The origin of the shot glass is not definitively known, but it is assumed to have been a result of Prohibition. Before that, there were thin-sided tasting glasses used by whiskey salesmen to give samples, but not the thick-sided shot glass with a heavy base. Also, the term did not appear in print until the 1940s.

Shot glasses are great collectibles, since they are readily available, generally inexpensive and easy to display. Souvenir shot glasses can be found just about anywhere, and they are common commemorative items as well. They are sturdy, so they are more likely to survive through the years than other vintage glassware. Since they are of relatively recent origin, they are less expensive than more antique collectibles. And they can be easily displayed on shelves, or in shadow boxes to protect them from dust.

Plain undecorated shot glasses and run-of-the-mill tourist shot glasses don't have a lot of value. The tourist glasses may nevertheless be fun to collect. Shot glasses that might be wanted for other types of collections, such as those featuring Coca-Cola, Star Trek or sports teams, may have slightly higher values.

Commemorative shot glasses, especially those that are released in series, also have an increased value. Some examples are Kentucky Derby and Southern Airline series. Generally, the first year is the most valuable. Many people are currently collecting Hard Rock Cafe glasses. The most valuable of these are from locations that are now closed, such as Baghdad, Reykjavik or Tel Aviv.