I tend to agree with much that you said, but do disagree that without the Route Company logo, the token is not a route token. As you indicated, the Route Company is a third party that handles all aspects of the slot machine operation and gives the owner a check every month. You could have a third party handling the operation, but the token would not necessarily indicate the Route Company. But it is still a “Route” token. (I always assumed somewhere in the NGB rules and regulations, there was an official distinction made between route and non-route operations). Obviously, the Route Company designation is a damn good indicator that the token is a route token, but I think that there might be exceptions to the rule. If you do a quick scan of tokens, you’ll find “non-bar/store” operations with Route Company indicators (Bourbon Street and Reno A/P are two good examples), but you will also find a number of bars without the Route indicator (49’er Saloon, Joe’s Tavern, etc).

But I could be wrong.

But I wholeheartedly agree that they are fun to collect.
Some of the names are hilarious and clever, especially those with double entendres

Mike