A passion for horse racing isn’t absolutely required to have an interest in the early May running of the Kentucky Derby: You could just be in it for the antique mint julep cups.

Silver mint julep cups became popular in the 19th century, especially in the South, where the sweet bourbon-mint-and-sugar drink originated; the drink has been the official drink of the Kentucky Derby since 1938.

From a silver collector’s point of view, antique mint julep cups resemble antique silver beakers, but are typically shorter. “A mint julep cup is usually 3 to 3 ½ inches high, versus the 4 inches of a beaker, and the julep cups have a top that is slightly bigger in diameter than the bottom,” says antiques dealer David Wyler, proprietor of S. Wyler Inc. (www.swyler.com), a Greenwich, Connecticut-based antiques store. “The mint julep cups usually have a molded base, and the main part of the cup is plain and simple.” The short height and plain sides of the mint julep cups could be due to the fact that it is said to be preferable to hold a mint julep cup solely by the base and rim so as to allow frost to form on the outside of the cup.

Wyler says that, although most 18th- and 19th-century antique silver beakers are English-made and bear English marks on the bottom, mint julep cups are mostly from American silvermakers. He looks for a legible hallmark on the bottom and perfect condition. “I always hope there hasn’t been a monogram removed,” notes Wyler. Although mint julep cups were often made in sets of six, it is rare to find a complete set today; Wyler says singles or pairs are more readily found.

Prices for a single 19th-century American silver mint julep cup start at $500 and go up. Wyler recently priced a pair of 19th-century mint julep cups at $2,500.

As for displaying the antique cups, David Wyler says collectors definitely bring them out for the Kentucky Derby. “I know one couple in particular who use them every year for the Derby—their collection has been built up over the years and they now have at least 50 beautiful cups,” he says.