Beyond Official Minting: Hard Times Tokens, Civil War Tokens, Merchant Tokens, and Historical Counterfeits — Lessons from the CSNS Show Floor

Sometimes the unofficial money is more interesting than the official issues. Let me take you through the tokens and medals that I keep coming back to — the ones that grab you by the collar and refuse to let go.

I’ve been attending major coin shows for decades now — from FUN in January to CSNS in the spring and everything in between — and if there’s one truth I’ve learned, it’s that the most fascinating stories in numismatics don’t always come from the United States Mint. They come from the merchants, the patriots, the opportunists, and yes, even the counterfeiters who filled the gaps when official coinage vanished from circulation. As an exonumia collector, I’ve spent a lifetime chasing Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits, and I can tell you that the thrill of the hunt at a show like CSNS is every bit as intense for these pieces as it is for the “big boy” Morgan dollars and gold coins that dominate the headlines.

In this piece, I want to share what I’ve learned about these fascinating pieces of unofficial currency — their history, their collectibility, and the practical lessons I’ve picked up from years of buying, selling, and grading them on the bourse floor. Whether you’re a seasoned exonumia specialist or a curious newcomer, there’s something here for you.

Why Exonumia Deserves Your Attention

Let me start with a confession: I became a dealer in retirement partly to fund my collecting habits. And while I handle plenty of mainstream numismatic material — half dimes, bust quarters, classic head half eagles, gold escudos — it’s the exonumia that keeps me up at night. There’s something deeply personal about holding a token that was pressed into service because the government couldn’t — or wouldn’t — provide enough small change for everyday commerce.

At CSNS this year, I watched the floor come alive with activity. Dealers were writing invoices, collectors were spending money, and the energy was palpable. But what struck me most was how many conversations I had that veered away from certified plastic and into the realm of tokens, medals, and historical curiosities. These pieces don’t always command five- and six-figure prices, but they tell stories that no Morgan dollar ever could.

Hard Times Tokens: America’s First Political Protest Money

Historical Context (1837–1844)

Hard Times tokens are, in my opinion, one of the most undervalued areas of American numismatics. These tokens circulated during the economic depression that followed the Panic of 1837, when President Andrew Jackson’s Specie Circular and the subsequent collapse of the banking system effectively removed most federal coinage from circulation. Merchants and private minters stepped in to fill the void, producing copper tokens roughly the size of a large cent.

What makes Hard Times tokens so compelling is their dual nature. On one hand, they served a practical purpose — they were used as substitutes for cents in everyday transactions. On the other hand, they were vehicles for political expression. Many of them carry slogans, imagery, and satirical messages that directly reference the economic policies of the day.

Key Varieties and Collectibility

In my experience collecting and dealing Hard Times tokens, there are several categories that serious collectors should focus on:

• Political types: Tokens bearing slogans like “Sub Treasury Not Treasury” or featuring the iconic “shinplaster” design with a kneeling slave — these are among the most sought-after varieties. The political Hard Times tokens often reference the Sub-Treasury Plan proposed by the Locofoco faction of the Democratic Party.
• Merchant advertising types: These tokens feature the names and addresses of specific businesses. They’re fascinating primary sources for local history, and they tend to be more affordable than the political types.
• Liberty Head types: Modeled after the large cent design, these tokens replaced the bust of Liberty with various political or satirical imagery. The “Millions for Defense, Not One Cent for Tribute” type is a perennial favorite.
• Mule errors: As with any series where multiple dies were combined, mule varieties exist and command significant premiums. Always check your Hard Times tokens against the standard references.

Grading Hard Times tokens can be tricky. Many were struck from worn dies or on planchets that weren’t perfectly prepared. I always recommend buying the best eye appeal you can afford, even if the technical grade is lower. A well-struck, problem-free Hard Times token with strong details will always outperform a technically higher-grade piece with weak strikes or porosity.

Actionable Takeaway for Buyers

If you’re building a Hard Times token collection, start with the United States Hard Times Tokens reference by Russell Rulau (the standard cataloging system uses Rulau numbers). Focus on completing a type set before diving into die varieties. And always, always examine the edge — many Hard Times tokens were later altered or mounted, and you want to make sure you’re buying an original, unmodified piece.

Civil War Tokens: Patriotism, Profit, and the Union Cause

The Crisis That Created a Token Boom

If Hard Times tokens represent America’s first great experiment with private currency, Civil War tokens represent its most dramatic. When the Civil War erupted in 1861, Americans began hoarding all forms of metallic currency — including copper cents. By mid-1862, there was virtually no small change circulating in the North. The federal government’s initial response was to encase postage stamps in small brass frames (the so-called “postage currency”), but this was a stopgap at best.

Private token manufacturers, primarily based in New York City, Cincinnati, and other Northern cities, stepped in with a vengeance. Between 1861 and 1864, tens of millions of Civil War tokens entered circulation. They fall into two broad categories:

1. Patriotic tokens: These feature pro-Union imagery and slogans — flags, cannons, the American eagle, and phrases like “The Union Must and Shall Be Preserved” or “Army and Navy.” They were not officially government-issued, but they expressed the sentiments of the Northern public.
2. Store cards (merchant tokens): These served the same function as Hard Times merchant tokens — they advertised a specific business while functioning as a cent in trade. Many of them are beautifully designed and represent a goldmine for collectors interested in 19th-century American commerce.

What to Look For

I’ve examined thousands of Civil War tokens over the years, and here’s what I tell collectors who are just getting started:

• Condition is king, but rarity matters more. Common patriotic tokens in worn condition can be had for a few dollars. But a rare variety in choice uncirculated condition? That’s a different story entirely. The Civil War Token Society publishes a comprehensive die variety catalog, and I strongly recommend acquiring it.
• Watch for restrikes and fantasies. Many Civil War token dies were restruck in the late 19th and early 20th centuries, often in different metals. Original strikings are almost always in copper or brass; if you see a “Civil War token” in nickel or white metal, it’s likely a restrike.
• Die rotation and alignment. As with official coinage, die rotation varieties exist and can add interest (and value) to your collection.
• Edge examination. Some Civil War tokens were reeded, some plain, and some had decorative reeding. The edge type can help confirm authenticity and variety.

The Government Steps In

One of the most interesting aspects of Civil War token history is how the federal government responded. In April 1864, Congress passed a law prohibiting the private issuance of any tokens or devices intended to circulate as money. Then, in June 1864, the Mint began producing the new bronze Indian Head cent, which finally provided enough small change to push most tokens out of circulation. The era of Civil War tokens was brief — barely three years — but the legacy they left behind is enormous.

Merchant Tokens: The Advertising Medium That Became Art

From Commerce to Collecting

Merchant tokens represent perhaps the broadest and most diverse category in all of exonumia. From the early 19th century through the mid-20th century, businesses across America — and around the world — issued metal tokens for use in their stores, saloons, barbershops, and factories. Some were simple one-line advertisements; others were miniature works of art, featuring detailed engravings, company logos, and intricate border designs.

At CSNS, I always make a point of visiting the tables that specialize in tokens and exonumia. You never know what you’ll find. Just as I discovered a dealer with a coin from my childhood dreams — a key-date large cent in mint condition, no less — I’ve stumbled across merchant tokens that opened windows into forgotten businesses and vanished communities.

Categories of Merchant Tokens

Here are the major categories I focus on in my own collecting:

• Saloon tokens: Perhaps the most iconic type. These tokens, typically reading “Good for 5¢ Drink” or similar, were used in bars and saloons across the American West. They’re evocative of a bygone era and are highly collectible.
• Transportation tokens: Streetcar, bus, and subway tokens from cities across the country. These are a fascinating sub-specialty, and many collectors focus on a single city or transit system.
• Tax tokens: During the Great Depression, several states issued small aluminum or brass tokens representing fractions of a cent, to be used for sales tax transactions. These are tiny, often overlooked, and incredibly interesting.
• World’s Fair and exposition tokens: From the 1876 Centennial in Philadelphia to the 1939–40 New York World’s Fair, these tokens commemorate some of the great public events in American history.
• Conder tokens (British provincial tokens): I was thrilled at CSNS to add a Conder token to my set — my first since 2017. These 18th-century British tokens, named after the collector James Conder who first cataloged them, are among the most beautifully designed pieces in all of exonumia. They were issued by merchants, mining companies, and political organizations across England, Wales, Scotland, and Ireland during the small-change shortage of the 1780s and 1790s.

Grading and Authentication Tips

Merchant tokens are not always graded on the same scale as official coinage, but the same principles apply:

1. Originality: Is the token as it was originally issued? Look for signs of alteration, cleaning, or mounting.
2. Strike quality: Was the token sharply struck from fresh dies, or is it weak and indistinct?
3. Surface quality: Are there scratches, corrosion, pitting, or other surface problems?
4. Patina and color: For copper and brass tokens, an even, natural patina is desirable. Avoid pieces that have been artificially colored or polished.

Historical Counterfeits: When Unofficial Money Crossed the Line

The Thin Line Between Token and Counterfeit

This is where exonumia gets really interesting — and where collectors need to be most careful. Throughout American history, the line between a “token” and a “counterfeit” has been blurry. Hard Times tokens were deliberately sized and styled to resemble large cents, and some Civil War tokens were passed off as genuine cents by unscrupulous users. But there’s a difference between a token that looks like a coin and a token that was designed to deceive.

Notable Historical Counterfeits

Here are some of the most significant categories of historical counterfeits that I’ve encountered in my collecting:

• Contemporary counterfeit large cents and half cents: In the early 19th century, counterfeit copper coins were a serious problem. Many of these counterfeits were produced in England and smuggled into the United States. They’re often lighter than genuine coins and may have slightly different design details. Collectors of early American copper should be aware of the major counterfeit varieties.
• Cast counterfeit gold coins: During the California Gold Rush and in the decades that followed, cast counterfeit gold coins — particularly $10 eagles and $20 double eagles — were produced by the thousands. These are typically identified by their slightly porous surfaces (from the casting process), softer details, and incorrect weights.
• “Blacksmith” counterfeits: Named after the (possibly apocryphal) story of a blacksmith who hand-struck counterfeit coins, these crude forgeries were produced in the early 19th century. They’re fascinating pieces of folk art, and they’re collected in their own right.
• Evasion tokens and coins: Particularly common in the early 19th century, these pieces were designed to evade counterfeiting laws by not being exact copies of genuine coins. They might feature slightly different legends, altered dates, or modified designs — just different enough to argue that they weren’t technically counterfeits. Many British evasion halfpennies found their way to America and circulated alongside genuine coinage.

Authentication: What I’ve Learned

In my experience, the single most important tool for authenticating historical counterfeits and suspicious tokens is weight. A genuine coin of a known denomination should weigh within a narrow tolerance. If a piece is significantly underweight or overweight, that’s a red flag. Beyond that:

• Magnetism: Most American coins are non-magnetic. If a “copper” coin sticks to a magnet, something is wrong.
• Edge examination: Counterfeit coins often have poorly executed edges — wrong reeding count, visible seam lines (from casting), or inconsistent lettering.
• Die characteristics: Genuine coins from the same die pair will share specific characteristics — die cracks, die polish lines, repunched dates. If a “rare variety” doesn’t match the known die markers, it’s suspect.
• Metal composition: If you have access to XRF (X-ray fluorescence) testing, it can definitively identify the metal composition of a piece. This is particularly useful for gold coins, where a counterfeit might be gold-plated base metal.

Lessons from the CSNS Floor: Practical Advice for Exonumia Collectors

Buy the Best You Can Afford

My philosophy at every show — and I applied it rigorously at CSNS this year — is to buy the best possible pieces I can find for the types and grades I’m interested in. This applies just as much to exonumia as it does to certified coins. A choice-condition Hard Times token or Civil War store card will always be easier to sell and will appreciate more rapidly than a worn, damaged example.

Build Relationships with Dealers

One of the best things I did at CSNS was discover a new dealer whose table I’ll be visiting at every show going forward. The exonumia world is still relatively small, and the dealers who specialize in tokens and related material are often incredibly knowledgeable and generous with their time. Cultivate those relationships. Let them know what you’re collecting. They’ll call you when the right piece comes along.

Do Your Homework Before the Show

Before every major show, I spend time reviewing my want lists, checking recent auction results, and refreshing my memory on key varieties and price levels. This is especially important for exonumia, where pricing can be less transparent than for mainstream numismatic material. A token that might bring $50 at one dealer’s table could be priced at $200 at another — or $20 at a third. Knowledge is your best negotiating tool.

Don’t Neglect the “Small Stuff”

At CSNS, I watched collectors and dealers focus on gold coins, platinum, and high-certification Morgans and Peace dollars. And those are wonderful areas of the market. But some of the most interesting and undervalued pieces on the bourse floor were tokens, medals, and other exonumia. A Conder token from the 1790s, a Civil War store card from a forgotten New York merchant, a Hard Times token with a political message that still resonates today — these pieces connect us to history in a way that no slabbed MS-65 Morgan dollar ever will.

The Conder Token Connection: A Personal Highlight

I want to circle back to the Conder token I picked up at CSNS, because it illustrates so much of what I love about exonumia. This was my first Conder token addition since 2017 — a gap of years that speaks to both the rarity of choice examples and the patience required to find the right piece.

Conder tokens were produced during Britain’s own “hard times” — the 1780s and 1790s, when the Royal Mint failed to produce enough small change for the rapidly industrializing economy. Merchants, mining companies, and political organizations across Britain issued their own tokens, and the designs are extraordinary. You’ll find tokens depicting coal mines, iron foundries, cotton mills, and political causes from abolition to parliamentary reform. Each one is a miniature time capsule.

When I found my CSNS Conder token, I knew immediately that it belonged in my set. The strike was sharp, the surfaces were clean, and the price was fair. That’s the trifecta every collector hopes for — and it’s what keeps us coming back to shows year after year.

Conclusion: The Enduring Appeal of Unofficial Money

As I sat on the plane to Denver after CSNS, my heavy suitcase full of coins and tokens rattling in the overhead bin, I reflected on what had made the show so successful. Yes, I’d sold over four dozen coins and bought five dozen plus one. Yes, I’d found childhood dream coins and rare varieties. But what really energized me was the breadth of material I’d encountered — from O-mint half dimes to classic head half eagles to Conder tokens and beyond.

Exonumia — Hard Times tokens, Civil War tokens, merchant tokens, historical counterfeits, and all the rest — represents one of the most accessible, affordable, and intellectually rewarding areas of numismatics. These pieces tell the stories of everyday people: the merchants who needed small change to run their businesses, the politicians who used tokens as campaign propaganda, the ordinary citizens who used them to buy a loaf of bread or a glass of beer.

If you’re not already collecting exonumia, I encourage you to start. Pick a category that interests you — Hard Times tokens are a great entry point — and begin building a type set. Attend shows like CSNS and FUN. Talk to dealers. Read the references. And most importantly, hold these pieces in your hands and imagine the hands they passed through before yours. That’s the magic of this hobby, and it’s available to everyone, regardless of budget.

The unofficial money may not have been sanctioned by any government, but in many ways, it’s more honest than the official issues. It tells us who we really were — and in some cases, who we still are.

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