Beyond Official Minting: Color vs. Grade in Exonumia — Lessons from Hard Times Tokens, Civil War Tokens, and Merchant Scrip

Sometimes the unofficial money tells a far richer story than anything that ever came out of a government mint. That’s the world of exonumia — tokens, medals, merchant scrip, and even historical counterfeits — and it’s a world I’ve been obsessed with for decades.

As a lifelong exonumia collector, I’ve spent the better part of my career navigating the fascinating gray area between official government coinage and the unofficial pieces that filled the gaps when the government couldn’t — or wouldn’t. A recent forum discussion posed a deceptively simple question: “Which one would you buy? Color vs. grade.” The thread focused on a specific modern coin, but the debate it ignited cuts straight to the heart of what every exonumia collector grapples with daily. When you’re dealing with Hard Times tokens, Civil War tokens, merchant scrip, and historical counterfeits, the tension between eye appeal and technical grade becomes even more pronounced. The lessons from that discussion? They translate directly to our corner of the hobby — and they’re worth examining closely.

Why Exonumia Collectors Should Care About the Color vs. Grade Debate

The forum thread presented two coins side by side. One graded PCGS AU53 with dramatic toning sold for $34,687. The other, a PCGS MS64 with subtler and more evenly distributed toning, realized $42,302. The overwhelming consensus among respondents? Most chose the MS64. As one collector put it bluntly: “I love color but I’d buy the 64 8 days a week.” Another noted that the AU53’s color was “fishy” and “too dark,” while the MS64 had a “nice tone” with a “light glaze” that was “pleasing in hand.”

This debate resonates deeply with exonumia collectors because tokens — by their very nature — occupy a space where traditional grading standards are already fluid. A Hard Times token from 1837 or a Civil War patriotic token from 1863 was never meant to be evaluated on the same scale as a Morgan silver dollar. These pieces were struck by private merchants, political organizations, and local governments to fill real economic needs. Their surfaces, metal compositions, and striking qualities vary enormously. So when we talk about color versus grade in exonumia, we’re really talking about something more fundamental: what actually makes a token desirable?

“A world where even a prettily-toned 53 (not amazing, but let’s say a good bit nicer than this example being discussed) is preferred over the perfectly pleasant 64 shown above — ESPECIALLY for a quite scarce type — is a world gone mad.”

— Forum respondent, on the primacy of grade for scarce token types

Hard Times Tokens (1834–1844): Where Grade Takes a Back Seat to History

Hard Times tokens are among the most historically significant pieces in all of American exonumia. Struck during the economic panic that followed President Andrew Jackson’s destruction of the Second Bank of the United States, these copper and brass tokens circulated as de facto currency between roughly 1834 and 1844. They fall into several broad categories that every collector should know:

• Political tokens — Featuring anti-Jackson imagery, the famous “SUB TREASURY” slogans, and references to the Specie Circular of 1836
• Merchant tokens — Advertising pieces from businesses that desperately needed small change to conduct daily commerce
• Mules — Hybrid dies combining obverses and reverses from different issuers, often created intentionally for collectors even in the 19th century

In my experience grading and collecting Hard Times tokens, surface color and patina matter far more than technical grade. These pieces were struck in crude conditions, often on inferior planchets, and circulated heavily. A Hard Times token with attractive, even chocolate brown surfaces and sharp details will always command a premium over a technically higher-graded piece with mottled, uneven, or artificially altered color.

The forum discussion’s insight about color being “subjective” applies perfectly here. With Hard Times tokens, the market has long recognized that originality of surface is paramount. A piece with questionable color — too dark, too mottled, or suspiciously vibrant — raises immediate red flags. As one forum member noted about the AU53 in question, the color was “so deep you can’t even consider dipping it.” That same caution applies to Hard Times tokens: if the patina looks wrong, it probably is. Trust your eyes. They’re usually right.

Key Grading Considerations for Hard Times Tokens

1. Originality of surface — Natural, undisturbed patina is worth more than any technical grade advantage. Period.
2. Strike quality — Many Hard Times dies were crudely made, so a well-struck example is genuinely scarce and highly prized
3. Planchet integrity — Clips, laminations, and porosity are common and affect value far less than they would on regular-issue coinage
4. Rarity of variety — The Low and Fuld catalogs number hundreds of varieties; some are unique, and for those, grade matters far less than simple survival

Civil War Tokens (1861–1864): Patriotic and Store Card Varieties

Civil War tokens represent perhaps the richest collecting field in all of American exonumia. When the outbreak of war in 1861 caused widespread hoarding of federal coinage, private citizens and merchants once again filled the void with privately issued tokens. These fall into two main categories:

• Patriotic tokens — Featuring Union slogans, flags, eagles, and political messages supporting the Northern cause
• Store cards — Merchant advertising pieces, often with a business name and address on one side and a patriotic or standard design on the other

With over 10,000 known varieties cataloged in the Fuld numbering system, Civil War tokens offer an almost inexhaustible challenge for collectors. And here, the color-versus-grade question takes on an entirely different dimension. Many Civil War tokens were struck in nickel, German silver, or white metals, where toning behaves very differently from copper or brass. A nickel Civil War token with rainbow toning can be absolutely stunning — but it can also be artificial. Telling the difference is where experience pays off.

I’ve examined hundreds of Civil War tokens over the years, and my rule of thumb is simple: buy the coin, not the grade — but make sure the coin is honest. The forum discussion’s consensus aligns perfectly with this philosophy. The MS64 was preferred not because grade is everything, but because its toning was natural, attractive, and stable. As one respondent wisely noted, color “may change over time, potentially losing a vibrant component.” This is especially true for Civil War tokens in copper and bronze, where active corrosion can hide beneath deceptively attractive surfaces.

Red Flags for Civil War Token Buyers

• Unusually vivid or “painted” toning on copper pieces — this may indicate artificial coloring, and it’s more common than you’d think
• Dark, crusty surfaces that obscure design details — these can hide environmental damage that kills both collectibility and numismatic value
• Store cards with perfectly centered strikes and zero wear — could be restrikes or fantasies, so always verify carefully
• Pieces with no provenance or auction history for rare varieties — always cross-reference against the Fuld reference before committing

Merchant Tokens: The Overlooked Backbone of American Commerce

Merchant tokens span the entire history of American commerce, from the colonial period through the early 20th century. Unlike Hard Times and Civil War tokens, which are tied to specific historical crises, merchant tokens were issued continuously by businesses that needed advertising, small change, or both. They represent an enormous and often undervalued segment of the exonumia market — one where savvy collectors can still find genuine bargains.

What makes merchant tokens particularly interesting in the context of the color-vs.-grade debate is that these pieces were never intended to be collected. They were made to be spent, handled, and worn. A merchant token in mint condition is a genuine anomaly — and when one surfaces with attractive toning, the question of originality becomes absolutely critical.

In my experience, the best approach to merchant tokens is to prioritize historical significance and eye appeal over technical grade. A well-worn token from a historically important business, with clear legends and attractive natural surfaces, will always be more desirable than a technically superior piece with questionable eye appeal. The forum’s discussion reinforces this beautifully: even self-described “color guys” chose the higher-graded, more naturally toned piece over the dramatically colored but technically inferior one. That tells you something important about where the market is headed.

Collecting Strategies for Merchant Tokens

1. Collect by region — Focus on tokens from your home state or city for a manageable and historically rich collection with built-in personal meaning
2. Collect by trade — Saloons, barbers, grocers, and transportation companies all issued distinctive tokens with fascinating local stories
3. Prioritize rarity and condition together — A rare merchant token in any condition is worth pursuing aggressively; a common one needs to be truly exceptional
4. Document provenance — Merchant tokens with known pedigrees from famous collections like Fuld, Miller, or Rossa carry significant premiums and add confidence at sale time

Historical Counterfeits: When “Unofficial Money” Crosses the Line

No discussion of unofficial currency would be complete without addressing historical counterfeits. Throughout American history, counterfeit coins circulated alongside legitimate issues and private tokens. Some counterfeits were crude and easily detected; others were so well-made that they fooled contemporary merchants and even mint officials. They’re a fascinating and often underappreciated corner of the hobby.

From a collecting perspective, historical counterfeits occupy a unique niche. They are, in a sense, the ultimate exonumia — unofficial money that was deliberately designed to pass as official. Collectors of colonial and early American coinage are particularly familiar with counterfeit British halfpence and farthings that circulated widely in the colonies, as well as counterfeit Spanish colonial silver that flooded American markets throughout the 18th and early 19th centuries.

The color-vs.-grade question takes on a unique dimension with counterfeits. Since these pieces were not made from official dies or standard planchets, their metal compositions vary widely. A counterfeit with attractive, natural toning may actually be more desirable than a “better” example with suspicious surfaces — because the toning helps confirm the piece’s age and authenticity. As one forum member observed about a Chinese rarity with color, the combination of scarcity and attractive surfaces creates a “monster” premium. The same principle applies directly to historical counterfeits: rarity plus eye appeal equals exceptional numismatic value.

Authentication Tips for Historical Counterfeits

• Weight and diameter — Compare carefully against known genuine examples; counterfeits often deviate in small but measurable ways
• Metal composition — Specific gravity testing can reveal base-metal cores hiding beneath silver or gold plating
• Die characteristics — Counterfeit dies often show different lettering styles, spacing, or design details that become obvious once you know what to look for
• Edge examination — Many counterfeits have crude or inconsistent edge treatments compared to official issues, and this is often the fastest way to spot a fake

The PCGS Effect: How Third-Party Grading Has Changed Exonumia

One of the most interesting points raised in the forum discussion was the role of PCGS in the market for toned and colored coins. A Chinese coin dealer noted that “PCGS is very hard on Chinese rarity with color, most of them are details. So if a color coin can get grade, collectors and flippers will go after it.” This observation has profound implications for exonumia collectors as the market continues to mature.

Third-party grading has transformed the broader coin market, but its impact on exonumia has been more nuanced. Many token collectors still prefer raw pieces, arguing that the cost of grading outweighs the benefit for all but the rarest and most valuable tokens. However, as the market for high-end exonumia grows — particularly for rare Hard Times varieties, Civil War store cards, and colonial-era tokens — third-party authentication and grading are becoming increasingly important for establishing both trust and value.

The forum discussion illustrates this perfectly. The AU53 with dramatic color sold for $34,687 — a significant sum that reflects both the coin’s rarity and the premium that PCGS certification adds. But the MS64, with more natural and attractive toning, sold for even more: $42,302. This suggests that the market is maturing in a healthy way, rewarding quality and originality over mere spectacle. That’s encouraging news for every exonumia collector who has always believed that honest, well-preserved pieces deserve to be recognized.

Practical Takeaways for Exonumia Buyers and Sellers

Drawing from both the forum discussion and my decades of experience in the exonumia market, here are my actionable recommendations for collectors navigating the color-vs.-grade question:

1. Buy the coin, not the holder. This is the oldest advice in numismatics, and it’s never been more relevant. A beautifully toned token in a lower grade will always be more desirable than a technically superior piece with ugly or questionable surfaces.
2. Be skeptical of extreme color. As multiple forum members noted, dramatic toning can be a serious red flag. Natural toning develops over decades or centuries; if a piece looks too good to be true, it probably is.
3. Prioritize originality above all else. Whether you’re collecting Hard Times tokens, Civil War store cards, or merchant tokens, original surfaces are worth more than any grade on a plastic slab. A dipped or cleaned token loses both its historical integrity and its market value.
4. Consider long-term stability. One forum member raised an excellent point: color can change over time. Natural, stable toning is always preferable to vibrant but potentially unstable surfaces that may deteriorate.
5. Know your varieties cold. In exonumia, rarity often trumps grade decisively. A scarce Hard Times token in Fine condition with attractive surfaces is worth more than a common variety in Mint State — every single time.
6. Document everything you can. Provenance, auction records, and photographic documentation all add tangible value to exonumia. In a market where authentication can be genuinely challenging, a well-documented piece commands a real premium.

Conclusion: The Enduring Appeal of Unofficial Money

The forum discussion that inspired this article ultimately reinforces a truth that every exonumia collector knows in their bones: the unofficial money is often far more interesting than the official issues. Hard Times tokens tell the story of economic crisis and political upheaval. Civil War tokens capture the patriotism and desperation of a nation at war. Merchant tokens document the everyday commerce that built American communities from the ground up. And historical counterfeits reveal the ingenuity and audacity of those who operated outside the law.

When it comes to color versus grade, the answer is clear — at least to this collector. Buy the coin with honest, attractive surfaces and strong eye appeal. Don’t chase dramatic toning at the expense of technical quality. And above all, remember that exonumia is fundamentally about history, not just grade points. A token that circulated in a Civil War-era saloon, or a Hard Times piece that bought bread during the Panic of 1837, carries a story that no Mint State Morgan dollar can ever match.

The market is speaking, and it’s saying the same thing the forum respondents said: grade matters, color matters, but originality and eye appeal matter most. Whether you’re bidding on a rare Civil War store card or picking up a common merchant token at a local coin show, let that principle guide your decisions. The unofficial money has always been about substance over form — and that’s precisely what makes it endlessly fascinating.

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