Nostalgic value helps coin purse bounce back

AKRON, Ohio – Mike Burns will make you a bet: If you’re over 40, you probably had one of his products a long time ago.

And thinking about it will probably give you a bit of a warm fuzzy.

Burns is the third generation to lead production of the Quikoin coin purse, which was created in Akron in 1951. For the next three decades, the palm-size rubber coin carriers were all the rage – produced by the tens of millions. And they were typically handed out as freebies by restaurants, banks and other businesses that had the coin carriers manufactured bearing their company name or some memorable message.

Burns loves his company’s place in history. The Quikoin was named as one of the top five promotional products of the 20th century by Promotional Products Association International, the industry trade group.

He knows tens of millions of people had one of the flat coin holders, or they remember their grandpa or dad toting one around.

But just as typewriters have been made virtually obsolete by computers, the popularity of Quikoins has subsided. We live in a pay-with-plastic society where even some vending machines accept credit cards. Coins, schmoins. Who needs them?

Plus, the Quikoin hasn’t changed with inflation. The rubber, oval-shaped thingamabob holds about $3 in quarters and dimes. That was a lot of money in the 1950s.

Today, you’d need $24.28 to have the same buying power.

But the Quikoin has persevered and made a resurgence, Burns said. The product, which is sold entirely through distributors and is not available in stores, is perhaps the most recognized product made by Quikey Manufacturing Co. But it’s just a small part of Quikey’s business. The 250-employee company, still in Akron, makes a slew of small doodads, including rubber key chains, magnets, ID holders and luggage tags.

The company sells 2 million Quikoins each year. The product is flourishing in part because it conjures up old memories.

“It’s a nostalgia item,” Burns said.

The coin purses routinely sell among collectors for way more than their actual value. They cost about 70 cents each to buy in bulk. Last week, several were sold on eBay for $5 to $7 each, plus shipping.

The company routinely hears stories about people who use them to store earrings, guitar picks or condoms.

The attraction of the Quikoin – or any of Quikey’s other promotional tchotchkes – is that the logo of a company, or whatever message it buys, never, ever rubs off. You can’t scratch it off. It lives forever.

The company logo is actually manufactured into the product with colorized rubber. The logo isn’t added after production; it’s part of production.

The Quikoin was conceived by Burns’ grandfather, Ben Stiller, who originally created a rubber case to hold the two keys that many vehicles required (one for the door and one for the ignition).

The patent on the Quikoin ran out years ago, but competitors haven’t been able to duplicate the technology, Burns said.