Beyond Official Minting: A Collector’s Guide to Military Tokens, Sutler Issues, and Post Exchange Exonumia from the Civil War to Vietnam

Sometimes the unofficial money tells a far more compelling story than anything that ever came out of a government mint. That’s the world I want to pull you into today.

As an exonumia collector, I’ve spent years chasing the stories behind pieces that never saw the inside of a United States Mint facility. And in my experience, few areas of the hobby are as rich, as affordable, or as historically compelling as military tokens. From the Sutler tokens of the Civil War era to the post exchange pieces of World War II, from Vietnam-era mess tokens to the modern challenge coins carried by today’s service members, these small pieces of metal represent a tangible, deeply personal connection to the men and women who served. This is a world where a token good for a single ration of bread at Fort Wadsworth can be just as numismatically significant as a Morgan silver dollar — and in many cases, far more rewarding to research.

What Are Military Tokens, and Why Should Collectors Care?

Military tokens fall under the broad umbrella of exonumia — the study and collection of coin-like objects that are not official government-issued currency. Within this category, military tokens encompass an astonishing range of pieces:

• Civil War Sutler tokens — Issued by civilian merchants (sutlers) who followed the armies and sold goods to soldiers in the field.
• Post Exchange (PX) and Post Canteen tokens — Struck for use at specific military installations, often in denominations of 1¢, 5¢, 10¢, 25¢, and 50¢, and sometimes in unusual denominations like the 6¢ piece from Fort Schuyler.
• Mess hall and NCO club tokens — Used in dining facilities and enlisted or non-commissioned officer clubs on bases worldwide.
• Military Payment Certificates (MPCs) — Though technically paper currency, these are often collected alongside tokens by military exonumia specialists.
• Modern challenge coins — Given as marks of unit identity, achievement, and camaraderie, these have become a vibrant collecting niche in their own right.
• Contemporary “POGs” — Cardboard or thin-metal change substitutes used in Iraq and Afghanistan when official small-denomination coinage was scarce.

What makes this area so exciting is the combination of accessibility and depth. A meaningful collection can be assembled on a modest budget — many pieces trade in the $10 to $40 range, with some World War II-era tokens appearing at local club auctions for under $10. At the same time, the rarest Sutler tokens can command prices of $1,000 to several thousand dollars each, even in damaged condition. There is truly something for every level of collector.

Civil War Sutler Tokens: The Crown Jewels of Military Exonumia

If there is a “holy grail” category within military token collecting, it is Civil War Sutler tokens. These pieces were authorized by the Union Army and issued by sutlers — civilian provisioners who operated stores within or near military encampments. Soldiers would purchase these tokens from the sutler and use them as a medium of exchange within the camp economy.

The Harvey Lewis / Joseph H. Merriam Massachusetts 23rd Regiment Token

One of the finest examples I’ve encountered is the Sutler token issued for the 23rd Massachusetts Infantry Regiment, with Harvey Lewis as the sutler and Joseph H. Merriam as the die sinker. This piece is particularly significant for several reasons:

• Modular die innovation: Merriam is credited with inventing the use of modular dies that allowed denominations to be interchanged in the center of the token. This was a remarkable technical achievement for the period (1861–1865) and speaks to the ingenuity of private die sinkers during the Civil War.
• Denomination varieties: The token comes in 5¢, 10¢, 25¢, and 50¢ variations, giving collectors a natural set to pursue.
• Artistic quality and eye appeal: This token is artfully executed, as are all of Merriam’s tokens and medals of the period. The example I’ve seen was graded NGC MS66RB and described as the finest known — ex. Eric P. Newman, one of the most storied names in American numismatics. The luster on that piece must have been extraordinary.

The commanding officer of the 23rd Massachusetts Infantry was Lt. Col. David Muzzey, and the regiment saw significant action during the war. Owning a Sutler token from a specific regiment creates a direct, physical link to the soldiers who carried it — men who marched, fought, and often died carrying these small pieces of brass or copper in their pockets.

The J.C. Benton and Zouave Unit Sutler Tokens

Other notable Sutler tokens include a piece attributed to J.C. Benton, praised for its superior die work compared to most examples, and a token issued for a Zouave unit. The Zouave units are among the most colorful subjects in Civil War history — these were regiments that adopted the flamboyant uniform style of the French North African Zouave troops, complete with brightly colored red uniforms, sashes, and fezzes.

As one collector wryly observed, the Zouave uniform “looked a ticket to the graveyard” given how conspicuously the soldiers would have stood out on the battlefield. The die sinker for the Zouave token was John Stanton of Cincinnati, Ohio, who produced many Sutler and Civil War patriotic tokens during the war years. Stanton’s work is well-regarded among specialists, and his tokens are actively sought after for their sharp strikes and strong eye appeal.

Understanding Sutler Token Values

In my experience grading and evaluating Sutler tokens, the market is straightforward but demanding:

• Common varieties in lower grades can still be found in the $50–$200 range.
• Better die varieties and rarer regiments command significant premiums.
• High-grade examples (MS63 and above) of desirable varieties can reach $1,000–$5,000 or more.
• Damaged pieces of rare varieties still bring substantial sums — sometimes over $1,000 — because the collector base is passionate and the supply is genuinely limited.

Actionable takeaway for buyers: If you’re entering the Sutler token market, focus on authenticity first. These pieces have been counterfeited, and the die characteristics are your best guide. Study the known die varieties, compare lettering spacing and font details carefully, and buy from reputable dealers or auction houses with return policies. The Cunningham reference (discussed below) is essential for attribution.

Post Exchange and Post Canteen Tokens: A Base-by-Base Tour

While Sutler tokens represent the most prestigious tier of military exonumia, the vast and fascinating world of Post Exchange (PX) and Post Canteen tokens is where most collectors will spend the majority of their time — and budget. These tokens were issued by individual military installations for use in on-base stores, canteens, and exchanges. They are typically struck in brass, aluminum, or copper and feature the fort or camp name, a denomination, and the phrase “Good For [X] In Trade” or similar wording.

Fort Ethan Allen, Vermont — 2nd Cavalry Horsehead Token

One of the standout pieces I’ve come across is an aluminum token from Fort Ethan Allen, Vermont, dated pre-1944, featuring the horsehead of the 2nd Cavalry on the obverse and a horseshoe with the inscription “Good For 50 cts In Trade” on the reverse. This piece appealed to me on multiple levels — as a cavalry symbol, as a well-executed design, and as a piece of Vermont military history. I’d estimate its value at well over $100, and I wouldn’t be ashamed to have paid up for it.

A second Fort Ethan Allen token is also worth noting, this one remarkable for its striking resemblance to the Anheuser-Busch logo — raising the fun question of which came first. This kind of design crossover is exactly the sort of thing that makes exonumia collecting so endlessly engaging.

Fort Totten, New York — Dollar Denomination and Cannon Design

Fort Totten in Queens, New York, is well-represented in the military token world. Originally known as Fort at Willets Point in 1862, it was renamed Fort Totten in 1898. The fort was famous for its impressive 12-inch mortar batteries arranged in an Abbot Quad configuration — a formidable coastal defense installation.

Fort Totten Post Exchange tokens feature cannons prominently in their design, and denominations include both a dollar denomination (similar in style to the Brooklyn Navy Yard token) and a 10¢ “Good For 10c in Trade” variety. The dollar tokens are particularly desirable and serve as a reminder that these pieces circulated in a real economy where a post exchange dollar had genuine purchasing power.

Fort Schuyler, New York — The Unusual 6¢ Denomination

One of the most intriguing tokens I’ve examined is an unusual PX token from Fort Schuyler with the odd denomination of 6 cents. Fort Schuyler is located on Throggs Neck at the southern end of the Bronx and was constructed to defend New York Harbor against naval attack through the Long Island Sound. It was part of the nation’s northeast coastal defense system developed in the aftermath of the War of 1812 and was dedicated in 1856.

The 6¢ denomination is a fascinating anomaly. In my experience, odd denominations like this often reflect specific pricing structures at the post exchange — perhaps a particular item cost 6¢, or the token was part of a change-making system. These unusual denominations are highly prized by specialists and can command premiums over more common values.

Fort Schuyler sits directly across the water from Fort Totten, and together the two forts created a defensible bottleneck at the entrance to Long Island Sound. Collecting tokens from both forts as a paired set is a natural and appealing project for the military exonumia specialist.

Brooklyn Navy Yard / Marine Barracks, New York — 1908 Token

A token from the Post Exchange at the Brooklyn Navy Yard Marine Barracks, dated 1908, connects collectors to one of the most important naval installations in American history. The Brooklyn Navy Yard was founded in 1801 and remained a fully operational base until 1966, when the land was sold to New York City. It finally closed its doors in 1974. A token from this installation, especially one dated to the early 20th century, carries the weight of over a century of naval history.

Fort Niagara, New York — Pre-WWI Brass Token

An older post exchange token from Fort Niagara, NY, struck in brass on a quarter-sized thin planchet, bears the inscription “Good for 5 in Trade Only.” This piece most likely predates World War I, probably dating to the turn of the century. Fort Niagara has a long and storied history dating back to the 17th century, and tokens from this installation are scarce and desirable. The patina on a piece like this — developed over more than a century — only adds to its eye appeal and collectibility.

Camp Furlong, New Mexico — 13th Cavalry and Pancho Villa

One of the most historically significant tokens I’ve handled is from Camp Furlong, New Mexico, issued for Troop H of the 13th Cavalry Regiment in 1916, with a denomination of 25¢. This token is directly contemporary to one of the most dramatic episodes in American military history: the raid on Columbus, New Mexico, on March 9, 1916, by Pancho Villa and his army.

The men of the 13th Cavalry bravely repelled Villa’s forces and subsequently participated in the Punitive Expedition into Mexico under General John J. Pershing. A token from Camp Furlong in 1916 is not just a piece of exonumia — it is a relic of the last major U.S. military incursion into a foreign country before World War I, and a tangible connection to the soldiers who rode against Villa’s forces.

Fort Adams, Rhode Island — Post Canteen Token

A 25¢ uniface Post Canteen token from Fort Adams, Rhode Island, with an incised design and dating to approximately 1900, represents the coastal defense tradition of the northeastern United States. Fort Adams was named after President John Adams and was in operation from 1799 to 1953. It is now a state park, but its tokens survive as numismatic evidence of daily life at one of America’s most important coastal fortifications.

Fort Terry, New York — Plum Island

A token from Fort Terry on Plum Island, NY, good for 25¢ at the Post Exchange, adds another piece to the New York coastal defense puzzle. Plum Island’s military history is less well-known than that of Fort Totten or Fort Schuyler, making tokens from this installation both scarcer and more intriguing to research.

Fort Leonard Wood, Missouri — Bottle Return Token

Not all military tokens were used as currency. A fascinating piece from Fort Leonard Wood, Missouri, is a bottle return token with a 75¢ redeemable value, struck in aluminum and dating to the 1940s. These utilitarian tokens remind us that military exonumia encompasses far more than just “Good For Trade” pieces — they include recycling tokens, laundry tokens, and other specialized uses that paint a complete picture of life on a military installation.

Fort Wayne, Detroit — A Die Variety Puzzle

An interesting discussion arose around a token from Fort Wayne, Detroit, with the collector asking for help in identifying it. Fort Wayne was built from 1842 to 1851 on the Detroit River about a mile from Canada. It served no real purpose until the Civil War, when it gained continual use to muster and garrison troops.

The identification process revealed subtle die differences — variations in the size and spacing of the lettering, the shape of the number “5,” and the presence of a comma after “Fort Wayne” on the collector’s example that did not appear on the TokenCatalog.com listing. This kind of die variety analysis is exactly the sort of deep research that makes exonumia collecting so rewarding. The comparable piece had sold for $179.50 on eBay, giving a useful market data point for this rare variety.

Fort Wadsworth, Staten Island — The Rarest of the Rare

Perhaps the most extraordinary token I’ve ever encountered is a very rare piece from Fort Wadsworth in Staten Island, NY, inscribed “Good for 1 ration of bread” and struck on a thin brass disc. This token is so significant that it served as the plate illustration for Cunningham’s military tokens reference — the standard work in the field. I had never heard of another example until this one surfaced.

Fort Wadsworth is one of the nation’s oldest military installations, and its Battery Weed still stands watch over the harbor, visible to anyone who has ever driven over the Verrazano Bridge. The fort even achieved pop culture fame as the setting for “The Pit,” a secret underground base in the G.I. Joe comic book series, concealed beneath the Motor Pool of the Army Chaplains’ Assistants School.

A “Good for 1 ration of bread” token speaks to the fundamental purpose of military tokens: to facilitate the daily sustenance and commerce of soldiers far from home. It is hard to imagine a more evocative piece of military exonumia — and its provenance as the Cunningham plate piece only adds to its numismatic value.

Vietnam-Era Tokens and the SEMO Mess Token

The military token tradition did not end with World War II. A fascinating piece from the Vietnam War is the “SEMO” 5¢ token with the number 777. SEMO was an acronym that stood for Saigon Enlisted Mess (Open), and the significance of “777” remains somewhat mysterious — it may have been a symbol of good luck, or it may have had a specific unit or accounting meaning that has been lost to time.

These Vietnam-era tokens are important because they represent the continuation of a tradition that stretches back to the Civil War. The fact that the U.S. military was still issuing tokens for mess halls and exchanges in the 1960s and 1970s shows how deeply embedded this practice was in military culture.

Challenge Coins: The Modern Face of Military Exonumia

No discussion of military tokens would be complete without addressing the vibrant world of challenge coins. These are not tokens in the traditional sense — they were never intended to serve as currency — but they are collected alongside military exonumia by many specialists, and they carry deep personal and unit significance.

My own challenge coin collection includes pieces from various branches of the military, one from a Vice President, and one from a Secretary of Defense. I’ve seen coins with the motto “Lead or Silver” — a darkly humorous military expression — and a coin from the Sergeant Major of the Army, one of the highest-ranking enlisted positions in the U.S. military.

Challenge coins serve a different function than traditional military tokens, but they share the same essential purpose: they create a sense of identity, belonging, and shared experience among service members. The tradition of the “challenge” — where a service member presents their coin and everyone present must produce theirs or buy a round of drinks — is a living tradition that continues to this day.

I still talk regularly with many of my unit buddies, and a lot of them are now in the same post-military profession. My ship holds a reunion every year, though we’re getting old now and losing shipmates. These personal connections are what make military exonumia so much more than a hobby — it is a way of preserving and honoring the bonds forged in service.

Historical Counterfeits and the Importance of Authentication

Any discussion of military tokens and exonumia must address the issue of historical counterfeits and modern reproductions. Because many military tokens were produced by private die sinkers using relatively simple equipment, the potential for both contemporary counterfeiting and modern reproduction is significant.

In my experience, the most common issues to watch for include:

• Modern cast copies of rare Sutler tokens, often with slightly soft details and incorrect metal composition.
• Altered dates or denominations on common tokens to create the appearance of a rare variety.
• Fantasy pieces — tokens that were never originally produced but have been created to deceive collectors.
• Incorrect metal composition — many original tokens were struck in specific alloys (brass, copper, aluminum), and a piece in the wrong metal is an immediate red flag.

Actionable takeaway: Always buy from reputable sources, request detailed photographs of both sides, and compare any potential purchase against known reference examples. The die variety details — letter spacing, punctuation, font characteristics, and planchet size — are your best tools for authentication.

Essential References for the Military Token Collector

For collectors looking to build a serious reference library, the following resources are indispensable:

1. Military Tokens by Paul Cunningham (two volumes) — This is the standard reference work for the field, covering post exchange, canteen, and mess hall tokens from installations across the United States. The prices in the book should be taken with a grain of salt — they fluctuate wildly — but the attributions and descriptions are essential. The Fort Wadsworth “Good for 1 ration of bread” token discussed above served as the plate piece for this reference.
2. TokenCatalog.com by Richard Greever — An online database that is an invaluable resource for identifying and researching specific tokens. The Fort Wayne token discussed above was identified using this resource, and the subtle die differences (letter spacing, comma placement, numeral shape) were clearly documented.
3. Specialized auction catalogs and fixed-price lists from major exonumia dealers, which often include detailed descriptions, historical context, and condition notes.
4. Local and regional numismatic club libraries, which may hold obscure references and back-issue journals with articles on military tokens.

Building a Collection: Practical Advice for New Collectors

For those inspired to start collecting military tokens, here are my recommendations based on years of experience in the field:

• Start with a focus. You cannot collect everything. Choose a specific area — Civil War Sutler tokens, New York harbor defense installations, Vietnam-era mess tokens, or challenge coins — and build depth before expanding.
• Buy the best you can afford. You can’t necessarily hold out for mint condition in this field. Many military tokens are rare in any grade, and a lower-grade example of a scarce piece is far more valuable (both monetarily and historically) than a high-grade example of a common one.
• Research the history. The real value of military exonumia lies in the stories. Learn about the forts, the units, the campaigns, and the people associated with each token. A Camp Furlong token from 1916 is just a piece of brass until you understand its connection to Pancho Villa’s raid and the Pershing Expedition.
• Network with other collectors. The community that inspired this article is a perfect example of the generosity and knowledge-sharing that characterizes this field. Post your tokens, ask questions, and learn from the collective expertise of fellow collectors.
• Document everything. Keep detailed records of your purchases, including provenance, price paid, condition, and any historical research. This documentation will be invaluable if you ever decide to sell or pass on your collection.

Conclusion: The Enduring Appeal of Military Exonumia

Military tokens represent one of the most accessible, affordable, and historically rich areas of numismatics. From the artfully executed Sutler tokens of Joseph H. Merriam to the humble “Good For 5 in Trade” brass discs of Fort Niagara, from the dramatic Camp Furlong token tied to Pancho Villa’s raid to the deeply personal challenge coins carried by today’s service members, these pieces tell the story of the American military experience in a way that no official mint product ever could.

What makes military exonumia so compelling is the combination of tangibility and intimacy. When you hold a Sutler token from the 23rd Massachusetts Infantry, you are holding the same type of object that a Union soldier held in 1863. When you examine a post exchange token from Fort Totten, you are connecting with the daily life of soldiers who manned New York’s coastal defenses. When you study a challenge coin from a modern unit, you are participating in a tradition of camaraderie and identity that stretches back generations.

The collectibility of military tokens is strong and growing. Prices for common pieces remain accessible, while rare varieties continue to appreciate as more collectors discover this fascinating field. The historical importance of these pieces is beyond question — they are primary source documents of military life, commerce, and culture, preserved in metal.

Whether you are a seasoned exonumia specialist or a curious newcomer, I encourage you to explore this remarkable area of the hobby. Start with a single token from a fort or installation that interests you, research its history, and let the story unfold. Before long, you’ll find yourself hooked — just as I clearly am. These small pieces of metal carry the weight of history, and they deserve to be collected, studied, and preserved.

This article is dedicated to all soldiers, sailors, airmen, and marines — past and present — and the tokens they used and left behind.

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