Beyond Official Minting: Exonumia Treasures from Hard Times Tokens to Civil War Merchant Issues and the Art of the Elongated Cent

Sometimes the most compelling stories in numismatics have nothing to do with what came out of an official mint. Let’s explore the tokens, medals, and unofficial pieces that collectors find endlessly fascinating.

As a lifelong exonumia collector, I’ve always been drawn to the pieces that fall outside the neat categories of “official” coinage. When a forum thread recently surfaced asking, “Who here collects flattened or elongated cents?” it struck me how perfectly that question opens the door into one of the most fascinating corners of the hobby. Elongated cents, Hard Times tokens, Civil War merchant issues, and even historical counterfeits — these artifacts tell the real story of American commerce, ingenuity, and sometimes outright deception. I’ve spent decades examining, grading, and cataloging these pieces, and I can tell you that the unofficial money of the United States is every bit as rich in history and collectibility as anything that ever left the walls of the U.S. Mint.

What Is Exonumia and Why Should Collectors Care?

The term exonumia refers to numismatic items that are not official government-issued coins or paper currency. This broad category includes tokens, medals, elongated coins, encased cents, wooden nickels, subway tokens, and countless other objects that served as substitutes for money or as commemorative pieces. For many collectors, exonumia represents the most accessible and historically diverse area of the hobby. You don’t need a five-figure budget to build a meaningful collection, and every piece carries a story about the era, the merchant, or the community that produced it.

In my years of grading and cataloging exonumia, I’ve found that the most compelling pieces are those that emerged during periods of economic crisis or coin shortages. That’s precisely where our journey begins — with the Hard Times tokens of the late 1830s and early 1840s.

Hard Times Tokens: America’s First Great Tokenage Crisis

The Economic Backdrop

The period known as the Hard Times (roughly 1837–1844) was triggered by the Panic of 1837, one of the most severe economic depressions in American history up to that point. 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 catastrophic shortage of circulating coinage. Banks failed. Businesses closed. Ordinary Americans found themselves without reliable small change.

Into this vacuum stepped merchants, political operatives, and opportunists who began producing their own copper tokens — roughly the size of a large cent — to serve as de facto currency. These are the pieces we now call Hard Times tokens, and they represent one of the most important chapters in American numismatic history.

Political vs. Commercial Issues

One of the things I find most fascinating about Hard Times tokens is how they fall into two broad categories:

• Political tokens — These carried slogans, imagery, and messages related to the banking controversy, Jacksonian democracy, and the Whig opposition. Many featured the iconic “Sub Treasury” design or satirical depictions of Martin Van Buren and the “pet banks.” The famous “Abolition of Slavery” tokens and those bearing the legend “NOT ONE CENT” are among the most sought-after varieties.
• Merchant tokens — These were produced by individual shopkeepers, tavern owners, and tradesmen who needed small change to conduct business. They typically bore the name and address of the merchant and promised redemption in goods or services.

From a grading perspective, Hard Times tokens are typically found in grades ranging from Good (G-4) to Extremely Fine (EF-40), with uncirculated examples being genuinely rare. I’ve examined specimens in MS-63 and above that command significant premiums, particularly those with strong political slogans and original red or red-and-brown surfaces. The luster on these high-grade pieces can be breathtaking when preserved untouched.

Key Varieties to Watch For

If you’re building a Hard Times token collection, here are some of the varieties I consider essential:

1. Low-113 / HT-73 — The “Loco Foco” token, one of the most iconic political issues of the era.
2. HT-57 — The “Tippecanoe and Tyler Too” campaign token, connecting the Hard Times period to the 1840 presidential election.
3. HT-81 — The “Sub Treasury” design, a direct commentary on the Whig banking platform.
4. Merchant tokens from New York City — The city was the epicenter of token production, and pieces from merchants like Smith & Co. and Howell & Brothers are highly collectible.

Buyer’s Tip: When purchasing Hard Times tokens, always verify the die variety against the standard references — Russell Fuld’s Patriot Tokens of the Hard Times Period and the updated Token and Medal Society (TAMS) listings. Die states and edge varieties can significantly affect numismatic value, and a rare variety in modest grade can easily outprice a common type in mint condition.

Civil War Tokens: When the Nation Itself Was Divided

The Coin Shortage of 1861–1864

History repeated itself during the Civil War. Beginning in late 1861 and accelerating through 1862, Americans began hoarding all gold, silver, and even copper-nickel coins as the war’s outcome grew uncertain. By mid-1862, there was virtually no official small change circulating in the North. Once again, the private sector stepped in to fill the void.

The result was an explosion of Civil War tokens, produced primarily in the Northern states between 1861 and 1864. These tokens are generally divided into two major categories:

• Patriotic tokens — Featuring Union slogans, flags, eagles, and patriotic mottos such as “THE UNION MUST AND SHALL BE PRESERVED” and “MILLIONS FOR DEFENSE, NOT ONE CENT FOR TRIBUTE.”
• Store cards — Merchant-issued tokens bearing the name and often the address of a specific business, functioning as both advertising and currency.

Attribution and Grading

Civil War tokens are attributed using the Fuld numbering system (referenced as Ful-1, Ful-2, etc. for patriotic tokens, and by state, city, and merchant for store cards). I’ve examined thousands of these pieces over the years, and I can tell you that condition is king. A common patriotic token in AU-50 might be worth $15–$25, but the same token in MS-65RD (full original red) can bring $200 or more. The eye appeal on a fully red, sharply struck example is simply in a different league.

For store cards, rarity is the dominant factor. Some merchants issued only a handful of tokens, and surviving examples in any condition are scarce. I’ve seen obscure store cards from small-town merchants in Ohio and Indiana sell for $500–$1,000+ at auction when two determined bidders were competing for the same piece. Provenance from a well-known collection can push those numbers even higher.

Key Collecting Strategies

Here’s how I recommend approaching a Civil War token collection:

1. Start with patriotic tokens — They’re more common, easier to attribute, and provide a solid foundation in the series.
2. Focus on a specific state or city for store cards — This gives your collection a coherent theme and makes it more achievable.
3. Pay attention to die varieties — Repunched dates, die cracks, and doubled dies can turn a common token into a significant find.
4. Preserve original surfaces — Never clean a Civil War token. Original toning and patina are essential to both value and authenticity.

Merchant Tokens: The Advertising Medium That Became Money

Beyond the crisis-driven tokenages of the Hard Times and Civil War periods, there is a vast and endlessly varied world of merchant tokens that were produced throughout the 19th and early 20th centuries. These pieces were issued by saloon keepers, general stores, barbers, bakers, and virtually every type of business imaginable. They served a dual purpose: as a substitute for small change and as a form of advertising.

Geographic Diversity

One of the things I love most about collecting merchant tokens is the geographic diversity. Every city, town, and village in America seems to have produced its own local tokens. Some of my favorite areas of focus include:

• Western mining tokens — Issued in gold rush towns across California, Colorado, and Nevada, often denominated in unusual amounts like 6¼¢ or $1.25.
• Southern trade tokens — Produced by plantation stores and company towns, often redeemable only at the company store.
• Midwestern agricultural tokens — Issued by grain elevators, farm supply stores, and rural general merchants.
• Urban saloon tokens — Perhaps the most common type, but with incredible variety in design and denomination.

Metal Composition and Identification

Merchant tokens were struck in a wide range of metals, and understanding composition is key to both identification and authentication:

• Copper and bronze — The most common compositions, often with a warm brown or red-brown patina.
• Brass — Frequently used for higher-denomination tokens; develops a distinctive golden tone.
• White metal and German silver — Common for later 19th-century issues; can be confused with silver at a glance.
• Aluminum — Used for some late 19th and early 20th-century tokens; lightweight and resistant to corrosion.
• Lead and pewter — Less common, but found in some early and regional issues.

In my experience grading merchant tokens, I always recommend using a magnet as a first-pass test (to rule out iron or steel forgeries) and then examining edge characteristics, strike quality, and die alignment to confirm authenticity. A sharp, well-centered strike with clear design details will always command a premium over a weakly impressed example.

Historical Counterfeits: When Tokens Crossed the Line

Not all unofficial money was created with honest intent. The history of American exonumia is intertwined with the history of counterfeiting, and some of the most interesting pieces in my collection are tokens that were designed to deceive.

Counterfeit Large Cents and Half Cents

In the early 19th century, the U.S. Mint’s large cents and half cents were frequent targets of counterfeiters. Many of these counterfeits were produced in England and imported to the United States, where they circulated alongside genuine coins. I’ve examined specimens that are remarkably well-executed — the die work is sharp, the weight is close to correct, and only subtle differences in letter style or date font reveal the deception.

The “Birmingham” Connection

Many historical counterfeits originated in Birmingham, England, which was a major center of metalworking and token production. Birmingham-made counterfeit half cents and large cents were shipped to America in large quantities during the 1830s and 1840s. Some of these pieces are now collected in their own right, and they command respectable prices from specialists who appreciate their craftsmanship and historical significance.

Detecting Historical Counterfeits

Here are the key diagnostic features I look for when examining a potentially counterfeit early American coin:

1. Weight — Counterfeits are often slightly underweight or overweight compared to genuine specimens.
2. Edge characteristics — Early U.S. coins had specific edge treatments (reeding, lettering, or plain edges) that counterfeiters often got wrong.
3. Die alignment — Medallic die alignment (both sides oriented the same way) is common on counterfeits, while U.S. Mint coins typically have coin alignment (one side inverted relative to the other).
4. Metal composition — Specific gravity testing can reveal alloys that don’t match the expected composition.
5. Style and lettering — Experienced numismatists can often spot counterfeits by subtle differences in the style of letters, numerals, and design elements.

Seller’s Note: If you’re offering historical counterfeits for sale, always disclose their status clearly. The market for “collector counterfeits” is legitimate and active, but transparency is essential. Misrepresenting a counterfeit as genuine is both unethical and, in many jurisdictions, illegal.

Elongated and Flattened Cents: The Forum Thread That Started It All

Returning to the forum thread that inspired this article — the question of who collects flattened or elongated cents — I want to address this fascinating sub-category of exonumia directly. Elongated coins are created by passing a coin through a roller press, which stretches and flattens it into an oval shape. The process typically imprints a new design onto the stretched surface, often commemorating a location, event, or business.

A Brief History of Elongated Coinage

The tradition of elongating coins dates back to at least the 1893 World’s Columbian Exposition in Chicago, where the first commercially produced elongated cents were sold as souvenirs. The practice continued at world’s fairs, amusement parks, and tourist destinations throughout the 20th century. Today, there are still machines operating at various locations across the country that will elongate a penny for a quarter and a penny.

The organization mentioned in the forum thread — The Elongated Collectors (TEC) at tecnews.org — is the premier club for enthusiasts of this niche. I’ve been a member for years, and I can attest that the community is passionate, knowledgeable, and always welcoming to newcomers.

Types and Classifications

Elongated coins are generally classified by the type of host coin and the method of production:

• Type 1 — Hand-cranked roller machines, typically producing the earliest elongations (1893–early 1900s).
• Type 2 — Motorized roller machines with engraved dies, common at mid-century tourist attractions.
• Type 3 — Modern machine-produced elongations, often found at amusement parks and museums.
• Type 4 — Hand-engraved or hand-stamped elongations, often one-of-a-kind pieces.
• Type 5 — “Crandall” type, produced by a specific machine design popular in the mid-20th century.
• Type 6 — As referenced in the forum thread, rolled on obsolete host coins such as Buffalo nickels. These are particularly collectible because the host coin itself is no longer in circulation.

The forum member who mentioned having Type 6 elongations rolled on Buffalo nickels was describing a genuinely scarce and desirable subset of the elongated coin world. Buffalo nickels (1913–1938) are popular with collectors in their own right, and using them as host coins for elongations creates a piece that appeals to multiple collecting communities simultaneously. The collectibility of these pieces is enhanced by the fact that the host coin adds its own numismatic value to the equation.

Collecting Elongated Standing Liberty Quarters

One particularly interesting detail from the forum thread was the mention of elongated Standing Liberty quarters used as business cards by “Mr. Cline of standing quarter fame.” This is a perfect example of how exonumia intersects with the broader numismatic community. Standing Liberty quarters (1916–1930) are a beloved series, and elongated examples are quite scarce compared to elongated cents. When they were used as business cards by a known figure in the collecting world, they become even more desirable — the provenance alone adds a layer of interest that elevates the piece beyond its metal content.

If you encounter elongated quarters or other silver coins, I recommend the following:

1. Identify the host coin — Determine the date, mint mark, and type of the original coin before it was elongated.
2. Examine the elongation design — Note any text, logos, or imagery that might identify the source or purpose.
3. Assess condition — Look for wear on the original coin design, quality of the elongation impression, and any damage from the rolling process.
4. Research provenance — If the piece was associated with a known collector or dealer, document that history carefully.

Building a Cohesive Exonumia Collection: Practical Advice

Whether you’re drawn to Hard Times tokens, Civil War store cards, merchant tokens, historical counterfeits, or elongated coins, the key to building a meaningful exonumia collection is focus. Here are the principles I’ve followed over decades of collecting:

Choose a Theme

The most successful exonumia collections have a unifying theme. This might be:

• A specific historical period (e.g., 1837–1844 Hard Times)
• A geographic region (e.g., tokens from a single state or city)
• A specific type (e.g., elongated cents, encased cents, or wooden nickels)
• A specific merchant or family of merchants
• A specific metal or manufacturing technique

Invest in Reference Materials

Exonumia is a field where reference books are essential. Some of the most important references in my library include:

• American Political Badges and Medalets, 1789–1892 by George Fuld
• Civil War Tokens by George and Melvin Fuld
• U.S. Merchant Tokens, 1845–1860 by Russell Fuld
• The Illustrated History of United States Coins (for context on host coins used in elongations)
• TokenCatalog.com — An invaluable online database for attributing and researching tokens

Network with Other Collectors

As the forum thread demonstrates, the exonumia community is active and generous with knowledge. Organizations like The Elongated Collectors (TEC), the Token and Medal Society (TAMS), and the Civil War Token Society (CWTS) provide opportunities to connect with other collectors, attend shows, and access specialized research. I’ve made some of my best finds and most lasting friendships through these organizations.

Understand the Market

Exonumia values are driven by several factors:

1. Rarity — How many examples survive? Is the piece listed in the standard references?
2. Condition — As with all numismatics, better-condition pieces command higher premiums.
3. Historical significance — Tokens associated with important events, figures, or locations carry a premium.
4. Eye appeal — Well-designed, attractively toned, or visually striking pieces are always in demand.
5. Provenance — A documented history of ownership by a notable collector can add significant value.

Conclusion: The Enduring Appeal of Unofficial Money

The world of exonumia is vast, endlessly varied, and deeply rewarding. 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 kept small-town America’s commerce moving to the clever historical counterfeits that tested the boundaries of legality, these pieces tell the story of a nation that was constantly improvising, adapting, and innovating in the face of economic challenges.

And then there are the elongated and flattened cents — the pieces that started this entire conversation. What could be more emblematic of the American spirit than taking an ordinary penny, running it through a machine, and transforming it into a unique souvenir, a work of art, or a piece of personal expression? The fact that collectors are still passionate about these pieces more than 130 years after the first elongated cent was produced at the 1893 World’s Fair is a testament to the enduring appeal of exonumia.

Whether you’re a seasoned collector looking to deepen your holdings or a newcomer wondering where to begin, I encourage you to explore this remarkable corner of numismatics. Start with what excites you — whether that’s a Hard Times token with a fiery political slogan, a Civil War store card from your hometown, or an elongated Buffalo nickel with a crisp, clear design. Build your collection one piece at a time, document everything, and share your discoveries with the community. That’s what this hobby is all about.

The unofficial money of America is waiting for you. Go find it.

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