3
Your cost is zero because no beer was redeemed and you still have the chip. The chip pays for itself with a $3 profit remaining. This scenario paid for 4 chips.
Here’s a tip for figuring ROI:
Take note of how many chips there are to start the day. For every chip missing at the close of business, place 3 chips from the original supply in a separate box. Also, every time a chip is left behind, put that chip in the box. Add 3 chips from the original supply for each chip left behind. Leave these chips in the box until the original supply is depleted. When the original supply is in the box the chips have paid for themselves. If you note the date you start using the chips you will also know how little time it takes for your investment to pay off.
50 Chip ROI Example: If 7 chips go missing and 6 are left behind, your original supply will be in the box. After this, you’ll know all of your chips are paid for and are now making straight profit when not redeemed.
Bar Tender is your best source for these collectible pub tokens. Get in touch so that we may start you sailing on new revenue streams.