Merchants that issued tokens included general stores, grocers, department stores, dairies, meat markets, drug stores, saloons, bars, taverns, barbers, coal mines, lumber mills and many other businesses. Generally, they have a merchant's name or initials, sometimes a town and state, and a value legend (such as "good for 5¢" or other denomination) somewhere on the token. In a narrow sense, trade tokens are "good for" tokens, issued by merchants. The collecting of trade tokens is part of the field of exonumia, and includes other types of tokens, including transit tokens, encased cents, and many others. Tokens were also used as company scrip to pay labor for use only in company stores owned by the employers. In the United States, Hard times tokens issued from 1832 to 1844 and Civil War tokens issued in the 1860s made up for shortages of official money. In North America, tokens were originally issued by merchants from the 18th century in regions where national or local colonial governments did not issue enough small denomination coins for circulation. These tokens are usually known as Conder tokens, after the writer of the first reference book on them.Īluminum trade token from Osage City, Kansas While many were used in trade, they were also produced for advertising and political purposes, and some series were produced for the primary purpose of sale to collectors. Merchants once again produced tokens, but they were now machine made and typically larger than their 17th century predecessors, with values of a halfpenny or more. There were again coin shortages in the late 18th century, when the British Royal Mint almost ceased production. Thousands of towns and merchants issued these tokens from 1648 until 1672, when official production of farthings resumed, and private production was suppressed. Most were round, but they are also found in square, heart or octagonal shapes. Tokens would also normally indicate the merchant establishment, either by name or by picture. Where initials were shown, it was common practice to show three initials: the first names of husband and wife and their surname. Most such tokens show the issuer's full name or initials. Halfpenny and penny tokens usually, but not always, bear the denomination on their face.īrass trade token from Fort Laramie, Dakota Territory Most were not given a specific denomination and were intended to substitute for farthings, but there are also a large number of halfpenny and sometimes penny tokens. These tokens were most commonly made of copper or brass, but pewter, lead and occasionally leather tokens are also found. This shortage was felt more keenly because of the rapid growth of trade in the towns and cities, and this in turn prompted both local authorities and merchants to issue tokens. In England, the production of copper farthings was permitted by royal licence in the first few decades of the 17th century, but production ceased during the English Civil War and a great shortage of small change resulted. These tokens never received official sanction from government but were accepted and circulated quite widely. ![]() These tokens were in effect a pledge redeemable in goods, but not necessarily for currency. ![]() įrom the 17th to the early 19th century in the British Isles (and also elsewhere in the British Empire) and North America, tokens were commonly issued by merchants in times of acute shortage of coins of the state. Also, counters called jetons were used as small change without official blessing. These tokens circulated in nearby villages, where they were called "Abbot's money". Medieval English monasteries issued tokens to pay for services from outsiders. Their functions are not documented, but they appear to have been brothel tokens or possibly gaming tokens. In many instances, token coins have become obsolete due to the use of cash, payment cards, stored value cards or other electronic transactions.Ĭoin-like objects from the Roman Empire called spintriae have been interpreted as an early form of token. A token coin has a narrower utility and is issued by a private entity. Ī legal tender coin is issued by a governmental authority and is freely exchangeable for goods. They are often made of cheaper metals like copper, pewter, aluminium, brass and tin, or non-metals like bakelite, leather and porcelain. Their denomination is shown or implied by size, color or shape. The field of token coins is part of exonumia and token coins are token money. In numismatics, token coins or trade tokens are coin-like objects used instead of coins. A Bechuanaland Border Police canteen token
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