Beyond Official Minting: Exonumia, Tokens, and the Forgotten Currency of America’s Hardest Times

Sometimes the unofficial money tells the better story. Let’s talk about the tokens and medals that kept America moving when the Mint couldn’t.

As an exonumia collector with over two decades of experience handling, grading, and cataloging tokens from nearly every era of American history, I can tell you that some of the most fascinating stories in numismatics have nothing to do with the United States Mint. While forum discussions often revolve around mint errors — whether a particular nickel suffered from grease, die deterioration doubling, or was struck more than once — the real treasure for those of us who love history lies in the unofficial currencies Americans turned to when the government simply couldn’t keep the economy running. Hard Times tokens, Civil War tokens, merchant tokens, and even historical counterfeits represent a shadow economy that kept commerce alive during some of the nation’s most turbulent periods.

What Is Exonumia, and Why Should Collectors Care?

The term exonumia refers to coin-like objects that are not official government-issued currency. This broad category includes tokens, medals, scrip, badges, and other numismatic items that served monetary, commemorative, or advertising purposes. For collectors who have grown tired of chasing the same Morgan dollars and Lincoln cents, exonumia opens up an entirely new world — one where variety is virtually limitless, prices are often far more affordable, and the historical context behind each piece tells a vivid story about everyday American life.

In my experience, newcomers to exonumia are stunned by the sheer diversity. You might find a Hard Times token from 1837 advertising a New York barber shop alongside a political satire of President Andrew Jackson. A Civil War token from 1863 might bear the patriotic motto “The Union Must and Shall Be Preserved” on one side and a merchant’s advertisement for dry goods on the other. These are not just coins — they are miniature time capsules.

Hard Times Tokens (1832–1844): Currency Born from Crisis

The Panic of 1837 and the Collapse of Small Change

To appreciate Hard Times tokens, you first need to understand the economic catastrophe that created them. The Panic of 1837 was one of the worst financial crises in early American history. President Andrew Jackson’s Specie Circular of 1836 — which required that public lands be purchased in gold or silver rather than paper banknotes — combined with the dissolution of the Second Bank of the United States, created a devastating shortage of circulating coinage. Banks failed. Businesses closed. Ordinary Americans found themselves without enough small change to conduct daily transactions.

Into this void stepped private merchants, politicians, and entrepreneurs who began striking their own copper tokens. Roughly the size of a large cent (approximately 27–29mm in diameter), these pieces became known as Hard Times tokens because they circulated during one of the longest economic depressions in American history — lasting from roughly 1837 to 1844.

Key Varieties and Collecting Strategies

Hard Times tokens are typically cataloged in two main categories:

• Political tokens — These often satirized President Jackson, the Bank War, or the policies of the Van Buren administration. The most famous is the “TOKEN OF THE TIMES” featuring a hickory broom (a reference to Jackson’s nickname, “Old Hickory”) sweeping away the corrupt banking interests.
• Merchant tokens — These served as both advertising and practical currency. A New York merchant might issue tokens bearing his name, address, and business type, redeemable for goods at his establishment.

When I examine Hard Times tokens for my collection, I evaluate several grading markers:

1. Strike quality — Many were crudely struck, so a well-centered, boldly detailed example commands a real premium.
2. Surface preservation — Look for smooth, even chocolate brown surfaces without heavy porosity or corrosion. A pleasant patina goes a long way toward eye appeal.
3. Rarity — The Haseltine and Fuld numbering systems catalog these tokens. Common varieties can be found for $15–$50, while rare die states and political varieties can reach into the thousands.
4. Authenticity — Because of their collectibility, modern reproductions exist. Check weight (should be close to a large cent at roughly 10–11 grams for copper) and edge characteristics.

Actionable takeaway for buyers: If you’re building a Hard Times token collection, start with the common political types to train your eye, then move toward merchant tokens from your home state or region. The historical connection makes these pieces far more meaningful, and regional varieties are often undervalued relative to their scarcity.

Civil War Tokens (1861–1864): Patriotism, Profiteering, and Survival

Another Coinage Shortage, Another Private Solution

History repeated itself during the Civil War. By 1862, Americans — particularly in the Northeast — began hoarding gold, silver, and even copper-nickel cents as the war’s outcome grew uncertain. The resulting shortage of small change was so severe that the federal government actually outlawed private tokenage with the Act of April 22, 1864 (13 Stat. 54), which made it illegal to issue any coins, tokens, or pieces of metal intended to circulate as money.

Before that legislation took effect, however, an estimated 25 million or more private tokens entered circulation, produced by merchants, patriotic organizations, and political activists across the Northern states.

Patriotic Tokens vs. Store Cards

Civil War tokens fall into two primary categories, and I’ve spent years assembling representative collections of both:

• Patriotic Civil War tokens — These feature patriotic slogans, Union symbols, eagles, and political messages. Common inscriptions include “MILLIONS FOR CONTRACTORS NOT ONE CENT FOR THE UNION” (a satirical jab at war profiteers), “THE UNION FOR EVER,” and portraits of General McClellan or President Lincoln. Die varieties among patriotic tokens are extensive — the Fuld catalog lists hundreds of distinct types.
• Store cards — These are merchant tokens that combine patriotic or patriotic-style designs with specific business advertising. A token might feature an eagle on the obverse and “Bought of J.H. SMITH, DRY GOODS, 149 BROADWAY, N.Y.” on the reverse. These are particularly prized by collectors because they document real businesses that existed during a pivotal moment in history.

Die Varieties and Grading Considerations

When I’m grading Civil War tokens for purchase or trade, I pay close attention to:

1. Cent-sized vs. mill-sized — Most Civil War tokens are cent-sized (approximately 19mm), but smaller “mill” tokens also exist and are scarcer.
2. Metal composition — Copper (bronze), brass, German silver, white metal, and even rubber tokens were produced. Composition affects both appearance and numismatic value.
3. Die alignment and striking quality — Many were struck by small operations with limited equipment, so off-center strikes and weak details are common. Well-struck examples with full detail command significant premiums.
4. Die states — Advanced collectors track die states, breaks, and progressions. A late-state example with dramatic die cracks tells the story of the die’s final days of use, adding to its collectibility and provenance.

Actionable takeaway for sellers: If you’re offering Civil War tokens, always specify whether a piece is patriotic or a store card, and identify the city and business if possible. A store card from a documented, historically significant business can be worth five to ten times more than a generic patriotic token in the same condition.

Merchant Tokens: The Advertising Currency of the 18th and 19th Centuries

From Colonial Times Through the Gilded Age

While Hard Times and Civil War tokens get most of the attention, merchant tokens span a much broader timeline. From the Castorland medals and West Indies plantation tokens of the late 1700s to the saloon tokens and transportation tokens of the early 1900s, merchant tokens represent one of the largest and most varied fields in exonumia collecting.

I’ve personally found some of the most rewarding pieces in this category. A well-preserved 19th-century saloon token from a frontier mining town, stamped with the name of a bar that no longer exists, carries more historical weight than many official coins costing ten times as much. Similarly, streetcar and transportation tokens from defunct urban transit systems document the growth and decline of American cities.

Key Collecting Areas Within Merchant Tokens

• Saloon and bar tokens — Often brass or aluminum, valued at 5¢ or 10¢ for a drink. Western and mining-town saloon tokens are especially sought after.
• Transportation tokens — Issued by streetcar, bus, and subway companies. Major cities like New York, Chicago, and San Francisco produced thousands of varieties.
• General store and dry goods tokens — Similar to Civil War store cards but spanning a much broader era, from the 1820s through the 1950s.
• Tax tokens and emergency money — During the Great Depression, many states issued sales tax tokens in fractions of a cent (such as 1 mill, or 1/10 of a cent) to facilitate exact tax collection on small purchases.

Grading merchant tokens follows similar principles to official coinage, with emphasis on surface quality, strike completeness, and legibility of the merchant’s name and location. Because many tokens were heavily circulated, a crisp, unworn example in something approaching mint condition is genuinely scarce and should be valued accordingly.

Historical Counterfeits: When Unofficial Money Crossed the Line

The Thin Line Between Token and Counterfeit

One of the most fascinating and legally complex areas of exonumia collecting involves historical counterfeits — coins and tokens that were deliberately designed to deceive. Unlike modern counterfeiting (which is aggressively prosecuted), historical counterfeits are collectible artifacts that illuminate the vulnerabilities of past monetary systems.

During the Colonial era and early Republic, counterfeit coins were rampant. The famous “Blacksmith coppers” — crudely struck counterfeit British halfpennies produced in the American colonies — are now highly collectible despite (or perhaps because of) their crude fabric. These pieces, often dated in the 1740s–1770s, were produced by individuals with minimal equipment and were intended to deceive merchants into accepting them as genuine British regal coinage.

Counterfeit Detection: Lessons from the Past

Studying historical counterfeits has taught me a great deal about authentication that applies to all areas of numismatics. Here are the key markers I look for when examining a potentially counterfeit piece:

1. Weight and diameter — Counterfeits frequently deviate from the genuine standard. A British halfpenny should weigh approximately 9–10 grams and measure 28–30mm. Significant deviations are red flags.
2. Metal composition — Historical counterfeiters often used cheaper alloys. A specific gravity test or XRF analysis can reveal discrepancies.
3. Edge examination — Many counterfeits have irregular, filed, or cast edges rather than the smooth, milled edges of genuine coins.
4. Style and engraving quality — Counterfeit dies were often cut by less skilled engravers. Look for lettering that is too thick, too thin, or inconsistently spaced. Portrait details may be cartoonish or lack fine detail.
5. Die characteristics — Genuine coins from official mints show consistent die pairing and alignment. Counterfeits may show evidence of cast production (seam lines, porosity) rather than struck production.

Collectibility of Historical Counterfeits

Today, historical counterfeits occupy a legitimate niche in numismatic collecting. Colonial counterfeit coppers, evasion tokens (pieces designed to resemble official coinage just closely enough to circulate without technically violating counterfeiting laws), and contemporary counterfeits (fake coins produced during the same era as the genuine pieces they imitate) are all actively collected and cataloged.

The Colonial Newsletter and publications by the American Numismatic Society have documented many of these varieties. Prices range from under $50 for common Blacksmith coppers to several thousand dollars for rare evasion types or well-documented counterfeit die varieties.

Building a Cohesive Exonumia Collection: Practical Advice

Where to Start

For collectors who are intrigued by exonumia but unsure where to begin, I recommend the following approach:

1. Choose a theme — Rather than trying to collect everything, focus on a specific era, type, or region. A collection of Civil War patriotic tokens from New York State, for example, is both manageable and historically coherent.
2. Invest in references — The Fuld and Hartung catalogs for Civil War tokens, the Low catalog for Hard Times tokens, and the Russell and Adams catalogs for merchant tokens are essential references. Without them, you’re essentially collecting blind.
3. Buy the best you can afford — As with official coinage, condition matters enormously. A common token in exceptional condition is often a better investment than a rare token in poor condition.
4. Network with other collectors — Organizations like the Token and Medal Society (TAMS) and the Civil War Token Society (CWTS) provide access to specialized knowledge, auctions, and fellow enthusiasts.
5. Attend shows and auctions — Many of the best exonumia pieces are sold at regional coin shows and through specialty auction houses. Online platforms like Heritage Auctions, Stack’s Bowers, and even eBay can yield finds, but nothing replaces the ability to examine a token in hand and assess its luster and eye appeal firsthand.

Storage and Preservation

Exonumia requires the same careful storage as official coinage. I recommend:

• Individual Mylar flips (not PVC soft flips, which can damage surfaces over time)
• Acid-free cardboard holders for higher-value pieces
• Climate-controlled storage to prevent oxidation and environmental damage
• Detailed records including purchase price, source, catalog reference number, and provenance when available

The Enduring Appeal of Unofficial Money

Returning to the forum discussion that inspired this article — the question of whether a particular nickel was affected by grease, struck more than once, or suffered from die deterioration doubling — I’m reminded that the world of numismatics is vast. While error coin collecting is a legitimate and fascinating pursuit, the exonumia collector operates in a space where every piece tells a story about the economic, political, and social forces that shaped American history.

Hard Times tokens speak to the consequences of presidential policy and banking failure. Civil War tokens capture the anxiety, patriotism, and entrepreneurial spirit of a nation at war with itself. Merchant tokens document the everyday commerce of communities that might otherwise be forgotten. And historical counterfeits reveal the eternal tension between trust and deception in monetary systems.

These are not mere substitutes for “real” money. They are real money — money that people trusted enough to accept in exchange for goods and services during times of crisis. That trust, and the stories embedded in these small pieces of metal, is what makes exonumia one of the most rewarding areas of numismatic collecting.

Whether you’re a seasoned collector looking for a new challenge or a beginner drawn to the affordability and variety of tokens, I encourage you to explore this field. Start with a single Hard Times token or a common Civil War patriotic piece. Hold it in your hand. Read the inscription. Research the merchant, the politician, or the cause it represents. You’ll quickly discover that sometimes the unofficial money is far more interesting — and far more human — than anything that ever came out of an official mint.

Related Resources

You might also find these related articles helpful:

• The Weird Denominations: How Oddball Coins Like 2-Cent Pieces, 3-Cent Silvers, and Half Dimes Tell the Story of Monetary Failure — and Why They’re Suddenly More Collectible Than Ever – The history of money is littered with failed experiments and oddball denominations. But as I’ve learned over decad…
• Using the Never-Ending Indian Head Cent Thread to Teach Children About History: A Parent Collector’s Guide to Tangible Learning (1859–1909) – There’s something almost magical about placing a coin in a child’s hand and watching the past suddenly feel …
• Inherited a PCGS-graded Coin Collection? What the TrueView Policy Change Means for Your Estate’s Value – If you’ve just inherited a coin collection, your first instinct might be to haul everything down to the nearest pa…