Beyond Official Minting: Hard Times Tokens, Civil War Tokens, Merchant Tokens, and Historical Counterfeits Every Collector Should Know

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 spent decades chasing the stories behind the pieces that never made it into official mint records — the tokens, the merchant scrip, the emergency currency, and yes, even the historical counterfeits that tell us as much about economic desperation as any government-issued coin ever could. A recent forum thread asked for help identifying a 1705 2/3 Thaler from Brunswick-Lüneburg-Celle (KM#17, Welter 2153, if you’re cataloging), and the conversation that followed reminded me of something I’ve always believed: the most fascinating corners of numismatics live outside the official mints. Today, I want to walk you through four categories of exonumia that every serious collector should understand — Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits.

What Is Exonumia, and Why Should You Care?

The term exonumia refers to coin-like objects that are not official government-issued currency. This includes tokens, medals, scrip, badges, and a wide variety of numismatic items that circulated alongside — or in place of — legal tender. I’ve examined thousands of these pieces over the years, and I can tell you without hesitation: some of the most historically significant and financially rewarding items in my collection were never struck by any national mint.

Exonumia fills the gaps that official coinage leaves behind. When governments fail to provide enough small change, when wars disrupt supply chains, or when merchants need to advertise their businesses while facilitating commerce, tokens step in. They are, in many ways, the people’s currency — and they carry the fingerprints of everyday history in ways that a silver dollar or a gold eagle simply cannot.

Hard Times Tokens (1832–1844): America’s First Political Protest Money

The Economic Crisis That Created a Token Boom

If you’ve never collected Hard Times tokens, you’re missing one of the most politically charged and historically rich series in American numismatics. These tokens emerged during the economic depression that followed President Andrew Jackson’s war on the Second Bank of the United States. When Jackson issued the Specie Circular of 1836 — requiring that public lands be purchased in gold or silver rather than paper money — the resulting contraction of the money supply created a severe shortage of circulating coinage.

Merchants and political activists responded by issuing their own copper tokens, roughly the size of a large cent. I’ve examined dozens of these pieces under magnification, and the variety is staggering. They fall into several broad categories:

• Political tokens — Featuring slogans attacking Jackson, the Bank, or the policies of the Van Buren administration. The famous “Tippecanoe and Tyler Too” tokens from the 1840 presidential campaign are among the most sought-after.
• Merchant tokens — Issued by individual businesses to facilitate trade when small change was scarce. These often feature the business name, address, and sometimes an advertisement for services.
• Satirical tokens — Featuring the iconic “NOT ONE CENT” or “SUB TREASURY” slogans, often with imagery of hogs, eagles, or ships in distress.
• Mules — Tokens created by combining obverse and reverse dies from different issues. These are particularly prized by advanced collectors chasing rare varieties.

Grading and Valuation Tips for Hard Times Tokens

In my experience grading Hard Times tokens, the market rewards originality and eye appeal above all else. Here’s what I look for:

1. Original patina — Cleaned or polished tokens lose significant numismatic value. A rich chocolate brown or olive patina is ideal.
2. Strike quality — Many Hard Times tokens were struck from worn or crude dies. A well-centered, fully struck example commands a real premium.
3. Die variety — The Low/Hayden numbering system (from the standard reference Hard Times Tokens by Russell Rulau, originally classified by Lyman H. Low and later updated by Russell F. Davis and Russell Rulau) is essential for identification. Certain die varieties are extremely rare and can be worth hundreds or even thousands of dollars.
4. Metal composition — Most are copper, but brass examples exist and are generally scarcer.

A common Hard Times token in VF condition might bring $30–$75, but rare die varieties in AU or mint state can easily exceed $500. I once acquired a Low-1 (the “Jackson Cent”) in AU-55 at a small regional auction for under $100 — a piece that would retail for $400 or more today. The key is knowing your die numbers.

Civil War Tokens (1861–1864): Patriotic and Patriotic-Adjacent Currency

When the Union Ran Out of Change

The Civil War created an even more dramatic coinage crisis than the Hard Times era. By 1862, Americans were hoarding gold, silver, and even copper-nickel cents, leaving a gaping hole in everyday commerce. The federal government’s initial response — issuing fractional currency (those small paper notes derisively called “shinplasters”) — was deeply unpopular. The public wanted metal.

Enter the Civil War token. These privately issued pieces, almost exclusively in the size of the Indian Head cent, flooded the Northern states between 1861 and 1864. They fall into two major categories:

• Patriotic tokens — Featuring Union flags, cannons, shields, and slogans like “THE UNION MUST AND SHALL BE PRESERVED” or “MILLIONS FOR CONTRACTORS NOT ONE CENT FOR THE WIDOWS.” These were not issued by any government but expressed popular sentiment.
• Store cards — Merchant-issued tokens advertising specific businesses. These are the Civil War equivalent of Hard Times merchant tokens, and they are collected both by token specialists and by collectors of the specific trades or cities they represent.

The Government Crackdown and the 1864 Cent

Congress eventually responded to the token epidemic by passing the Coinage Act of 1864, which introduced the bronze Indian Head cent (replacing the heavier copper-nickel version) and made the private issuance of token coinage illegal. The new two-cent piece, also introduced in 1864, was the first U.S. coin to bear the motto “IN GOD WE TRUST.”

From a collecting standpoint, the 1864 Act is a hard cutoff date. Civil War tokens are definitively dated to the 1861–1864 window, which makes them a beautifully contained series. The standard reference is Fuld & Fuld’s Patriotic Civil War Tokens and Store Cards, with the Fuld numbers (e.g., Fuld 127/398a) serving as the universal cataloging system.

What to Look For When Buying Civil War Tokens

Here are my actionable guidelines for collectors entering this series:

1. Learn the Fuld numbering system. Without it, you’re flying blind. The obverse and reverse die pairings are cataloged systematically, and rarity varies enormously.
2. Check for mules. As with Hard Times tokens, die mules exist and are highly collectible.
3. Assess the metal. Most Civil War tokens are copper or bronze, but white metal (a tin-lead alloy) and silver-plated examples exist. Composition affects both rarity and value.
4. Beware of restrikes. Some Civil War token dies were restruck in the late 19th and early 20th centuries by collectors and dealers. Original strikings typically show natural wear and patina consistent with circulation; restrikes often appear unnaturally sharp or have a different surface quality.
5. Condition matters, but don’t overpay for perfection. Many Civil War tokens are extremely rare in high grade. A VF example of a scarce variety is often a better investment than a common variety in MS-65.

In recent auctions, common Civil War tokens in VF condition have sold for $15–$50, while rare patriotic varieties and store cards in choice condition have realized $200–$2,000+. I’ve seen exceptional store cards from small-town merchants — pieces with perhaps a handful of known examples — bring five figures.

Merchant Tokens: The Original Advertising Medium

A Global Phenomenon

Merchant tokens are perhaps the broadest and most diverse category of exonumia. They were issued worldwide, from the German States to the American frontier, from British taverns to Australian general stores. Their purpose was twofold: to provide a medium of exchange (especially during coin shortages) and to advertise the issuing business.

The 1705 Brunswick-Lüneburg 2/3 Thaler discussed in the forum thread is, of course, an official government issue — but it’s worth noting that the German States were also prolific issuers of Gutegroschen and other quasi-official tokens that blurred the line between government and private currency. In the 17th and 18th centuries, the boundaries were far less clear than they are today.

In the United States, merchant tokens reached their peak in the late 19th and early 20th centuries. Saloons, barbershops, grocery stores, and even brothels issued tokens redeemable for goods or services — often for “one beer,” “one shave,” or “one drink.” These are collected today under the umbrella of “Good For” tokens or saloon tokens.

Collecting Strategies for Merchant Tokens

Here’s how I approach this vast field:

• Collect by region. Focus on tokens from your home state or city. Local history adds immeasurable value — both personal and monetary.
• Collect by trade. Saloon tokens, barber tokens, transportation tokens (for streetcars and ferries), and mining company scrip are all popular sub-specialties.
• Collect by material. Copper, brass, aluminum, nickel, white metal, fiber, and even cardboard or leather tokens exist. Material can help date a piece and assess rarity.
• Document provenance. A token with a known history — “from the Smith Saloon, Main Street, Deadwood, South Dakota” — is worth more than an identical piece with no story.

The standard reference for U.S. merchant tokens is Russell Rulau’s Standard Catalog of United States Tokens, which covers everything from Hard Times to modern transportation tokens. For British tokens, the Dalton & Hamer series is indispensable.

Historical Counterfeits: When Imitation Was the Sincerest Form of Commerce

The Thin Line Between Token and Counterfeit

This is where exonumia gets really interesting — and legally complicated. Throughout history, the line between a “token” and a “counterfeit” has been blurry. A merchant token that imitates the design of an official coin is, in a sense, a counterfeit — but it was often issued with no intent to deceive, simply because the merchant lacked access to official coinage or wanted to advertise his business.

However, there is a darker side to this story. Historical counterfeits — coins deliberately made to pass as genuine currency — form a fascinating and legitimate area of numismatic study. The most famous American example is the “Blacksmith” counterfeit series, crude copies of British halfpence and other colonial-era coins that circulated widely in 18th-century America.

Why Collect Counterfeits?

I’ve built a modest but meaningful collection of historical counterfeits over the years, and here’s why I think they deserve a place in any serious exonumia cabinet:

1. They’re historical documents. Counterfeits tell us about the coins that were in circulation, the economic pressures that created demand for fake currency, and the technological capabilities of the counterfeiters.
2. They’re often rare. Counterfeit coins were frequently destroyed when detected. Surviving examples, especially in good condition, can be quite scarce.
3. They’re affordable. Compared to their genuine counterparts, historical counterfeits often trade at a significant discount — making them accessible to collectors on a budget.
4. They’re conversation pieces. Nothing sparks a discussion at a coin show like pulling out a well-documented counterfeit and explaining its history.

Authentication and Ethical Considerations

If you collect historical counterfeits, always label them as such. The numismatic community has a zero-tolerance policy for misrepresentation, and rightly so. I keep my counterfeits in clearly marked holders with “CONTEMPORARY COUNTERFEIT” or “COLONIAL FAKE” written on the label. Reputable dealers and auction houses do the same.

For authentication, I rely on a combination of factors:

• Weight and diameter — Counterfeits often differ from genuine coins in size and weight.
• Metal composition — A specific gravity test or XRF analysis can reveal whether the metal matches the expected composition.
• Style and fabric — Experienced numismatists can often identify counterfeits by the style of the lettering, the quality of the strike, and the overall “feel” of the piece.
• Die characteristics — Genuine coins from a given period share die characteristics that counterfeiters often fail to replicate accurately.

Building a Cohesive Exonumia Collection: Practical Advice

Where to Start

If you’re new to exonumia, I recommend starting with one of the two great American token series — Hard Times tokens or Civil War tokens — because they have well-established references, active collector communities, and a steady supply of material at reasonable prices. Here’s my suggested roadmap:

1. Buy the book before the coin. Get a copy of Russell Rulau’s Hard Times Tokens or the Fuld & Fuld reference on Civil War tokens. Understanding the classification system is essential.
2. Join a club. The Token and Medal Society (TAMS) and the Civil War Token Society are both excellent organizations with journals, conventions, and knowledgeable members.
3. Start with common dates and varieties. Build your grading eye and your reference library before chasing rarities.
4. Attend coin shows. Exonumia dealers are often the most knowledgeable and passionate people at any show. Strike up a conversation — you’ll learn more in 10 minutes of talking to a seasoned token dealer than in hours of online research.
5. Document everything. Keep records of what you buy, where you bought it, what you paid, and any provenance information. This will pay dividends when you eventually sell or trade.

Valuation in the Modern Market

The forum thread’s discussion of the 1705 Brunswick-Lüneburg 2/3 Thaler is instructive here. A 1997 Krause catalog listed the coin at $90 in VF; recent auction results show similar pieces realizing around €100 (approximately $120) plus buyer’s premiums of roughly 20%. This tracks with my experience: for many world coins and tokens, the Krause catalogs remain a useful starting point, but realized auction prices are the true market indicator.

For exonumia specifically, I recommend the following resources for valuation:

• Heritage Auctions and Stack’s Bowers archives — Searchable databases of realized prices for thousands of token types.
• eBay completed listings — Use with caution, but useful for gauging retail market trends.
• NGC and PCGS population reports — While primarily focused on coins, both services now grade some tokens, and their population data can indicate relative rarity.
• Specialized auction catalogs — Dealers like Q. David Bowers and Tom Mulvaney have conducted landmark token sales with detailed catalogs that serve as references in their own right.

Conclusion: The Enduring Appeal of Unofficial Money

The tokens and unofficial currencies I’ve discussed today — Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits — represent some of the most historically rich, intellectually stimulating, and financially accessible areas of numismatics. They tell stories that official coinage cannot: stories of economic crisis, political protest, entrepreneurial ingenuity, and sometimes outright fraud.

As the forum discussion of the 1705 Brunswick-Lüneburg 2/3 Thaler reminds us, even a seemingly straightforward world coin identification can open doors to broader historical narratives — in that case, the fascinating story of George Ludwig of Hanover, who in 1704 was still just the Duke of Brunswick-Lüneburg but would within a decade become King George I of Great Britain, the nearest Protestant heir to the childless Queen Anne. The prohibition against Catholic monarchs wasn’t removed from British succession law until 2015. That’s the kind of history that lives in your collection when you pay attention to the stories behind the metal.

Whether you’re a seasoned exonumia specialist or a coin collector looking to branch out, I encourage you to explore these unofficial series. Start with a common Hard Times token or a patriotic Civil War cent, learn the references, join a club, and let the stories draw you in. In my experience, once you start collecting tokens, it’s hard to stop — because every piece has a story, and every story leads to another piece.

Happy collecting.

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