Beyond Official Minting: Hard Times Tokens, Civil War Tokens, and the Exonumia Lessons from the Cincinnati Numismatic Association Show

Sometimes the unofficial money is more interesting than the official issues. Let’s explore the tokens and medals associated with this topic.

As a lifelong exonumia collector, I’ve always believed that the most fascinating stories in American numismatics aren’t always found in the official mints of Philadelphia, Denver, or San Francisco. They’re found in the makeshift dies of desperate merchants, the patriotic fervor of Civil War store cards, and the bold imitations of Hard Times tokens that filled the void when the federal government failed its citizens. Recently, attending the Cincinnati Numismatic Association (CNA) show reminded me why these unofficial issues deserve far more attention than they typically receive. While the show floor was dominated by slabbed Morgan dollars and Washington quarters, my eyes kept drifting toward the exonumia cases—those little windows into American economic history that official coinage simply cannot replicate.

Why Exonumia Matters: The Unofficial Record of American Commerce

Before we go further, let me explain why exonumia collectors like myself find these pieces so compelling. Official coinage tells us what the government wanted the economy to look like. Tokens and unofficial currency tell us what the economy actually looked like.

When I examine a Hard Times token from the late 1830s, I’m holding a piece of political protest. When I study a Civil War store card from 1863, I’m holding evidence of a nation so fractured that merchants had to create their own money. When I look at a merchant token from the early 1900s, I’m seeing the entrepreneurial spirit of small business owners who needed to make change in a cash-strapped community.

These aren’t just curiosities. They’re primary source documents in metal form.

Hard Times Tokens: America’s First Political Currency Crisis

The Historical Context: 1837–1844

The Panic of 1837 triggered one of the worst economic depressions in American history up to that point. President Andrew Jackson’s Specie Circular of 1836—which required payment for government land in gold or silver rather than paper banknotes—combined with his war against the Second Bank of the United States, created a perfect storm. Banks failed. Businesses closed. Unemployment soared. And critically, there was a severe shortage of small change in circulation.

This is where Hard Times tokens enter the story. Struck primarily between 1837 and 1844, these tokens filled the gap left by the absence of official federal coinage in everyday commerce. They were typically the size of a large cent (approximately 27–29mm) and were made of copper or brass.

Key Varieties and Collecting Focus

In my experience grading and cataloging Hard Times tokens, I’ve found that collectors should focus on several key areas:

• Political types: Tokens featuring slogans attacking Jackson’s policies, the Bank War, or the Specie Circular. These are the most historically significant and often command premium prices.
• Imitation large cents: Tokens designed to look like official large cents but bearing different designs or legends. These circulated as actual currency and show the most wear.
• Merchant advertising: Tokens that served dual purposes—both as currency and as business advertisements. These are particularly prized by exonumia specialists.
• Low-mintage rarities: Certain die varieties are extremely scarce and can command five-figure prices in high grades.

The standard reference for Hard Times tokens remains the work of Russell Rulau, whose cataloging system is the foundation of modern exonumia collecting. When I examine a Hard Times token, I always check for:

1. Die variety identification (obverse and reverse die combinations)
2. Strike quality and centering
3. Surface preservation and originality
4. Evidence of actual circulation versus contemporary restrikes

Authentication Concerns

Here’s something every exonumia collector needs to understand: Hard Times tokens have been extensively reproduced, both in the 19th century and in modern times. Contemporary restrikes were made almost immediately after the originals, often using the same or similar dies. Modern reproductions are plentiful and can be quite convincing.

In my experience, authentication requires careful attention to:

• Metal composition: Originals should be copper or brass with appropriate weight (typically 12–14 grams for large cent-sized pieces)
• Die characteristics: Flow lines, die cracks, and other manufacturing marks consistent with 1830s–1840s die technology
• Patina and surface: Genuine pieces should show natural aging, not artificial toning or chemical treatment
• Edge characteristics: Most Hard Times tokens have plain edges, but some varieties show specific edge treatments

Civil War Tokens: When a Nation Fractured, Merchants Created Money

The Crisis of 1861–1864

If Hard Times tokens represent America’s first major currency crisis, Civil War tokens represent its most dramatic. When the Civil War began in 1861, Americans immediately began hoarding all gold, silver, and even copper-nickel coins. The reasoning was simple: in times of crisis, precious metal has intrinsic value, while paper money and base metal coins might become worthless.

By 1862, small change had virtually disappeared from circulation. Merchants couldn’t make change. Customers couldn’t complete transactions. The economy was grinding to a halt at the retail level, even as the war effort demanded maximum economic productivity.

The solution? Private merchants, patriotic organizations, and token manufacturers began producing their own currency. These Civil War tokens fall into two main categories:

Patriotic Tokens

Patriotic tokens were produced by token manufacturers and sold to merchants for use as change. They typically featured patriotic imagery and slogans supporting the Union cause. Common designs included:

• The American flag and eagle motifs
• “The Union Must and Shall Be Preserved”
• Portraits of Union generals
• References to specific battles or military units
• Anti-slavery imagery and slogans

These tokens were usually made of copper, brass, or nickel, and were designed to circulate as substitutes for the missing federal coinage. They’re fascinating historical documents that show how deeply the war penetrated everyday American life.

Store Cards (Merchant Tokens)

Store cards are my personal favorite category of Civil War exonumia. These were tokens issued by specific merchants, advertising their businesses while serving as currency. They’re the 19th-century equivalent of a business card that also functions as money.

What makes store cards so collectible is their specificity. Each one represents a real business, in a real location, at a specific moment in history. When I hold a store card from a dry goods merchant in Philadelphia or a hardware dealer in Cincinnati, I’m connecting with a specific person’s economic life during the most turbulent period in American history.

Key collecting considerations for store cards include:

1. Merchant identification: The more information available about the issuing merchant, the more valuable and interesting the token
2. Location: Tokens from major cities are more common; tokens from smaller towns can be quite scarce
3. Condition: As with all exonumia, condition matters, but even worn examples retain historical value
4. Rarity: Some merchants issued only small quantities, making their tokens quite rare today

The Government Response: Encased Postage and the Coinage Act of 1864

The proliferation of Civil War tokens eventually forced the federal government to act. In 1863, John Gault introduced encased postage stamps—actual postage stamps enclosed in small brass frames with mica windows, backed by merchant advertising. These served as both currency and advertising, and they’re a fascinating bridge between tokens and official currency.

More significantly, the Coinage Act of 1864 introduced the two-cent piece, the first U.S. coin to bear the motto “In God We Trust.” This act also changed the composition of the one-cent coin from copper-nickel to bronze, making cents smaller and lighter. The new bronze cents were more acceptable to the public, and their introduction helped drive Civil War tokens out of circulation.

By 1864, the federal government had also made the issuance of private tokens illegal, effectively ending the Civil War token era. This makes the entire series a neatly bounded collectible period—roughly 1861 to 1864—which is appealing to collectors who like defined collecting goals.

Merchant Tokens: The Long Tail of American Exonumia

From the 1860s to the 1960s

While Hard Times tokens and Civil War tokens represent specific historical crises, merchant tokens as a category span more than a century of American commerce. From the post-Civil War era through the mid-20th century, merchants across the United States issued tokens for a variety of purposes:

• Change-making tokens: Used when official small change was scarce, particularly in rural areas
• Advertising tokens: Designed to promote specific businesses and encourage customer loyalty
• Transportation tokens: Used for streetcars, buses, and other public transit systems
• Amusement and arcade tokens: Used in penny arcades, amusement parks, and early gaming machines
• Saloon and tavern tokens: Used in establishments where drinks were sold, often for “one drink” or specific amounts
• Company store tokens: Used in mining towns, lumber camps, and other company-controlled communities

Collecting Merchant Tokens: A Field of Endless Variety

What I love about merchant token collecting is the sheer variety. Unlike official coinage, which was produced by a small number of mints following standardized designs, merchant tokens were produced by hundreds of different manufacturers for thousands of different businesses. The designs, metals, sizes, and purposes are almost infinitely varied.

In my experience, the most collectible merchant tokens share certain characteristics:

1. Clear identification: Tokens that can be definitively linked to a specific business, location, and time period
2. Historical significance: Tokens associated with important events, industries, or communities
3. Condition: As always, better condition commands higher prices, but even worn tokens retain historical value
4. Rarity: Tokens from small businesses or short-lived enterprises are often scarcer than those from large, long-lived companies
5. Design quality: Tokens with attractive or unusual designs are more desirable to collectors

The Rulau Cataloging System

Just as Hard Times tokens have their standard references, merchant tokens are cataloged using the Rulau system, which organizes tokens by state, city, and merchant. This system makes it possible to build comprehensive collections by location or to focus on specific types of businesses.

When I’m evaluating a merchant token, I always check:

• Does it match a known Rulau listing?
• Is the metal composition consistent with the period and type?
• Are there any signs of modern reproduction or alteration?
• What is the token’s provenance, if known?

Historical Counterfeits: When Tokens Imitated Official Coinage

The Blurred Line Between Tokens and Counterfeits

One of the most fascinating aspects of exonumia collecting is the blurred line between legitimate tokens and historical counterfeits. Many pieces that circulated as currency in the 18th and 19th centuries were technically counterfeits—unauthorized imitations of official coinage—but they served a genuine economic purpose.

Consider the case of the “Blacksmith coppers” of the 18th century. These were crude imitations of British halfpence, produced by blacksmiths and other metalworkers in the American colonies. They were technically counterfeits, but they filled a real need for small change in a colony that was chronically short of official British coinage.

Similarly, many Hard Times tokens were designed to look like official large cents, and some Civil War tokens imitated federal coinage. The question of whether these are “tokens” or “counterfeits” often depends on intent and context rather than the physical characteristics of the pieces themselves.

Collecting Historical Counterfeits

Historical counterfeits are a specialized but rewarding area of exonumia collecting. These pieces offer insights into:

• Economic conditions: Counterfeits proliferate when official currency is scarce or distrusted
• Technological capabilities: The quality of counterfeits reveals the metalworking skills available in a given time and place
• Legal and social attitudes: The treatment of counterfeiters tells us about the values and priorities of different societies
• Monetary policy: The types of coins that were counterfeited reveal which denominations were most needed and most profitable to imitate

In my experience, the most interesting historical counterfeits are those that circulated widely and were accepted by the public despite their unofficial status. These pieces tell us that economic necessity often trumps legal authority—a lesson that’s as relevant today as it was in the 18th century.

Authentication Challenges

Authentication is particularly challenging for historical counterfeits because, by definition, they were designed to deceive. However, several factors can help distinguish genuine historical counterfeits from modern reproductions:

1. Metal composition: Historical counterfeits typically used the same metals as the coins they imitated, while modern reproductions may use different alloys
2. Manufacturing techniques: Genuine historical counterfeits show the manufacturing methods of their period—hand-struck, cast, or produced with period-appropriate machinery
3. Wear patterns: Genuine historical counterfeits that actually circulated will show natural wear consistent with their age
4. Patina and surface: Natural aging produces different surface characteristics than artificial aging
5. Provenance: Documented history of ownership can support authenticity

Lessons from the CNA Show: What Exonumia Collectors Can Learn

The Market Dynamics of Unofficial Currency

Attending the Cincinnati Numismatic Association show gave me a fresh perspective on how exonumia fits into the broader numismatic market. While the show floor was dominated by slabbed Morgan dollars and Washington quarters, I noticed several important trends that affect exonumia collectors.

First, the market for official coinage has become increasingly dominated by third-party grading services. More and more inventory is slabbed, and it’s becoming harder to find decent non-slabbed material. This trend has actually benefited exonumia collectors in some ways—tokens and medals that don’t fit neatly into TPG categories have been somewhat overlooked, creating opportunities for knowledgeable collectors.

Second, the influx of non-coin, coin-related products—shaped silver, themed bullion, and other modern creations—has brought new buyers into the hobby. While I share some skepticism about the long-term value of these items, they do represent a growing interest in numismatic products that could eventually lead collectors toward more traditional exonumia.

The Value of Historical Context

One thing that struck me at the CNA show was how much more interesting the historical pieces were compared to the modern bullion products. When I examined a Civil War store card or a Hard Times token, I wasn’t just looking at a piece of metal—I was holding a piece of American history.

This is the fundamental appeal of exonumia collecting. Every token tells a story. Every piece of unofficial currency represents a moment when the official system failed and ordinary people had to improvise. These stories are what make exonumia collecting so rewarding, and they’re what will ensure that these pieces retain their numismatic value long after the modern bullion novelties have been forgotten.

Building an Exonumia Collection: Practical Advice

Getting Started

If you’re interested in starting an exonumia collection, here’s my advice based on years of experience:

1. Choose a focus: Exonumia is too broad to collect everything. Pick a specific area—Hard Times tokens, Civil War store cards, transportation tokens, or merchant tokens from your home state.
2. Study the references: Invest in the standard catalogs for your chosen area. For Hard Times tokens, start with the standard references. For Civil War tokens, study the major die varieties. For merchant tokens, get familiar with the Rulau system.
3. Learn to authenticate: Exonumia authentication requires different skills than official coin authentication. Study the manufacturing techniques, metal compositions, and surface characteristics of genuine pieces.
4. Network with other collectors: Join organizations like the Token and Medal Society (TAMS) or the Civil War Token Society. These groups provide access to knowledge, trading opportunities, and camaraderie.
5. Attend shows: Shows like the CNA show are excellent places to find exonumia, meet dealers, and learn from other collectors.

Condition and Grading

Grading exonumia is different from grading official coinage. While the same basic principles apply—strike, surface preservation, eye appeal—there are important differences:

• Strike quality: Many tokens were struck with less care than official coinage, so weak strikes may be normal for certain varieties
• Surface preservation: Tokens that actually circulated will show wear, and this wear is part of their history
• Originality: Original surfaces are important, but many tokens have been cleaned or altered over the years
• Damage: Mounting holes, bends, and other damage are common on tokens and must be factored into condition assessments

Investment Considerations

While I collect exonumia primarily for historical interest, I’m also aware of the investment potential. Here are some factors that affect the collectibility and value of exonumia:

1. Rarity: Scarce varieties command higher prices, but rarity alone doesn’t guarantee value—there must also be demand
2. Condition: Better condition always commands higher prices, but even worn examples of rare varieties can be valuable
3. Historical significance: Tokens associated with important events or figures tend to appreciate more steadily
4. Market trends: The exonumia market follows broader numismatic trends, but specific categories can have their own dynamics
5. Authentication: Properly authenticated pieces command significant premiums over pieces of uncertain authenticity

Conclusion: The Enduring Appeal of Unofficial Money

As I left the Cincinnati Numismatic Association show, my pockets full of exonumia purchases and my mind full of historical reflections, I was reminded once again why I find unofficial currency so fascinating. Hard Times tokens tell the story of a young nation struggling with its first major financial crisis. Civil War tokens reveal the economic chaos of a country torn apart by conflict. Merchant tokens document the everyday commerce of millions of Americans who never made it into the history books.

These pieces are more than collectibles. They’re tangible connections to the economic realities of the past—reminders that money is not just a government creation but a social contract, and when that contract breaks, people find ways to improvise.

For collectors willing to look beyond the official mint marks and TPG labels, exonumia offers a world of discovery. Every token has a story. Every piece of unofficial currency represents a moment of human ingenuity in the face of economic necessity. And every collection built around these pieces preserves a part of American history that might otherwise be forgotten.

So the next time you’re at a coin show, don’t just head for the Morgan dollar cases. Spend some time with the exonumia dealers. Pick up a Hard Times token and imagine the merchant who used it to make change in 1838. Examine a Civil War store card and think about the business owner who issued it to keep his shop running during the nation’s darkest hour. Hold a merchant token and connect with the everyday commerce of a bygone era.

That’s what exonumia collecting is all about—not just accumulating objects, but preserving stories. And in my experience, those stories are always more interesting than the official version.

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