Silver From The Birthplace Of The World Series of Poker

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(Edited)

Today was one of those days that I just didn't really feel all that inspired to write up a post. Yesterday was a bit of the same only I was much busier and had a good excuse to put it off. Today it would have been pure laziness! So I dug through some of my old pictures of Silver Striker tokens I've collected over the years and saw this one bringing in a flood of inspiration!

The image wasn't what inspired me, but more the casino itself. It's now a defunct casino which is why I bought it in the first place. It was established in the 1950's back in the early day of Las Vegas. It was also the birthplace of the World Series of Poker! First off, here is the silver commemorative token:

About the token:


silverstrikers.com

The fellow on the horse is none other than Benny Binion who is a bit of a Las Vegas legend. I like this token because it's from a defunct casino and it's part of Las Vegas history. It's also 0.6 Troy ounces of pure silver surrounded by a brass ring which make me really love it! Silver is running around $41 per Troy ounce currently!

Binion's Horseshoe


pinterest.jp, the hotel/casino in the late 1950's

Binion's Horseshoe Hotel and Casino was opened in 1951 in downtown Las Vegas, Nevada. It was founded by Benny Binion who ran illegal gambling operations in Dallas/Fort Worth, Texas, but relocated to Nevada where it was perfectly legal. Unlike most casinos that focused on big name entertainers, the Horseshoe was focused on gambling and had some of the highest limits on gaming tables in Las Vegas. This drew in some of the biggest high rollers around.

Benny, however, had some legal issues including tax evasion that put him in prison for four years from 1953-1957. Over the years there also connections to organized crime, after all, the mob ran much of Las Vegas in the 1950's.

In 1970 Benny and his son Jack started hosting a little event called the World Series of Poker. They invited seven of the best poker players to compete, and it's now a huge yearly event today. But it all started thanks to Benny Binion!

The casino survived through many long decades and persisted until 2005 before the family sold the business.

The Famous $1 Million Dollar Display

One of the most interesting displays in Vegas history was at the entrance of the casino in the 1950's. The famous $1 million dollar display contained 100 $10,000 bills. Here you can see Binion with his daughter Wendy in front the all those valuable pieces of fiat. And back then $1 million dollars was much more valuable than today, as one dollar then is worth $11.99 today. So in today's terms it was a $12 million dollar display! Inflation at it's finest...


texasobserver.org

Eventually the family sold off the bills from $112,500 and up to $188,000 a piece. This one below sold for $188,000!


numismaticnews.net


Heritage Auctions

That is one expensive piece of paper! In case your wondering, the fellow on front on the bill is Salmon Chase. He was the Secretary of the Treasury under President Abraham Lincoln and later became a justice of the United States Supreme Court. But is probably best known for his portrait on the most valuable bills ever created for public use. Currently the $100 is the largest to prevent money laundering per the government. It would be nice to have a larger one in my opinion as $100 isn't worth all that much anymore...

That will do it for this Friday's post. I hope you enjoyed it and it was fun to put together! Please feel free to leave any comments or questions below. As always, thank you for all of your support, it's deeply appreciated. Have a great weekend everyone!

References:

https://www.silverstrikers.com/Web/Catalogs/SilverStrikes/Nevada/HorseshoeLVnv/Horseshoe-LVnv-Page-01.php/

https://en.wikipedia.org/wiki/Binion%27s_Gambling_Hall_and_Hotel

Disclaimer

I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!

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31 comments
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A $10K bill that says "WILL PAY" is pretty nice. !BBH

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Unlike today!.... Kind of sad the more you think about it!
!BBH
!PIZZA

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(Edited)

PIZZA!

$PIZZA slices delivered:
@silversaver888(8/15) tipped @thebighigg
geneeverett tipped thebighigg
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ekavieka tipped thebighigg

Come get MOONed!

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(Edited)

Wow….. can you imagine owning a $10,000 bill?😊😇
Try depositing that one at the bank Lol!
I had a hard time depositing enough fiat to buy 1 ounce gold bar from Costco a while back…..
They treated me like I was a criminal and wanted to know what I did for a living Lol!🙄

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It's sad that banks act that way now. The Patriot Act gave all of them serious attitudes towards fiat! I do hope they finally repeal that law, it takes so many of our freedoms away...

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Just one more reason to keep the majority of our savings in bitcoin and out of the bank!😇👍😊

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I've been feeling that way a bit too. I think a big part of it is because I know I am getting to the end of my summer content and writing is going to get a lot harder from here on out. At least until next summer. Ah the original Binions is a classic. Between that and the Gold Nugget...

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I don't think I've been to Binion's since the 90's, I haven't been there since the new owners took over.

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I don't know if it is still open, but I had a really good time at The D down there. We spent a lot of time at the craps tables.

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I have never know that there was a 10K bills ever prinjted, because as far as I know the bogegs bill is $100 bills.
very interesting.
!PIZZA !LUV !LOLZ

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There used to be a $10K bill, a $1k, and $500. They stopped printing them to prevent money laundering and counterfeiting if I recall. We really need a larger bill here in the US, like I said $100 really isn't worth all that much anymore!
!PIZZA
!BBH
!UNI
!LOL

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Ok. I'm sold. I'll give ya 10 bucks for it 😆 🤣 😂

Nice piece

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Thanks, I just checked eBay. Average ones run about $30-$35, the high end ones with perfect strikes and condition go for $100+. I would like to have one of the $10K bills even more though! lol

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Average ones run about $30-$35, the high end ones with perfect strikes and condition go for $100+.

I'm poor, I need a deal 😆

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I used to find them in pawn shops in Vegas years ago when silver was dirt cheap. Nothing comes cheap anymore, my budget is tight now too. How is Roswell treating you?

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Banknote collecting is quite big and finding a certain collectable serial numbers can be as rare as low population banknotes or banknotes with a pedigree. But man o man, a million could buy a lot back in 1950.

!PIMP

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Back when the dollar was worth something! In 1799 one dollar was worth $26 of today's dollars. Inflation... Banknote collecting is a big niche I never got into. I do have lots of mint state $2 bills and several star notes that were replacements for faulty currency prints. But a $10K from Binion's million dollars are worth a fortune!
!PIMP

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(Edited)

It’s crazy how the 500 & 1000 bills were unlike the 10K bill , actually in hands in the general public at one point. Not regularly but after 1933 to some extent. Now inflation adjusted, a $100 bill which was definitely in general public hands in 1920 is now like having a $5000 bill in today’s spending power. Yet we don’t have a $500 or $1000 bill to keep up with it. In fact they keep talking about removing the $100 bill which is nuts given we should actually have $1000 bills in circulation just to equal a $100 in 1979! !ALIVE !PIZZA !LADY !LOLZ

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I agree, we need larger bills in circulation. To carry around $1K you have ten bills, we should at least have a $500. But it would be insanity to remove the $100, you couldn't pay for anything in cash. Which is really what they want, if it's all done by card they can track it. Crypto may yet replace those larger bills if we can get more businesses to accept it.

Inflation has made our dollar worthless, back in the late 70's as a young kid I remember buying a candy bar for a quarter. Now they are a dollar or more...
!BBH
!PIZZA
!LADY
!LOL

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