Let me take a stab at this. Red and Blue capsules were used by the casinos to designate limited runs. Blue caps were used for $10 tokens Limited to 1000 or 750 tokens. Red capsules were used for ever shorter runs of 500 tokens. They were used so you could see the capsule in the machine and know there was a limited edition token coming into play . . . so you would spend more money to get it -

They do not distinguish whether the token is clad or .999 fine silver. You need to look at the token to determine that. Tokens marked .999 fine (or pure) silver are solid silver, tokens NOT marked .999 fine (or pure) silver are CLAD.

You may find limited run tokens NOT in the Blue or Red Capsules. Over the years, capsules get broken.

This is why I highly recommend Bill Cohenour's Comprehensive Reference Catalogs . . advertised by him on this site and in the Classified Ads on http://silverstrikers.com . He has done all the work for the collector, designating which are red caps, blue caps and also which are CLAD. It is a great investment and a wonderful birthday, Christmas or Father's Day/Mother's Day present.

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Happy Strikin'