Beyond Official Minting: Exonumia, Tokens, and the Stories Behind the Twelve Caesars Collection

Sometimes the most fascinating pieces in a collection never saw the inside of an official mint. Let’s explore the tokens, medals, and unofficial pieces that orbit around one of the most legendary sets in the hobby.

When I first stumbled across the forum thread titled “My Roman Twelve Caesars Collection as of Fall, 2025” — posted by the prolific collector known as lordmarcovan (Robertson “Rob” Shinnick of the Golden Isles of Georgia, USA) — I expected a straightforward showcase of ancient Roman imperial coinage. What I found instead was something far richer: a window into the world of exonumia, tokens, merchant scrip, and the broader ecosystem of historical objects that orbit around the most famous names in Roman history. The Twelve Caesars — Julius Caesar, Augustus, Tiberius, Caligula, Claudius, Nero, Galba, Otho, Vitellius, Vespasian, Titus, and Domitian — have inspired not only official imperial mints but centuries of tokens, medals, merchant pieces, and even historical counterfeits that collectors like us prize today.

In this article, I want to take you on a journey through the exonumia and token world that connects to this legendary collection. We’ll look at Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits — and I’ll show you how the spirit of lordmarcovan’s Twelve Caesars set lives on in the unofficial, the experimental, and the sometimes downright fascinating world of non-governmental coinage.

What Is Exonumia, and Why Should Ancient Coin Collectors Care?

The term exonumia refers to numismatic items that are not official government-issued coins. This includes tokens, medals, scrip, counterstamps, tesserae, and a wide variety of other objects that functioned as currency, commemoration, or advertising — but were never sanctioned by a sovereign mint. For collectors of ancient Roman coins like lordmarcovan’s Twelve Caesars set, exonumia represents a natural extension of the hobby. After all, the Romans themselves were no strangers to unofficial or semi-official coinage.

Consider the imperial medallions struck in bronze and orichalcum that circulated alongside official denarii and aurei. Consider the provincial coinages — like the Ephesus-minted cistophorus of Augustus in lordmarcovan’s collection — that operated under imperial authority but with local designs and denominations. These pieces blur the line between “official” and “unofficial” in ways that modern exonumia collectors find deeply compelling.

In my experience grading and cataloging exonumia, I’ve found that the most interesting pieces are those that tell a story the official mints couldn’t or wouldn’t tell. That’s exactly what we see in the American token tradition — and it’s what connects, thematically, to a collection like the Twelve Caesars.

Hard Times Tokens: America’s Unofficial Response to Economic Crisis

If you’ve never collected Hard Times tokens, you’re missing one of the most fascinating chapters in American numismatic history. These tokens were struck between 1832 and 1844, during the economic turmoil that followed President Andrew Jackson’s war on the Second Bank of the United States and the subsequent Panic of 1837. With federal coinage scarce and public trust in banks at an all-time low, private merchants, political operatives, and entrepreneurs filled the void with their own copper tokens — roughly the size of a large cent.

What makes Hard Times tokens relevant to our discussion of the Twelve Caesars? The connection is thematic and philosophical. Just as the Roman Empire experienced periods of monetary debasement, political instability, and economic crisis — think of Nero’s reduction of the denarius’s silver content, or the chaos of the Year of the Four Emperors (69 AD) — the United States in the 1830s and 1840s faced its own monetary identity crisis. The tokens that emerged from that crisis are, in a sense, America’s answer to the provincial and emergency coinages of the ancient world.

Key Hard Times Token Varieties to Know

For collectors looking to build a meaningful Hard Times token collection, here are the major categories and some specific varieties I recommend studying:

• Political tokens — Featuring anti-Jackson slogans, references to the Bank War, and satirical designs. Look for pieces with legends like “The Constitution As I Understand It” and “Mint Drops.”
• Merchant tokens — Struck by individual businesses to serve as both advertising and small change. These often feature the merchant’s name, address, and sometimes a political message.
• Liberty Head tokens — Imitating the large cent design but with modified legends. These are among the most commonly encountered Hard Times tokens.
• Feuchtwanger tokens — Struck by Dr. Lewis Feuchtwanger using his experimental German silver (nickel alloy) composition. These are among the most technically interesting pieces in the series.

The standard reference for Hard Times tokens remains Russell Rulau’s “Standard Guide to United States Tokens, 1700–1900”, which catalogs hundreds of varieties with rarity ratings and valuations. In my experience, a well-curated set of 20–30 Hard Times tokens can be assembled for under $2,000, making this one of the most accessible areas of exonumia collecting.

Civil War Tokens: When the Nation Itself Became “Unofficial”

The Civil War token era (roughly 1861–1864) represents perhaps the most dramatic example of exonumia filling a void left by official government inaction. When the Civil War erupted, Americans began hoarding gold, silver, and even copper-nickel cents. By mid-1862, there was virtually no federal coinage circulating in many parts of the country. The response was immediate and entrepreneurial: private minters in cities like New York, Cincinnati, Brooklyn, and Philadelphia began producing copper tokens the size of a cent.

Civil War tokens fall into two main categories:

1. Patriotic tokens — Featuring Union symbols, flags, cannons, mottos like “The Union Must and Shall Be Preserved,” and portraits of figures like George Washington. These were not intended to deceive but to serve as a medium of exchange with a patriotic message.
2. Store cards — Merchant tokens that served double duty as both currency and advertising. A customer might receive a token from a dry goods store that could be redeemed for future purchases or simply spent as a cent.

The parallel to Roman imperial coinage is striking. Just as Vespasian — one of lordmarcovan’s Twelve Caesars — used coinage to legitimize his new Flavian dynasty after the chaos of 69 AD, Civil War token issuers used their pieces to assert economic normalcy and political allegiance during a time of national fracture. Vespasian’s denarius commemorating the opening of the Colosseum (struck by his son Titus, as in lordmarcovan’s collection) served a propagandistic function not unlike the patriotic Civil War tokens of the 1860s.

Notable Civil War Token Rarities

Some of the most sought-after Civil War tokens include:

• Lindenmueller tokens — Struck by Gustavus Lindenmueller, a New York City barkeeper, these store cards are among the most iconic of the series. The famous “Good for One Glass of Lager” token is a classic.
• Knickerbocker Currency tokens — Issued by William H. Bridgens, these feature satirical designs and are highly collectible.
• Blacksmith tokens — Crude, hand-struck pieces that are among the most historically evocative, representing the absolute grassroots of emergency coinage.
• Patriotic dies with rare mottos — Tokens with unusual or short-lived political slogans command significant premiums. Rarity is driven by die variety, condition, and historical significance.

For grading Civil War tokens, I use the same standards applied to contemporary federal coinage: Uncirculated (MS-60 through MS-67) for pieces with original red or red-brown copper color, About Uncirculated (AU-50 through AU-58) for lightly circulated examples, and the standard Extremely Fine (EF-40), Very Fine (VF-20/30), Fine (F-12) scale below that. As lordmarcovan noted in the forum discussion, even VF-grade ancient coins can be surprisingly affordable for some emperors — and the same principle applies to Civil War tokens, where many varieties are available in VF for under $50.

Merchant Tokens: The Ancient World Meets the American Marketplace

Merchant tokens are the backbone of exonumia collecting, and they represent the most direct parallel to the kind of historical commerce that lordmarcovan’s Twelve Caesars collection evokes. In the ancient world, merchants in cities like Ephesus, Antioch, and Alexandria operated in a monetary ecosystem that included not only imperial coinage but also local issues, countermarked pieces, and even lead tesserae that functioned as tokens for specific transactions — grain distributions, admission to gladiatorial games, or access to public baths.

In the American context, merchant tokens flourished from the late 18th century through the early 20th century. They were produced for:

• General stores and dry goods merchants — Often redeemable for merchandise, these tokens kept customers loyal to a specific shop.
• Saloons and taverns — Particularly common in the post-Civil War era, these tokens often featured the establishment’s name and a denomination (typically 1¢, 5¢, or 10¢).
• Transportation companies — Streetcar and ferry tokens are a massive collecting area in their own right.
• Telephone tokens — Used in payphone systems well into the late 20th century, these are a more modern form of exonumia.
• World’s Fair and exposition tokens — Commemorative pieces from events like the 1893 Chicago World’s Fair or the 1904 St. Louis Exposition.

What I find most compelling about merchant tokens is their connection to everyday life. A denarius of Nero in lordmarcovan’s collection represents imperial power and propaganda. A merchant token from a 19th-century general store in rural Georgia represents the daily economic life of ordinary people. Both are numismatic artifacts. Both tell stories. And both deserve a place in a well-rounded collection.

How to Start a Merchant Token Collection

If you’re inspired to begin collecting merchant tokens, here’s my recommended approach:

1. Pick a theme. Collect by state, by city, by industry (saloons, groceries, transportation), or by time period. A focused collection is always more satisfying than a random accumulation.
2. Learn the references. The Rulau catalog is the standard for U.S. tokens. For Canadian tokens, consult Breton’s “Illustrated History of Coins and Tokens Relating to Canada.”
3. Attend coin shows and exonumia-specific events. Many major coin shows have dedicated exonumia dealers. The Token Collectors Society and the Civil War Token Society are excellent organizations for networking and education.
4. Grade carefully. Condition matters, but for rare merchant tokens, even worn examples can be valuable if the variety is scarce. Always check for damage, cleaning, or alteration.
5. Document provenance. If a token comes from a famous collection or has a known historical connection, that adds significant value.

Historical Counterfeits: The Shadow Side of Numismatics

No discussion of exonumia and tokens would be complete without addressing historical counterfeits — pieces that were deliberately made to deceive, either by passing as genuine currency or by imitating a more valuable type. This is an area where the ancient and modern worlds converge in fascinating ways.

In the Roman Empire, counterfeiting was rampant. Fourrée coins — base metal cores plated with a thin layer of silver or gold — were produced in enormous quantities, particularly during periods of economic stress. The denarii of the Julio-Claudian and Flavian emperors in lordmarcovan’s collection would have circulated alongside countless counterfeits. In fact, the very act of Nero’s monetary reform (reducing the denarius from approximately 98% silver to 93% silver around 64 AD) was partly a response to the debasement that counterfeiters and previous emperors had already set in motion.

In the American context, counterfeit coins and tokens have a long and colorful history:

• Contemporary counterfeits of federal coinage — Produced during the same period as genuine coins, these were intended to circulate as real money. Many are collectible today.
• Evasion tokens — Particularly common in the early 19th century, these pieces imitated the design of federal cents but with slightly altered legends or designs to avoid prosecution for counterfeiting. They “evaded” the letter of the law while still functioning as de facto currency.
• Fantasy pieces — Modern creations made to look like rare historical tokens or coins, often sold to unsuspecting collectors. These are not historical counterfeits but modern frauds, and they’re a serious problem in the hobby.

How to Spot a Counterfeit: Lessons from Both Worlds

Whether you’re examining a Roman denarius or a Civil War token, the principles of authentication are similar:

• Weight and diameter. Compare the piece to known genuine examples. Counterfeits often deviate in weight due to different metal compositions.
• Metal composition. For ancient coins, specific gravity testing can reveal fourrée forgeries. For tokens, a simple magnet test can identify steel or iron pieces masquerading as copper or brass.
• Style and fabric. Experienced collectors develop an eye for the “look” of genuine pieces — the flow lines of striking, the patina, the edge treatment. Counterfeits often look “off” in subtle ways.
• Die characteristics. Genuine coins and tokens from the same die share identical features. If a piece claims to be a known variety but the die details don’t match, it’s suspect.
• Provenance. A documented chain of ownership adds confidence. Pieces from old, established collections (like lordmarcovan’s Twelve Caesars set, which has been discussed on forums since at least 2013) carry inherent credibility.

The Economics of Collecting: Lessons from Lordmarcovan’s Twelve Caesars

One of the most instructive aspects of the forum thread is the candid discussion of cost, value, and the economics of building a collection. Lordmarcovan revealed that his second Twelve Caesars collection — including two gold aurei (Nero and Titus) — cost approximately $16,000 and was sold for roughly that amount to a fellow collector and longtime friend. He noted that his first attempt at the set was done on a $500-per-coin ceiling, which he described as “challenging but manageable.”

This is enormously relevant to exonumia collectors. The same principles apply:

• Set a budget and stick to it. Whether you’re collecting Hard Times tokens at $20–$100 each or Civil War store cards at $50–$500, having a per-piece ceiling prevents overspending.
• Buy the best you can afford, but don’t overpay for condition. A VF Hard Times token at $40 is often a better buy than an AU example at $200, unless the variety is extremely rare in high grade.
• Buy from reputable dealers. As lordmarcovan’s sale to a trusted friend illustrates, the best deals often happen within the collector community. But always verify authenticity, especially for higher-value pieces.
• Be willing to sell. Lordmarcovan’s willingness to part with his second Twelve Caesars set — holding back only the Vespasian denarius for sentimental reasons — is a healthy approach. Collections are meant to be built, enjoyed, and sometimes passed on.

He also shared a fascinating detail: he was “underwater” on the Augustus cistophorus (meaning he paid more than its current market value) but got such a good deal on the Tiberius Tribute Penny that it was “essentially free” by the time of his $1,000 appraisal from Ephesus Numismatics. This is a perfect example of how portfolio thinking applies to collecting — balancing overperformers and underperformers across a set.

Building a Thematic Collection: From Rome to Hard Times

Here’s where I want to tie everything together. Lordmarcovan’s Twelve Caesars collection is, at its core, a thematic collection — a curated set of objects united by a historical concept rather than a single mint, denomination, or time period. This is exactly the approach I recommend for exonumia collectors.

Consider building a collection that tells the story of “unofficial money through the ages”:

1. Ancient Roman provincial coinages — Like the Ephesus cistophorus in lordmarcovan’s set, these represent the “local” side of imperial currency.
2. Roman imperial medallions — Large bronze pieces that were not intended for circulation but served as political propaganda and gifts.
3. Medieval tokens and jetons — Used for accounting, gaming, and as substitutes for official coinage in an era of chronic small-change shortages.
4. Colonial American tokens — Including the famous Wood’s Hibernia tokens, Virginia halfpenny tokens, and various other pieces struck for use in the American colonies.
5. Hard Times tokens (1832–1844) — America’s first great wave of political and commercial tokenage.
6. Civil War tokens (1861–1864) — Patriotic and merchant pieces born of national crisis.
7. Late 19th and early 20th century merchant tokens — The golden age of American exonumia.
8. Modern commemorative medals and tokens — Including pieces from coin shows, mints, and private issuers that continue the tradition today.

A collection like this would span roughly 2,000 years of human history, all united by the theme of money that wasn’t quite money — tokens, medals, and unofficial issues that filled the gaps left by governments and official mints. It would be a collection worthy of lordmarcovan’s Twelve Caesars in scope and ambition, and it could be built on virtually any budget.

Actionable Takeaways for Buyers and Sellers

Whether you’re buying your first Hard Times token or selling a collection of Civil War store cards, here are my top recommendations based on years of experience in the exonumia market:

For Buyers:

• Start with the standard references. Rulau for U.S. tokens, Brettell and Mynott for British tokens, and the various ancient numismatic references for Roman provincial issues.
• Buy certified when possible. For higher-value tokens and ancient coins, third-party certification from NGC, PCGS, or ANACS (for tokens) and NGC Ancients (for ancient coins) provides peace of mind.
• Don’t ignore lower-grade examples. A well-worn Hard Times token with a clear date and legend is often more desirable than a pristine example of a common variety.
• Network with other collectors. Online forums, local coin clubs, and organizations like the Civil War Token Society and the Token Collectors Society are invaluable resources.

For Sellers:

• Know what you have. Proper identification and grading are essential. A token misidentified as a common variety when it’s actually a rare die combination can cost you hundreds or thousands of dollars.
• Sell to the right audience. As lordmarcovan demonstrated, selling a complete set to a knowledgeable collector can be more profitable and less stressful than breaking it up piece by piece.
• Document everything. Provenance, purchase price, and any certification or appraisal information adds value and credibility.
• Be patient. The exonumia market is smaller than the mainstream coin market, and it may take time to find the right buyer for a specialized collection.

Conclusion: The Enduring Appeal of Unofficial Money

Lordmarcovan’s Twelve Caesars collection is a masterclass in thematic collecting. It spans the full arc of the Julio-Claudian dynasty, the chaos of the Year of the Four Emperors, and the stability of the Flavian restoration — all through the medium of coinage. But as I’ve tried to show in this article, the story doesn’t end with official imperial mints. The world of exonumia — Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits — tells the other side of the story: the side of local commerce, political dissent, economic crisis, and human ingenuity.

Whether you’re a seasoned collector like lordmarcovan or a newcomer inspired by his video presentation (produced, charmingly, by his sister), there has never been a better time to explore the world of unofficial money. The references are accessible, the communities are welcoming, and the pieces themselves — from a crude Blacksmith token of 1863 to a gleaming Titus aureus commemorating the Colosseum — carry stories that no official mint could ever fully capture.

As lordmarcovan himself put it: building the set was its own reward, and selling it was “easier (both logistically and emotionally) than breaking it up.” That’s the spirit of exonumia collecting. We build, we learn, we share, and sometimes we pass the torch. The tokens and medals endure.

Happy collecting, and may your next find be the one that completes your set.

Related Resources

You might also find these related articles helpful:

• Bidding for Hard Times, Civil War, Merchant Tokens, and Historical Counterfeits: Exonumia Auction Strategy for Serious Collectors – Unofficial money often tells a better story than the official issues. Let’s dig into the tokens and medals that prove it…
• The Currency Connection: Paper Money from the Era of Lordmarcovan’s Roman Twelve Caesars Collection — National Bank Notes, Silver Certificates, and the Art of Matching Coin and Currency Sets – Coins never circulated in a vacuum. Let’s talk about the fascinating paper money that changed hands alongside them…
• The Gold Sticker Experience: Best Price for a 1952 Carver-Washington MS-64 CAC Gold Half Dollar on eBay or at Coin Shows – The Venue Can Make or Break Your Net Profit The place where you sell a coin can change the final number in your pocket. …