So wait, I’m confused- they don’t give you actual money, but coins that represent the value of the money you won. So if you win, they send you a box of coins? Are they set aside at a bank? Are these generally accepted when shopping? Sorry I have so many questions, but this is fascinating.
Yes, it works a bit like with Japanese pachinko. Every few years TV networks buy a large supply of gold tokens of various size to be used to pay gameshow winners. Winnings are taxed 20% and converted to gold (value determined on the day the network bought the tokens) and then delivered to the winner.
In theory tokens can be sold at a jeweller's for whatever gold is valued at, in practice the supplier will make an offer to buy them back at delivery. (they are not legal tender and have no nominal value)
The problem is that every passage costs money and the actual money pocketed by the winner is usually 60% of the advertised sum. By eliminating the gold, only the 20% tax (same as a lottery) is applied and the winner will be credited the other 80% into their bank account.
here's what they look like
