Beyond Official Minting: Exonumia, Hard Times Tokens, and the Stories Unofficial Money Tells — Lessons from the 2nd Edition Bowers Double Eagle Red Book Controversy

Sometimes the unofficial money is more interesting than the official issues. Let’s explore the tokens and medals associated with this topic.

When I first saw the forum thread about the long-awaited 2nd Edition of Dave Bowers’ Double Eagle Gold Coins Red Book, I expected to dive into a discussion about Saint-Gaudens Liberty Head varieties, mint mark rarities, and updated population census data. And there was plenty of that. But as I read through the collectors’ frustrations — the disappointment, the cut-and-paste accusations, the 22-year gap between editions that seemed to yield almost nothing new — I found myself thinking about a parallel world in numismatics. A world where unofficial money, tokens, and medals often carry richer stories than the official coins they sometimes mimicked or replaced. The world of exonumia.

The Bowers Double Eagle book controversy is, at its heart, a story about collectors who care deeply about context, historical narrative, and the evolution of a series over time. That’s exactly the same passion that drives exonumia collectors. So let’s step away from the official U.S. Mint for a moment and explore the tokens, Hard Times issues, Civil War pieces, merchant tokens, and even historical counterfeits that tell some of the most fascinating stories in American numismatics.

Why Exonumia Collectors Relate to the Red Book Disappointment

The forum poster who called the 2nd Edition a “BIG disappointment” wasn’t angry at Dave Bowers personally — they acknowledged his age and his legendary contributions. The frustration was with Whitman Publishing for what appeared to be a lazy copy-and-paste job. The population census numbers were identical to the 2004 edition. The commentaries were unchanged. The only real updates were bigger type, fewer price columns (cut from 17 grades to just 7), and the addition of Greysheet GSID codes.

As an exonumia collector, I felt that frustration in my bones. Why? Because the same thing happens in our world. We see token reference books and auction catalogs that recycle the same century-old descriptions without incorporating new hoard discoveries, new die varieties, updated population data, or fresh historical research. The 1837 Hard Times token catalogs from the early 1900s were groundbreaking in their time. But if a modern reference simply republished those same listings without accounting for the last 50 years of die variety research — the work of collectors like Rulau, those who’ve documented new die marriages, new merchant attributions — we’d be just as disappointed as the Double Eagle collectors.

The lesson here is universal across numismatics: collectors don’t just want prices. They want stories, context, and evidence that someone has done the work.

Hard Times Tokens: America’s First Great Exonumia Series

If there’s one exonumia series that every collector should know, it’s Hard Times tokens. These pieces, struck primarily between 1833 and 1843, emerged during one of the most turbulent economic periods in American history — the era surrounding Andrew Jackson’s war on the Second Bank of the United States and the subsequent Panic of 1837.

The Historical Context

The story begins with Jackson’s Specie Circular of 1836, which required that public lands be purchased in gold or silver rather than paper currency. This executive order, combined with the destruction of the Second Bank, created a massive shortage of small change across the United States. Banks failed. Businesses couldn’t make change. Commerce ground to a halt in many regions.

Into this vacuum stepped private minters, merchants, and political satirists. They produced tokens — mostly copper, roughly the size of a large cent — that served dual purposes: they functioned as de facto currency, and they carried political and social messages.

What to Look For as a Collector

Hard Times tokens are collected along several axes, and understanding these will help you build a meaningful set:

• Political types: These are the most famous and include the “Jackson Hard Times” tokens featuring a donkey (the original “jackass” — a not-so-subtle jab at Jackson), the “Van Buren Hard Times” tokens with the little ship in a tub (mocking Van Buren’s perceived weakness), and various anti-bank and pro-hard-money pieces.
• Political counterstamps and overstrikes: Some Hard Times tokens were counterstamped with merchant names or slogans, adding another layer of collectibility.
• Merchant advertising tokens: Many Hard Times tokens doubled as advertising pieces for specific businesses, making them a bridge between the political and merchant token worlds.
• Die varieties: This is where the real depth lies. Collectors who pursue die varieties — differences in letter size, punctuation, die cracks, and alignment — can spend a lifetime on this series alone.
• Condition and originality: As with all numismatics, condition matters. Look for pieces with original surfaces, minimal corrosion, and clear details. Many Hard Times tokens survived in circulated grades, and truly uncirculated examples with full original luster command significant premiums.

What I love about Hard Times tokens is that they’re democratic numismatics. You can start a collection for a few hundred dollars and build something genuinely meaningful. The political types are accessible, the history is rich, and the die variety work rewards patience and a good loupe.

The Bowers Connection

It’s worth noting that Dave Bowers himself is no stranger to exonumia. His early work on tokens and medals, including his contributions to the study of American political numismatics, helped legitimize the field. The irony that his Double Eagle Red Book — a work on official U.S. gold coinage — received a lackluster update while exonumia collectors continue to produce groundbreaking research on unofficial issues is not lost on me. The passion for detail, for historical context, for doing the work — that’s alive and well in the exonumia community.

Civil War Tokens: Patriotism, Profit, and Small Change

If Hard Times tokens represent America’s first great exonumia crisis, Civil War tokens represent its second. When the Civil War erupted in 1861, the hoarding of gold, silver, and even copper-nickel cents created another small-change emergency. By 1862, the federal government had largely disappeared from circulation at the retail level, and private citizens and businesses once again stepped in.

Patriotic Civil War Tokens

These are the “headline” pieces of Civil War exonumia. Struck primarily in 1863, patriotic tokens featured designs that echoed official U.S. coinage — most famously, the Indian Head design adapted from the federal Indian Head cent. But they carried different legends, often substituting “THE FLAG OF OUR UNION” or similar patriotic slogans for “UNITED STATES OF AMERICA.”

Key collecting considerations include:

• Design types: Indian Head patriotic tokens are the most collected, but there are also Liberty Head types, shield types, and flags-and-eagles designs. The Fuld numbering system (George and Melvin Fuld’s catalog) is the standard reference.
• Die varieties: Civil War tokens have enormous die variety complexity. Some patriotic types have dozens of die marriages, distinguishable by letter spacing, star placement, die cracks, and other minute differences.
• Metal composition: Most are copper or bronze, but white metal (tin-based alloy) and brass examples exist and are collected separately. Each composition can affect the strike quality and the development of patina over time.
• Mule dies: Some of the most exciting finds in Civil War token collecting are mule dies — combinations of obverse and reverse dies that weren’t intended to be paired. These are rare and highly sought after, often commanding strong premiums when they appear at auction.

Store Cards (Merchant Tokens of the Civil War Era)

Alongside patriotic tokens, merchants across the North (and some in the South) issued their own tokens to facilitate commerce. These “store cards” are miniature billboards from the 1860s — they advertise everything from dry goods to patent medicines to saloons.

What makes store cards so collectible is their local history dimension. A token from a specific merchant in a specific city connects you to a real business, a real street, a real community during wartime. I’ve examined store cards from New York, Philadelphia, Boston, and smaller towns across the Midwest, and each one tells a micro-story of American commerce under duress.

Collecting approaches include:

• By city or state: Building a geographic collection is a popular and rewarding approach.
• By business type: Collecting all dry goods merchants, or all saloon tokens, or all patent medicine advertisers.
• By die variety: As with Hard Times tokens, die variety collecting adds enormous depth.
• By condition: Uncirculated store cards with full original red or red-and-brown surfaces are highly prized. The eye appeal of a pristine store card with sharp strike details is hard to beat.

Merchant Tokens: The Unsung Backbone of American Commerce

Beyond the crisis-driven series of the Hard Times and Civil War eras, merchant tokens form a vast and endlessly varied category of exonumia that spans from the early 1800s through the mid-20th century. These pieces were issued by businesses of all types — general stores, saloons, barbershops, transit companies, amusement parks, and more — to serve as small change, advertising, or both.

Why Merchant Tokens Matter

Merchant tokens are, in many ways, the most democratic form of exonumia. They’re often affordable, widely available, and deeply connected to local and regional history. A token from a general store in rural Ohio in 1895 tells you something that no Morgan dollar ever could — it tells you about the daily life of ordinary Americans, the businesses they patronized, and the economic systems they used.

From a collecting standpoint, merchant tokens offer several advantages:

• Affordability: Many common merchant tokens can be purchased for $5–$25, making them accessible to collectors at any budget level.
• Variety: The sheer number of different issues means you’ll never run out of new pieces to discover.
• Research potential: Many merchant tokens have never been fully researched. You could be the one to identify a previously unknown issuer or a rare variety that’s been hiding in plain sight.
• Condition range: Because they were often used heavily in commerce, merchant tokens span the full condition spectrum from worn slick to pristine uncirculated. This range lets you tailor your collection to your budget and your goals.

Key References and Cataloging Systems

The standard reference for U.S. tokens is the Rulau catalog system, which organizes tokens by state, city, and issuer. This system has been updated over the decades and remains the backbone of merchant token collecting. Other important references include:

• American Political Badges and Medalets by DeWitt (for political exonumia)
• The Illustrated History of United States Coins and Tokens by various authors
• Specialized catalogs for specific states or regions
• Online databases and collector forums where new varieties are documented

One thing I’d emphasize to new collectors: don’t just buy tokens — research them. The difference between a casual accumulator and a serious collector is the willingness to dig into the history behind each piece. When I examine a merchant token, I want to know who issued it, when, why, and what happened to the business. That research transforms a piece of metal into a piece of history.

Historical Counterfeits: When Unofficial Money Crossed the Line

Here’s where exonumia gets really interesting — and where the line between “token” and “counterfeit” becomes blurred. Throughout American history, there have been numerous instances where unofficial coinage crossed the line from legitimate private issue into outright counterfeiting.

Colonial and Early American Counterfeits

In the colonial period and early Republic, counterfeit coins were a massive problem. British halfpence and farthings were widely counterfeited in the American colonies, and many of these counterfeits circulated freely alongside genuine issues. Some were crude and easily detected; others were sophisticated enough to fool merchants and even mint officials.

From a collecting standpoint, historical counterfeits occupy a fascinating gray area. They’re not “real” coins, but they’re genuine artifacts of economic history. Many collectors of colonial coins actively seek out well-documented counterfeits because they tell us something about the monetary conditions of the time. The provenance and documentation behind a piece often matter more than the coin itself.

The “Birmingham” Counterfeits

One of the most famous episodes in American counterfeiting history involves the Birmingham (England) counterfeit halfpence that flooded the colonies in the 1770s and 1780s. These were produced in enormous quantities by English minters who saw a profit opportunity in the colonies’ chronic small-change shortage. The British government, ironically, did little to stop the flow — some historians argue they actively encouraged it as a way to undermine colonial economic independence.

These counterfeits are collected today as historical artifacts, and they’re an important part of the exonumia story. They represent the dark side of unofficial money — the point where private enterprise becomes fraud. The numismatic value of these pieces lies not in their metal content but in what they reveal about the era that produced them.

Civil War-Era Counterfeits and Evasion Pieces

During the Civil War, the line between patriotic tokens and counterfeit coins was sometimes thin. Some patriotic Civil War tokens were deliberately designed to mimic federal coinage as closely as possible — not to deceive, but to fill a genuine need for small change. Others, however, crossed the line into outright counterfeiting.

There were also “evasion” pieces — tokens that imitated federal designs closely enough to be legal (barely) but were clearly intended to pass as real money. These evasion pieces are collected today as a fascinating subcategory of Civil War exonumia. The thin line between patriotism and deception gives these pieces an eye appeal and historical intrigue that few other series can match.

What Collectors Should Know

If you’re interested in historical counterfeits, here are some key points:

• Legality: Owning historical counterfeits is generally legal, as long as you’re not attempting to pass them off as genuine. However, laws vary by jurisdiction, so do your research.
• Authentication: Make sure you’re buying from reputable dealers who can document the provenance and authenticity of any counterfeit piece.
• Documentation: Historical counterfeits should be well-documented. A counterfeit colonial halfpence with a known provenance and clear attribution is far more valuable — both monetarily and historically — than an unattributed piece.
• Context: The best collections of historical counterfeits are organized around a theme — a specific time period, a specific type of counterfeit, or a specific geographic region. Context gives the collection meaning and elevates its collectibility.

Lessons from the Red Book Controversy for Exonumia Collectors

Let’s circle back to the Bowers Double Eagle Red Book controversy, because I think there are important lessons here for exonumia collectors.

The forum poster’s core complaint was that the 2nd Edition failed to incorporate 22 years of new data — new hoards, new population figures, new historical research, new commentary. The book was, in essence, a reprint with updated prices. For collectors who had waited 15 years for a new edition, this was unacceptable.

The same standard should apply to exonumia references. When I pick up a token catalog or reference book, I want to see evidence of current research. I want to know that the author has consulted recent auction results, talked to active collectors, incorporated new die variety discoveries, and updated population estimates. A token catalog that simply republishes 19th-century listings without modern context is as disappointing as a Double Eagle price guide that hasn’t been updated in two decades.

Actionable Takeaways for Buyers and Sellers

Whether you’re buying Double Eagles or Hard Times tokens, here are some principles that will serve you well:

1. Demand updated research. When purchasing reference books, check the publication date and look for evidence of new research. A book published in 2026 should reflect data from 2026, not 2004.
2. Cross-reference multiple sources. Don’t rely on a single price guide or catalog. Compare data from multiple references, auction records, and dealer listings. This is especially important for rare variety identification.
3. Understand population dynamics. The forum poster made an excellent point about the impact of third-party grading (TPG) services on population census data. The same is true in exonumia — as more tokens are slabbed and cataloged, population data changes. Make sure your information reflects current realities.
4. Value historical context. The best numismatic references don’t just list coins and prices — they tell stories. Look for books and catalogs that provide historical background, hoard information, and collector commentary. Context drives numismatic value.
5. Support active researchers. The exonumia community thrives on the work of dedicated researchers who document new varieties, update population data, and publish their findings. Support their work by purchasing their publications and contributing your own discoveries.

Building a Meaningful Exonumia Collection: Where to Start

If this article has inspired you to explore exonumia, here’s a practical roadmap for getting started:

Step 1: Choose Your Focus

Exonumia is vast. You can’t collect everything at once. Choose a focus that interests you:

• Hard Times tokens if you’re drawn to political history and the Jacksonian era
• Civil War tokens if the Civil War is your passion
• Merchant tokens from your home state or region if local history excites you
• Transportation tokens (streetcar, bus, subway) if you’re interested in urban history
• Political medals and campaign items if you love election history
• Historical counterfeits if you’re fascinated by the shadowy side of numismatics

Step 2: Get the Right References

Invest in quality reference books. For general U.S. exonumia, start with the Rulau catalogs. For Hard Times tokens, look for the latest editions of specialized references. For Civil War tokens, the Fuld numbering system is essential. And always — always — check publication dates and look for evidence of updated research. A well-chosen reference library will pay for itself many times over in avoided mistakes and informed purchases.

Step 3: Connect with the Community

Join organizations like the Token and Medal Society (TAMS) or the Civil War Token Society (CWTS). Attend coin shows where exonumia dealers are present. Participate in online forums and discussion groups. The exonumia community is welcoming, knowledgeable, and eager to help new collectors. I’ve learned more from conversations with fellow collectors than from any single book.

Step 4: Buy the Best You Can Afford

This advice applies to all of numismatics, but it’s especially important in exonumia, where condition can vary enormously. A well-preserved Hard Times token with clear details, attractive patina, and original surfaces is worth far more — both in monetary terms and in historical value — than a worn, corroded example. Eye appeal matters, and it’s something you develop an instinct for over time.

Step 5: Document and Research

Keep detailed records of your collection. Research the history behind each piece. Document die varieties. Note the provenance of each token when available. Share your findings with the community. This is what transforms a collection from a pile of metal into a meaningful historical archive — and it’s what gives your collection lasting numismatic value beyond the sum of its parts.

The Enduring Appeal of Unofficial Money

The Bowers Double Eagle Red Book controversy reminds us that numismatics is about more than just coins and prices. It’s about history, context, and the stories that objects carry with them. When collectors express disappointment that a reference book hasn’t been properly updated, they’re really saying: we care about this subject, and we deserve better.

That same passion drives exonumia collectors. We care about the Hard Times tokens that kept commerce alive during the Panic of 1837. We care about the Civil War tokens that expressed patriotism and filled a monetary void. We care about the merchant tokens that advertised businesses and facilitated daily transactions. We care about the historical counterfeits that reveal the shadowy underbelly of monetary history.

These pieces of unofficial money may never have the prestige of a Saint-Gaudens double eagle or the ubiquity of a Morgan silver dollar. But in many ways, they’re more interesting. They’re more personal. They’re more connected to the daily lives of ordinary Americans. And they reward the kind of deep, patient research that makes numismatics such a rewarding pursuit.

So the next time you’re at a coin show or browsing an online auction, don’t just look at the official issues. Take a moment to explore the exonumia case. Pick up a Hard Times token and read its political message. Examine a Civil War store card and imagine the merchant who issued it. Hold a historical counterfeit and think about the economic conditions that made it necessary.

You might just find that the unofficial money is more interesting than the official issues. I know I did.

Conclusion: The Collectibility and Historical Importance of Exonumia

Exonumia — tokens, medals, and unofficial currency — represents one of the most accessible, historically rich, and endlessly fascinating areas of numismatics. From the politically charged Hard Times tokens of the 1830s to the patriotic Civil War tokens of the 1860s, from the humble merchant tokens that facilitated daily commerce to the shadowy historical counterfeits that reveal the vulnerabilities of monetary systems, these pieces tell stories that official coinage simply cannot.

The collectibility of exonumia is driven by several factors: historical significance, condition rarity, die variety complexity, and the ongoing discovery of new information. As the Bowers Double Eagle Red Book controversy demonstrates, collectors at every level of numismatics demand updated research, accurate population data, and meaningful historical context. The exonumia community has a proud tradition of meeting that demand through dedicated research, active collector organizations, and a willingness to share knowledge.

Whether you’re a seasoned collector looking to expand beyond official issues or a newcomer searching for an affordable entry point into numismatics, exonumia offers something for everyone. The pieces are often affordable, the history is endlessly engaging, and the community is welcoming. Start with a focus that interests you, invest in quality references, connect with fellow collectors, and above all, take the time to research and appreciate the stories behind each piece.

In the world of numismatics, the unofficial money may not have the official seal of a government mint. But it has something better: the authentic voice of American history, spoken through the tokens and medals that ordinary people created, used, and preserved. That’s a story worth collecting.

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