One thing has always puzzled me. Strikes are redeemable but not playable. Are they a true token or cheque?

Tom , strikes are playable and the casinos must accept them for play. I have used them at table games at the Palms and other casinos. If you look at a Palms $1 token and the $10 token they read almost the same other than the denomination.

http://gaming.nv.gov/stats_regs/reg12.pdf

12.010 Definitions

3. "Token" means a metal representive of value issued by a licensee for use in slot machines or for use in slot machines and table games or counter games at the licensee's gaming establishment.