QUIKOIN PURSE BRINGS MEMORIES

CLEVELAND (AP) -- A low-profile company solved the problem of jingling pocket change for Frank Sinatra and millions of other penny-wise people.

"When you hand it to a baby boomer, they'll smile and rub it, or open it and smell it," said Mike Burns, the third generation to lead production of the ubiquitous Quikoin coin purse, 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 often handed out free by restaurants, banks and other businesses who had their company name or logo on the item.

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. And just ask baby boomers if they remember the item.

"Then they'll tell you a story, like how their Uncle Jim had one stuffed with quarters and would hand them out to the kids," Burns said. "People relive these moments when they see a Quikoin. It's an instant time-travel back."

Burns said Sinatra always carried a Quikoin so change didn't jingle in his pocket when he was on stage.

The rubber, oval-shaped thingamabob holds about $3 in quarters and dimes comfortably -- a lot of money in the 1950s. Today, you'd need $24.28 to have the same buying power, but the Quikoin still holds only about $3.

Despite that, the Quikoin has persevered and has made a resurgence the last two to three years with 2 million now sold each year, Burns said. "It's a nostalgia item," he said.

The product, sold through distributors and not available in stores, is perhaps the most recognized product made by Quikey Manufacturing Co. The 250-employee company also makes rubber key chains, magnets, ID holders and luggage tags.

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

Quikoins also are bouncing back in popularity because people are using them in new ways. The company routinely hears stories about people who love using them to store earrings, guitar picks or condoms.

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 company was taken over by Burns' uncle and then passed to Burns and his brother and cousin.

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

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