Beyond Official Minting: Hard Times Tokens, Civil War Tokens, and the Exonumia Collector’s Guide to Displaying History on Your Desk

Sometimes the unofficial money tells a better story than anything that ever came out of a government mint. That’s the thread running through everything I want to share here — a personal look at the tokens, medals, and coin-like objects that filled the gaps when official currency failed, and why they deserve a place on your desk right alongside your PCGS and NGC slabs.

As a lifelong exonumia collector, I’ve always been drawn to the stories that unofficial currency preserves — stories the federal presses never intended to record. What started for me as a practical question about displaying slabbed coins on a desk opened a door into something far richer: the chaotic, deeply human world of tokens that circulated when the official money supply simply vanished. Hard Times tokens, Civil War tokens, merchant tokens, and even historical counterfeits represent some of the most compelling chapters in American numismatic history. And in my experience, they generate more conversation than almost any Morgan Dollar ever could.

Why Exonumia Deserves a Spot on Your Display Shelf

When collectors talk about desk displays, they’re usually thinking about their most prized certified coins — a blazing MS-65 Morgan, a full-bands Mercury Dime, or maybe a key-date Lincoln Cent. Those are wonderful pieces. But I’d argue that some of the most conversation-starting items in any collection are the tokens and medals that circulated alongside — or in place of — official coinage.

Exonumia covers an enormous range of material. Political satire tokens, merchant advertising pieces, Civil War patriotics, Hard Times political issues — these objects capture moments of crisis, ingenuity, and everyday commerce in ways that regular coinage simply cannot. They were made by real people solving real problems, and that authenticity comes through the moment you hold one.

In my own experience, when visitors see a well-curated display that mixes certified coins with historical tokens, the tokens almost always draw the first questions. They’re tangible pieces of American history that most people have never encountered before, and that sense of discovery is powerful.

Hard Times Tokens: Currency Born from Crisis (1837–1844)

The Panic of 837 triggered one of the worst economic depressions in American history up to that point. Banks failed. Businesses collapsed. And the federal government’s coinage supply dried up almost overnight. Small change — the pennies and half-pennies people needed for daily transactions — virtually disappeared.

Into this void stepped private minters, political operatives, and opportunistic merchants who began producing copper tokens roughly the size of a large cent. These are the pieces we now call Hard Times tokens, and they represent one of the most important categories in all of American exonumia.

The Political Tokens

Many Hard Times tokens carried overt political messages, most of them attacking President Martin Van Buren and the policies of Andrew Jackson that many blamed for the economic catastrophe. The most famous is the “Sub Treasury” token, which mocked the Independent Treasury system Jackson and Van Buren championed. Others featured slogans like “Tippecanoe and Tyler Too” — the 1840 Whig campaign rallying cry that helped elect William Henry Harrison.

I’ve examined dozens of these pieces over the years, and what strikes me most is how raw the political messaging is. There’s no polling, no focus groups, no careful messaging discipline. These are the unfiltered voices of a nation in economic distress, stamped in copper and passed from hand to hand. The eye appeal of a well-preserved political token — with sharp detail and an undisturbed patina — can be remarkable.

Key varieties to look for include:

• Low 6 — “The Constitution As I Understand It” — one of the most iconic political designs in the series
• Low 45 — The “Sub Treasury” token with the hogs running through a strongbox
• Low 49 — “Tippecanoe and Tyler Too” — highly sought after by both token collectors and political memorabilia enthusiasts, a true rare variety in high grade
• Low 50 — The famous “Locofoco” tokens referencing the radical Democratic faction

The Commercial Tokens

Not all Hard Times tokens were political. Many were produced by merchants who simply needed something to make change with. These commercial issues often featured the merchant’s name, address, and sometimes an advertisement for their goods or services. They’re essentially the 19th-century equivalent of a business card — except they had real monetary value in their local communities.

From a display perspective, Hard Times tokens are fantastic because they’re visually similar to large cents. They look natural sitting next to a certified 1840 Large Cent or an early half cent. A well-preserved Hard Times token in VF or EF condition can be acquired for a fraction of the cost of a certified coin of similar age, yet the historical interest — and the collectibility — is arguably greater.

Civil War Tokens: A Nation Divided, in Copper and Brass (1861–1864)

If Hard Times tokens represent America’s first great experiment with private currency, then Civil War tokens represent its second — and in many ways, its most dramatic.

When the Civil War began in 1861, the economic disruption was immediate and severe. People began hoarding all gold, silver, and even copper-nickel coins, driven by the instinct to hold onto intrinsic value during uncertain times. By 1862, small change had virtually disappeared from circulation in the North. The federal government’s attempts to replace cents with postage currency and fractional notes were only partially successful.

Once again, private enterprise filled the gap. Between 1861 and 1864, an estimated 25 million or more Civil War tokens were produced by merchants, political organizations, and token manufacturers, primarily in New York, Brooklyn, Cincinnati, and other major Northern cities. The sheer volume speaks to how desperate the need for small change had become.

Patriotic Tokens

The first major category of Civil War tokens is what collectors call patriotics. These tokens featured pro-Union imagery and slogans — the American flag, the USS Monitor, the phrase “The Union Must and Shall Be Preserved,” and portraits of Union generals. They served both as a means of making change and as expressions of loyalty to the Union cause.

Some of the most desirable patriotics include:

• Tokens featuring the “Dix” motto — “If any one attempts to tear down the American Flag, shoot him on the spot” — attributed to General John Adams Dix
• Tokens with the “Union Forever” slogan
• Pieces depicting the USS Monitor or the USS Kearsarge
• Tokens with “Army and Navy” patriotic designs

I’ve always found that patriotic Civil War tokens make exceptional display pieces because they’re so visually striking. The designs are bold, the messages are clear, and they immediately communicate the urgency and passion of the era. When I set out a group of patriotics next to a certified 1864 Indian Head Cent or an 1863 Two-Cent Piece, the effect is powerful — you see the official and unofficial currency of the war side by side. The numismatic value of these pieces has only increased over time, and their provenance can often be traced to specific cities and merchants.

Store Cards

The second major category is store cards — tokens produced by individual merchants to serve as both advertising and currency. These are the Civil War equivalent of the commercial Hard Times tokens, but they’re far more numerous and far more varied.

Store cards typically feature the merchant’s name and sometimes their address on one side, and a patriotic design, political message, or generic trade symbol on the other. They were produced in enormous quantities by token manufacturers like H. A. Ratterman of Cincinnati and William H. Bridgens of New York, who would strike tokens for any merchant willing to pay for a die.

The variety is staggering. I’ve personally handled store cards for saloon keepers and liquor dealers, clothing merchants and dry goods stores, restaurant and hotel owners, patent medicine companies, and even individual professionals like dentists and lawyers. Each one is a small window into a specific business, a specific street, a specific moment in time.

For collectors, store cards offer an almost infinite field of study. The Fuld brothers’ reference works catalog thousands of varieties, and new discoveries are still being made. If you’re looking for a collecting area with depth, variety, and relatively affordable entry points, Civil War store cards are hard to beat. The collectibility of a well-chosen store card — one with strong eye appeal and a clear, identifiable merchant — should not be underestimated.

The Government Crackdown

The era of Civil War tokens came to an end on April 22, 1864, when Congress passed the Coinage Act of 1864. This legislation changed the composition of the one-cent piece from copper-nickel to bronze — making it less attractive to hoarders — and, crucially, made it illegal to produce or use private tokens as currency. Violators faced fines of up to $2,000 and imprisonment of up to five years.

The act effectively ended the Civil War token era, though some merchants continued to use their tokens as advertising pieces rather than currency. The brevity of the token era — roughly three years — gives these pieces a defined historical window that makes them particularly appealing to collectors who like to focus on specific periods. That narrow date range also means that finding pieces in true mint condition with original luster is a genuine challenge, which only adds to their allure.

Merchant Tokens: The Advertising Currency of Everyday America

Beyond the crisis-driven tokens of the Hard Times and Civil War eras, there’s a vast world of merchant tokens that spans the entire history of American commerce. From the colonial period through the early 20th century, merchants, tradesmen, and businesses produced tokens for a variety of purposes — making change, advertising goods, facilitating barter, and even serving as primitive loyalty programs.

18th and 19th Century Merchant Tokens

Early American merchant tokens often took the form of store cards similar to their Civil War descendants, but they also included barter tokens, tavern tokens, and transportation tokens. A tavern keeper might issue tokens redeemable for a drink, while a general store might issue tokens as change that could only be spent at that establishment.

These pieces are fascinating because they document the everyday economy of early America in ways that official records often don’t. A token from a small-town blacksmith or a rural general store tells us about the economic life of communities that might otherwise leave little trace in the historical record. The provenance of such a piece — knowing where it was used and by whom — can dramatically enhance both its historical significance and its numismatic value.

20th Century and Modern Tokens

The tradition of merchant tokens continued well into the 20th century, evolving into the trade tokens, subway tokens, laundry tokens, and amusement tokens that many of us remember from our own lifetimes. While these modern tokens are generally less valuable than their 19th-century predecessors, they’re an important part of the exonumia story and can be collected very affordably.

For display purposes, I like to include a few 20th-century tokens alongside the older pieces to show the continuity of the tradition. A Civil War store card next to a 1950s subway token tells a story about American commerce that spans nearly a century — and it’s the kind of juxtaposition that makes visitors stop and think.

Historical Counterfeits: The Dark Side of Token Collecting

No discussion of unofficial currency would be complete without addressing historical counterfeits. Throughout American history, counterfeiters have produced fake coins and tokens alongside the legitimate issues, and some of these counterfeits have become collectible in their own right.

Counterfeit Large Cents and Half Cents

In the early days of the American mint, counterfeit large cents and half cents were a significant problem. Many of these counterfeits were produced in England and imported to the United States, where they circulated alongside genuine coins. The famous “Blacksmith tokens” of the 1820s and 1830s — crude counterfeits of British and American copper coins produced by blacksmiths in Upper Canada — are a particularly interesting subcategory.

These pieces are crude by modern standards, but they circulated widely in their time. Today, they’re collected as historical artifacts and as examples of the ongoing battle between legitimate minters and counterfeiters. A Blacksmith token with honest wear and an appealing patina can be a real standout in a display focused on the fringes of American currency.

Counterfeit Hard Times and Civil War Tokens

Even the token era had its counterfeiters. Some unscrupulous producers copied popular token designs and struck them in cheaper metals or with lower-quality dies. In other cases, modern reproductions have been made to fool collectors — a problem that’s particularly acute with Civil War tokens, where the market for rare varieties can be quite lucrative.

In my experience grading and authenticating exonumia, here are the key things I watch for:

• Weight discrepancies — Genuine tokens should match the expected weight for their type and metal composition
• Die characteristics — Original dies have specific features (cracks, rust marks, alignment patterns) that are difficult to replicate perfectly
• Edge examination — Many tokens have distinctive edge treatments that counterfeiters often get wrong
• Patina and surface quality — Natural aging produces a specific look that’s very difficult to fake convincingly
• Magnetic testing — Some counterfeits use magnetic metals that wouldn’t have been used in the original production

If you’re building a display that includes tokens, I’d strongly recommend purchasing from reputable dealers who guarantee authenticity. The major auction houses and established exonumia dealers — Stacks Bowers, Heritage Auctions, and members of the Token and Medal Society (TAMS) — are generally reliable sources. A piece with solid provenance and a clean bill of authenticity will always hold its value better than a questionable bargain.

Building a Desk Display That Tells a Story

Let’s bring this back to the practical side: how do you display these pieces on your desk in a way that’s both attractive and historically meaningful?

The forum thread that inspired this piece offered several practical solutions — from simple smartphone stands for single slabs to multi-slot wooden displays, IKEA pegboard wall mounts, and even custom rotating displays. All of these work beautifully for exonumia as well as for certified coins.

Here’s my approach to building a display that incorporates both certified coins and historical tokens:

1. Choose a theme. Don’t just throw random pieces together. Pick a theme — “Currency of Crisis,” “Civil War Money,” “American Merchant Tokens” — and build your display around it. A themed display tells a story and is far more engaging than a random assortment. It also helps you focus your collecting and develop real expertise in a specific area.
2. Mix certified coins with raw tokens. A certified 1863 Indian Head Cent in MS-63 next to a raw Civil War patriotic token creates a powerful visual and historical connection. The certified coin provides the anchor of established numismatic value, while the token provides the historical context that brings the whole display to life.
3. Use appropriate holders. For raw tokens, I recommend Capital Plastics holders or NGC-style slabs from companies that offer token encapsulation. For a more traditional look, cardboard flips with Mylar windows work well and are inexpensive. The goal is to protect the piece while still letting its eye appeal come through.
4. Include informational cards. Small cards with brief descriptions of each piece — date, type, historical context — transform a display from a mere collection into an educational exhibit. Visitors will appreciate the context, and it shows that you’re a serious collector with a deep understanding of the material.
5. Consider security. As one forum member wisely noted, leaving valuable coins and tokens in plain sight can be an invitation to theft. If your desk is in a shared space, consider a display case with a lock, or at least position the display where it’s visible to you but not to casual visitors.

Where to Find Exonumia for Your Collection

One of the great things about exonumia is that it’s still relatively affordable compared to certified coins. Here are my recommended sources:

• eBay — Despite legitimate concerns about quality and authenticity, eBay remains one of the largest marketplaces for tokens. Stick to sellers with high feedback ratings, clear photos, and solid return policies. Be especially cautious with rare varieties — if a price seems too good to be true, it probably is.
• Token and Medal Society (TAMS) — Membership gives you access to a community of knowledgeable collectors and dealers, as well as a journal with articles on token identification, history, and collectibility.
• Major auction houses — Stacks Bowers, Heritage Auctions, and DLRC all regularly feature exonumia in their sales. These are excellent sources for higher-end pieces with documented provenance.
• Coin shows — Regional and national coin shows almost always have dealers specializing in tokens and exonumia. This is the best way to examine pieces in person, assess strike quality and surface preservation, and develop your grading eye before buying.
• Online forums and communities — The same forums where collectors discuss slab displays are often great places to find tokens for sale or trade. Don’t be afraid to post a “want to buy” message describing exactly what you’re looking for.

Grading and Valuing Exonumia

Unlike certified coins, which are graded on the Sheldon 1–70 scale by PCGS, NGC, or ANACS, exonumia is typically graded using the traditional descriptive scale: Good (G-4), Very Good (VG-8), Fine (F-12), Very Fine (VF-20), Extremely Fine (EF-40), About Uncirculated (AU-50), and Mint State (MS-60 and above).

Because most tokens aren’t slabbed by major grading services, you’ll need to develop your own grading eye. Here are the factors I weigh most heavily:

• Strike quality matters more than wear for many tokens. A weakly struck token in high grade may be less desirable — and less valuable — than a well-struck token in moderate grade. A sharp, full strike brings out the detail that makes these pieces compelling.
• Surface preservation is critical. Tokens with original surfaces — even if they’re dark or unevenly toned — are generally preferred to cleaned or damaged pieces. Original luster and an honest patina are worth their weight in gold in the exonumia market.
• Rarity is the primary driver of value for most tokens. A common token in high grade may be worth less than a rare variety in low grade. Always check the standard references before assuming a piece is common.
• Demand varies significantly by category. Civil War patriotics and political Hard Times tokens tend to have strong, consistent demand, while common store cards may be plentiful but less sought after. Understanding demand is key to building a collection with lasting numismatic value.

For valuation, I rely on the Fuld brothers’ reference works for Civil War tokens and the Russell Rulau standard catalog for American and world tokens. These references provide rarity ratings and approximate values that are widely accepted in the exonumia community. They’re essential tools for any serious collector.

Conclusion: The Enduring Appeal of Unofficial Money

The world of exonumia — Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits — represents one of the most accessible, affordable, and historically rich areas of numismatics. These pieces tell the story of America’s economic life from the ground up, capturing moments of crisis, ingenuity, and everyday commerce that official coinage often overlooks.

For collectors who are building desk displays, I’d strongly encourage you to look beyond your certified coins and consider adding some exonumia to the mix. A Hard Times token from the Panic of 1837, a Civil War patriotic from the darkest days of the conflict, or a merchant store card from a forgotten 19th-century business — these pieces bring history to life in ways that even the finest Morgan Dollar cannot. The eye appeal, the stories, the sheer variety — it’s all there waiting for you.

The tokens discussed in this article span roughly 130 years of American history, from the late 18th century through the Civil War and beyond. They were produced by presidents and blacksmiths, by major merchants and small-town saloon keepers, by patriots and counterfeiters. They circulated in times of war and peace, prosperity and depression. And today, they offer collectors an opportunity to own tangible pieces of that history at prices that are often remarkably reasonable.

Whether you’re a seasoned exonumia collector or a certified coin enthusiast looking to broaden your horizons, I encourage you to explore this fascinating corner of numismatics. Start with a few affordable Hard Times tokens or Civil War patriotics, research their history, and build a display that tells their story. Pay attention to strike quality, surface preservation, and patina — these are the details that separate a good collection from a great one. You may find, as I have, that the unofficial money is even more interesting than the official issues.

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