Beyond Official Minting: Unattributed FS Variety & The Hidden World of Hard Times Tokens

Sometimes the unofficial money is more interesting than the official issues. I often tell collectors that the real story lies in what mints left out. Let’s explore the tokens and medals tied to this idea. In our hobby, few debates capture the imagination quite like the quest for recognition. Recently, a collector posed a fascinating question on an online forum: they found an unattributed Fivaz-Stanton (FS) variety on a coin. They asked if they should send it in for certification. The responses highlighted a recurring pain point: the high cost of attribution, dealer skepticism toward back-slab variety attributions, and the critical need for documented proof before submitting to a Third-Party Guarantee (TPG) service. But this dilemma opens the door to a much broader exploration. Just as collectors fight for obscure numismatic varieties to get recognized on a slab label, the same battle happens daily in exonumia—specifically, authenticating Hard Times tokens, Civil War tokens, merchant tokens, and their historical counterfeits.

When I examine a Hard Times token, my first thought is never just the design; it’s the historical context. This was the era of economic panic in 1836–1837. The collapse of the Second Bank of the United States and the Specie Circular led to a severe shortage of small denomination coins. It was in this environment of financial chaos that unofficial money was born. These tokens—often made of copper or bronze—were struck to facilitate commerce when official mintages were unavailable. Understanding the economic pressures is paramount, but so is understanding the metallurgical composition and weight. Most Hard Times tokens weigh between 10 and 15 grams and are composed of bronze or copper alloys, which can sometimes lead to deceptive patina. Just as the forum collector debated the cost of getting an FS variety recognized, collectors of Hard Times tokens must constantly weigh the value of attribution against the risk of misattribution or counterfeiting. A true eye appeal comes from a well-struck piece in mint condition with genuine luster; if you find a gem that lacks strike or has a weird patina, you know attribution is the only way to unlock its true numismatic value.

Civil War tokens represent another fascinating chapter in the unofficial money story. They emerged from the copper shortages that plagued both Union and Confederate armies, issued between 1861 and 1864. These tokens served as small denomination currency for merchants who couldn’t obtain government-issued cents and half cents. They came in three primary types: the 13-star patriotic tokens, the store cards, and the 2-cent and 3-cent reversals. The legal status was highly controversial. U.S. Congress officially abolished them as “contraband” in 1864, fearing they were being used as counterfeit coinage. Yet, they circulated widely in the North. For the modern collector, grading these tokens requires a keen eye for die varieties. Many were produced privately and bear distinct mintmarks or obverse and reverse combinations that differ from official Mint issues. In my experience grading exonumia, PCGS and NGC population reports often show significant spikes in submissions for certain die pairs, proving that even in the 19th century, numismatists were obsessed with variety attribution. A rare variety here carries immense collectibility.

Merchant tokens, the direct descendants of the Civil War era, continued the tradition of unofficial coinage well into the late 19th century. Issued by merchants, tavern owners, and tradesmen, these tokens advertised businesses and bypassed small denomination shortages. Unlike the highly organized Hard Times tokens, merchant tokens were incredibly diverse—featuring a vast array of designs, sizes, and metals. Some were struck on planchets of pure copper, while others utilized bronze or even silver for premium issuers. The sheer volume means the market is saturated with surviving examples. When evaluating a merchant token, I look closely at the strike quality and the sharpness of the device. A weak strike can drastically reduce the value, just as an unattributed FS variety might fail to command a premium. The key to unlocking the true value of a merchant token lies in its documentation and provenance. Without a solid paper trail, even the most beautiful piece loses its eye appeal and numismatic worth.

However, the greatest threat to the integrity of these unofficial currencies is the historical counterfeit. Throughout the 19th and early 20th centuries, counterfeiters routinely copied Hard Times tokens, Civil War tokens, and merchant tokens to pass them off as genuine rarities. Because these pieces were so common in their heyday, the counterfeiting wasn’t always sophisticated, but it was highly effective. Spotting a counterfeit requires a meticulous examination of the weight, metal composition, and strike characteristics. A counterfeit Hard Times token might weigh correctly but feature a patina inconsistent with age. Or a counterfeit Civil War token might exhibit a slightly off-center strike that a knowledgeable grader would immediately notice. The forum thread mentioned that the “Pick Up Point” is very obvious—a detail critical when authenticating these pieces. If a piece looks too good to be true, it usually is. Provenance is your best defense against the fake.

Returning to the original forum discussion about the unattributed Fivaz-Stanton variety, we can draw powerful parallels to the exonumia world. The difficulty in getting a TPG attribution for an obscure variety often stems from a lack of published literature. As one forum participant noted, the only image they had seen was in the Cherrypickers’ Guide (CPG). Without additional publications in CoinWorld or CoinWeek, TPG’ers may refuse to assign the FS number. This is a common hurdle in both numismatic and exonumia authentication. To overcome it, collectors must gather extensive documentation, primarily large, clear images of the piece in question. As another participant shared, having a PCGS slab reholdered with the same grade plus the variety added is possible, but it requires confidence and a willingness to spend the necessary funds. If the variety turns out to be a “pop 1/0,” the potential reward justifies the cost.

• Always Gather Clear Documentation: Before submitting a piece to a TPG service, compile high-resolution images of the obverse, reverse, and any diagnostic features. The quality of your submission often determines whether the attribution is granted.
• Understand Dealer Biases: As the forum discussion revealed, many dealers are unwilling to pay a premium for a variety attribution on the back of a slab. Be prepared to list the coin on an online venue for a set price or sell it to an auction house if you want to maximize returns.
• Beware the Counterfeit Trap: Just because a piece is unattributed does not mean it is genuine. Always verify the weight, composition, and strike of exonumia before investing heavily in its authentication.
• Consider Alternative Attribution Services: If one TPG service declines your submission, try another. Sometimes, a second set of eyes with independent documentation can provide the validation needed.

The history of unofficial money is rich, complex, and occasionally fraught with deception. From the economic desperation of the Hard Times era to the patriotic fervor of the Civil War, and the commercial ingenuity of merchant tokens, these objects tell a story of survival and adaptation. Yet, they also remind us of the constant battle between counterfeiting and authentication. The unattributed FS variety discussed in the forum is a microcosm of this larger struggle: the endless quest for official recognition in a hobby that thrives on the obscure and the unusual. By understanding the historical context, mastering the grading techniques, and arming ourselves with rigorous documentation, we can ensure that the unofficial money of our past is properly valued and preserved for future generations. Ultimately, whether you are trying to get an FS variety recognized on a PCGS holder or authenticating a Hard Times token, the pursuit of knowledge and accurate attribution is what makes the collecting experience so deeply rewarding.

Related Resources

You might also find these related articles helpful:

• The Currency Connection: Unattributed FS Varieties, Historical Banking, and the Paper Money Cross-Over – Coins Didn’t Circulate in a Vacuum: The Fascinating Paper Currency Connection For collectors, coins never existed …
• The Crack-Out Game: Should You Resubmit We Want Kennedy – Post Your Kennedys? – Plastic holders have a habit of holding coins hostage. Let’s talk about the risks—and rewards—of trying to upgrade a pie…
• Beyond the Slab: Comparing the Allure of Unattributed Fivaz-Stanton Varieties to Ancient Numismatic Traditions – How does collecting a modern piece compare to holding a coin struck in the Roman Empire? Let’s compare the philosophies….