Beyond Official Minting: Hard Times Tokens, Civil War Tokens, and the Hidden World of American Exonumia

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 been drawn to the pieces that tell stories the official mints never intended to tell. While attending the Denver Coin Expo this year — a show that drew over 130 dealers and showcased everything from off-center Ike dollars to colorful 1879 Morgan dollars — I was reminded once again that the most fascinating corners of numismatics often lie outside the realm of government-issued currency. The show floor was alive with energy: dealers selling, collectors drooling over coins, and the kind of passionate conversations that only happen when people who love this hobby gather in one place. But what really caught my attention, as it always does, were the tokens — those unofficial pieces of metal that served as money when the real thing was scarce, or that advertised a merchant’s wares, or that quietly mocked a president.

In this article, I want to walk you through four of the most compelling categories of American exonumia: Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits. These are the pieces that I’ve spent decades pursuing, grading, and studying, and I believe they represent some of the most undervalued and historically rich areas of the entire numismatic market.

What Is Exonumia, and Why Should Collectors Care?

Before we dive into specific categories, let me define the term for those who may be newer to the hobby. Exonumia refers to numismatic items that are not official government-issued coins or paper currency. This includes tokens, medals, scrip, badges, and a wide variety of other coin-like objects. The word itself comes from the Greek “exo” (outside) and the Latin “nummus” (coin) — literally, “outside the coin.”

Why should collectors care? Because exonumia captures the unofficial history of a nation. When the U.S. Mint couldn’t keep up with demand, private citizens filled the gap. When merchants needed advertising, they struck tokens. When political movements needed a voice, they minted medals. Every exonumia piece is a primary source document in metal form.

In my experience grading and cataloging exonumia, I’ve found that these pieces often carry more historical weight per dollar spent than almost any official issue. A Hard Times token from 1837 can be had for a fraction of the cost of a contemporary large cent, yet it tells a richer story about the economic panic that defined an era.

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

The Historical Context

The Panic of 1837 was one of the most severe economic depressions in American history. President Andrew Jackson’s Specie Circular — which required that public lands be purchased in gold or silver rather than paper money — combined with the dissolution of the Second Bank of the United States, created a catastrophic shortage of circulating coinage. Banks failed. Businesses closed. Unemployment soared.

Into this void stepped private minters who produced what we now call Hard Times tokens. These were typically copper or brass pieces, roughly the size of a large cent (about 27–29mm in diameter), that served as substitute small change. They circulated widely from 1837 through approximately 1844.

Types and Varieties

Hard Times tokens fall into several broad categories, and understanding these is essential for any serious collector:

• Political tokens — These often featured anti-Jackson or anti-Bank imagery and slogans. The famous “Sub Treasury” series and tokens bearing slogans like “The Constitution As I Understand It” are highly sought after.
• Merchant advertising tokens — Businesses used these as both currency and advertising. Names like “H.C. Lovick, New York” appear on numerous varieties.
• Satirical tokens — Perhaps the most famous Hard Times token is the “Running Boar” variety, which shows a boar running with the legend “I Take My Own Notes” — a pointed jab at Jackson’s hard-money policies.
• Mules — Some tokens were created by combining obverse and reverse dies that were never intended to be paired, creating unique and highly collectible varieties.

The standard reference for Hard Times tokens is the Lyman H. Low catalog, and serious collectors should be familiar with Low numbers. Key varieties to pursue include:

1. Low 10 — The “Tippecanoe” political token, featuring a log cabin and hard cider imagery
2. Low 49 — The “Locofoco” series, associated with the radical wing of the Democratic Party
3. Low 50 — The famous “Sub Treasury” token with the strongbox design
4. Low 115 — The “Running Boar” satirical token, one of the most iconic pieces in all of American exonumia

Grading and Value Considerations

Hard Times tokens are graded on a scale similar to regular U.S. coins, from Good through Mint State. However, because many were struck from worn dies or on inferior planchets, finding examples in AU (About Uncirculated) or MS (Mint State) condition is genuinely challenging. In my experience grading these pieces, I look for:

• Sharpness of the central design elements (especially lettering and animal motifs)
• Original surface quality — many have been cleaned over the years, and original patina is highly prized
• Planchet quality — cracks, laminations, and porosity are common and affect value
• Edge condition — some tokens have reeded, plain, or lettered edges that should be intact

A common Hard Times token in Fine condition might retail for $30–$75, while a rare variety in Mint State can command $500–$2,000 or more. The key is knowing your Low numbers and understanding the rarity scale.

Civil War Tokens (1861–1864): Patriotic and Political in a Time of National Crisis

Why Civil War Tokens Exist

When the Civil War erupted in 1861, the same phenomenon that had occurred during the Hard Times returned with a vengeance: people began hoarding all gold, silver, and even copper-nickel coins. By mid-1862, there was virtually no official small change circulating in the North. The government’s initial response — issuing fractional currency in denominations as small as three cents — was only a partial solution, as the paper notes were fragile and easily damaged.

Once again, private enterprise filled the gap. Between 1861 and 1864, an estimated 25 million or more Civil War tokens were produced, primarily in the Northern states. These tokens are divided into two major categories:

Patriotic Civil War Tokens

These tokens featured pro-Union imagery and slogans. Common designs included:

• The American flag with patriotic mottos
• The “Dix” token, featuring the famous quote attributed to John Adams Dix: “If any one attempts to tear down the American flag, shoot him on the spot”
• Portraits of Union generals, particularly George B. McClellan
• The “Army and Navy” series, featuring military imagery
• The “Lincoln” tokens, some of which featured the first president to appear on a token-like piece during his lifetime

The standard reference for patriotic Civil War tokens is the Fuld catalog (George and Melvin Fuld), and collectors should familiarize themselves with Fuld numbers. These tokens were typically struck in copper, brass, or white metal (a tin-lead alloy), and some were even produced in silver as presentation pieces.

Store Card Tokens

The second major category of Civil War tokens is the store card — tokens issued by specific merchants that served as both advertising and currency. These are among my favorite pieces in all of exonumia because they combine numismatic interest with local history.

Store card tokens typically feature:

• The merchant’s name and address on one side
• A patriotic or political design on the other
• Specific business information (type of goods sold, services offered)

Famous store card issuers include Knickerbocker Currency tokens from New York, H.A. Ratterman of Cincinnati, and William H. Bridgens of New York City. The variety of store card tokens is staggering — thousands of different types exist, and new discoveries are still being made.

The Government Crackdown

On April 22, 1864, Congress passed the Coinage Act of 1864, which changed the composition of the cent from copper-nickel to bronze (making it smaller and lighter) and, crucially, made the private issuance of tokens or pieces intended to circulate as money a federal offense. This effectively ended the Civil War token era, though some tokens continued to circulate for years afterward.

This legal history is important for collectors to understand: Civil War tokens represent a brief window in American history when private money was tolerated out of necessity, before the government reasserted its monopoly on coinage.

Collecting and Valuation Tips

When I’m evaluating Civil War tokens for my own collection or for clients, I focus on several key factors:

1. Rarity — Use the Fuld rarity scale (R-1 through R-10, where R-10 means unique or nearly so). Common patriotic tokens (R-1) might be worth $10–$25 in average condition, while R-8 or R-9 varieties can bring hundreds or thousands of dollars.
2. Metal composition — Copper and brass tokens are most common; white metal examples are scarcer; silver store cards are rare and highly prized.
3. Condition — As with all numismatics, condition is king. Uncirculated examples with original red or red-brown surfaces command significant premiums.
4. Die varieties — Many Civil War tokens exist in multiple die states, and collecting all known varieties of a single type is a rewarding challenge.

Merchant Tokens: The Advertising Coins of America

A Broader Category

While Hard Times and Civil War tokens are the most famous categories of American exonumia, merchant tokens represent a much broader and longer-running tradition. From the colonial period through the early 20th century, businesses across America produced tokens for a variety of purposes:

• Change-making tokens — Issued when official small change was scarce (as during the Hard Times and Civil War periods)
• Advertising tokens — Distributed to promote a business, often with the merchant’s name, address, and type of goods on one side and a generic or patriotic design on the other
• Good-for tokens — Redeemable for specific goods or services (e.g., “Good for 5¢ at Smith’s Grocery”)
• Saloon tokens — Issued by bars and taverns, often redeemable for a single drink. These are a particularly popular sub-category.
• Transportation tokens — Used for streetcar, bus, and subway fares in cities across America
• Telephone tokens — Used in pay phones, particularly in Europe but also in some American cities

Notable Merchant Token Series

Some merchant token series are particularly collectible and well-documented:

• Woods Hite tokens — Issued by a Virginia merchant in the 1830s, these are among the earliest American merchant tokens
• Myers tokens — A large series of 19th-century advertising tokens from various New York merchants
• Farthing and halfpenny tokens — Colonial-era tokens that circulated in the American colonies before the Revolution
• Western American saloon tokens — Particularly those from mining towns in Colorado, Nevada, and California. As a Denver-based collector, I have a special affinity for Colorado saloon tokens, which often feature the names of establishments that no longer exist but whose tokens survive as the only physical evidence of their operation.

How to Start a Merchant Token Collection

If you’re interested in merchant tokens, here’s my recommended approach:

1. Pick a theme — Collect by state, by city, by type of business, or by time period. A focused collection is always more satisfying than a random accumulation.
2. Research the merchants — The real joy of merchant tokens is the historical research. Who was the merchant? What did they sell? Where was their business located? Local historical societies and old city directories are invaluable resources.
3. Network with other collectors — Organizations like the Token and Medal Society (TAMS) and the American Numismatic Association (ANA) have active exonumia communities. Shows like the Denver Coin Expo are excellent places to find merchant tokens and meet fellow collectors.
4. Buy the best condition you can afford — Merchant tokens in choice condition with sharp details and original surfaces are always preferable to worn, damaged examples.

Historical Counterfeits: The Dark Side of Exonumia

What Qualifies as a Historical Counterfeit?

This is a category that often confuses newer collectors, so let me clarify. Historical counterfeits are tokens or coins that were deliberately designed to imitate official government coinage, with the intent to deceive. This is different from tokens that merely served as substitute currency — a Hard Times token that says “NOT ONE CENT” is not a counterfeit, but a token designed to pass as a cent is.

Historical counterfeits occupy a fascinating gray area in numismatics. They are illegal to produce and pass today, but as historical artifacts, they are highly collectible and provide important insights into the economic conditions that gave rise to them.

Types of Historical Counterfeits

The most commonly encountered historical counterfeits in American numismatics include:

• Counterfeit large cents — Particularly from the early 19th century, when the large cent was the primary copper coin in circulation. Many counterfeits were produced in England and imported to America.
• Counterfeit half dollars and dollars — Silver counterfeits were less common due to the value of the metal, but they do exist. Some were produced with silver plating over base metal cores.
• Counterfeit gold coins — The most dangerous counterfeits, as the stakes were highest. Gold coin counterfeiting was a serious problem in the 19th century, particularly during the California Gold Rush.
• “Evasion” tokens — These are pieces that closely resemble official coinage but include subtle differences (slightly altered legends, different dates, or minor design changes) that technically made them not counterfeits under the law. Many Hard Times tokens fall into this category.

Identifying Historical Counterfeits

In my experience examining and authenticating exonumia, here are the key markers I look for when identifying historical counterfeits:

• Weight — Counterfeits are often lighter than genuine coins because they were made from cheaper metals. A precise scale is an essential tool.
• Diameter and thickness — Compare against known genuine examples. Counterfeits may be slightly undersized.
• Metal composition — A specific gravity test or XRF analysis can reveal whether the metal matches the expected composition.
• Die characteristics — Counterfeit dies were often cruder than official mint dies, resulting in softer details, misaligned elements, or incorrect letter forms.
• Edge treatment — Official coins often have specific edge treatments (reeding, lettering, etc.) that counterfeiters might omit or execute poorly.

The Collectibility of Historical Counterfeits

Historical counterfeits are a legitimate and growing area of numismatic collecting. They are valued for their historical significance, their technical interest, and their relative rarity. Key references include:

• Counterfeit Coin Bulletin — Published by the American Numismatic Association
• The Illustrated History of United States Coins — Which includes sections on known counterfeits
• Specialized catalogs — Such as those by Dr. Gregory G. Brunk, who has cataloged thousands of known counterfeit varieties

A well-documented historical counterfeit in good condition can be worth anywhere from $50 to several thousand dollars, depending on rarity and historical significance.

Building a Cohesive Exonumia Collection: Practical Advice

Where to Find Exonumia

Based on my decades of collecting, here are the best sources for exonumia:

• Coin shows — Events like the Denver Coin Expo are ideal. With 130+ dealers, the chances of finding interesting exonumia are excellent. I always make a point of visiting every table, because some of the best tokens are tucked away in boxes that might not be labeled “exonumia.”
• Online auctions — Heritage Auctions, Stack’s Bowers, and eBay all regularly feature exonumia. Be cautious of condition issues that photos don’t reveal.
• Specialized dealers — Some dealers focus specifically on tokens and exonumia. Seek them out and build relationships.
• Estate sales and flea markets — You’d be surprised what turns up in unexpected places. I’ve found Hard Times tokens in junk boxes at flea markets.

Storage and Preservation

Proper storage is critical for preserving exonumia. Here are my recommendations:

• Use archival-quality holders — Mylar flips, PCGS/NGC slabs for higher-value pieces, or custom capsules
• Avoid PVC-containing plastic — PVC will damage surfaces over time, leaving green slime that is nearly impossible to remove
• Store in a cool, dry environment — Humidity is the enemy of all numismatic items
• Handle tokens by the edges only — Fingerprints on surfaces can cause permanent staining, especially on copper and brass pieces

What to Buy Now: Actionable Recommendations

If you’re looking to start or expand an exonumia collection, here are my current recommendations:

1. Hard Times tokens in VF–XF condition — These are still undervalued relative to their historical significance. Focus on political varieties with clear slogans and legends.
2. Civil War store cards in choice condition — The market for these is growing, and high-quality examples are becoming harder to find. Look for tokens with both sides well-struck and minimal wear.
3. Colorado and Western saloon tokens — As a Denver collector, I can tell you that Western saloon tokens are a sleeper market. Many can still be found for $10–$50, but the best examples are appreciating steadily.
4. Colonial and early American tokens — Pieces like the Rosa Americana series and the Virginia halfpenny are historically significant and increasingly sought after by both American and British collectors.

The Community Aspect: Why Shows Like Denver Matter

I want to close with a thought about community, because it’s something that came through strongly in the Denver Coin Expo report that inspired this article. The numismatic community is one of the most welcoming and knowledgeable groups of people I’ve ever encountered. At the Denver show, I ran into fellow Denver Coin Club members, caught up with old friends from World of Coins, and had a fascinating conversation with Dan Carr about the Sacagawea obverse design — which, as he pointed out, is the only U.S. coin design with a copyright.

These interactions are what make this hobby special. The tokens and exonumia we collect are more than just metal — they’re connections to the past, and the people we share them with are connections to the present. Whether you’re a seasoned collector with thousands of tokens or a beginner who just picked up your first Hard Times token at a show, you’re part of a tradition that stretches back centuries.

Conclusion: The Enduring Appeal of Unofficial Money

Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits represent some of the most fascinating and underappreciated areas of American numismatics. These pieces tell stories that official coinage cannot — stories of economic crisis, political conflict, entrepreneurial ingenuity, and the everyday commerce of ordinary people.

As an exonumia collector, I’ve found that these unofficial pieces often provide more historical insight and collecting satisfaction per dollar spent than almost any other area of the hobby. The research possibilities are nearly endless, the variety is staggering, and the community of collectors is passionate and welcoming.

Whether you’re drawn to the political satire of Hard Times tokens, the patriotic fervor of Civil War store cards, the local history of merchant tokens, or the technical intrigue of historical counterfeits, there’s a corner of exonumia waiting for you. My advice is simple: start collecting, start researching, and start attending shows like the Denver Coin Expo where the unofficial money of America’s past is waiting to be discovered.

The next time you’re at a coin show and you see a box of tokens that doesn’t look like “real” money, stop and take a closer look. You might just find a piece of history that’s more interesting than anything the U.S. Mint ever produced.

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