Yes John, you are correct. The $1.00 actual .900 silver dollars went by-by in 1965. With the rise in silver values the dollar was worth more than a dollar. So casinos quickly went to having slot tokens made. Mostly from a nickel metal. Though some were copper and yet others brass.

That is for the $1.00 dollar to token usage. I do have if going off memory the earliest .999 $25 token that was used in a slot machine is from Bally's 1988. Lady Luck 1976 did come out with a $25 made of silver but those were gotten ( ??? ) I don't know how. Gifts, cage, reward points ?? All I have ever seen are in mint condition unless after market abused.

Dennis