This chip is listed as 1956 in the Rack. Harrah's also has one listed as 1956. Harold's club has one listed as 1040s. The concept predates the $2.50 snapper. There are 12 1/2 cent chips out there.

A lot of casinos prefer to use coin to pay the odd wins. Customers are more likely to use dollars and halves for the side bets on the tables (like Royal Match), to tip the dealer and cocktail waitresses, and drop in the slots after they leave the table. You'll usually find dollar and 50 cent slots adjacent to the pit. That Atlantis first opened with a snapper, because the Clarion had one. They quickly changed their mind and quit using it. And even though they are on the tables at Fitzgeralds, the dealers only give them to players that are big tippers. I always get coin <g>.

Steve Gilmore has a very nice snapper collection. He shows it off at http://www.geocities.com/RodeoDrive/6242/250chips.htm