Beyond Official Minting: Tokens Related to 1969-S Jefferson Nickel Full Steps

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

As an exonumia collector, I’ve spent decades studying the fascinating world of tokens, medals, and unofficial currency that circulated alongside—and sometimes in place of—official government-issued coins. While the forum thread that inspired this post was originally about a remarkable 1969-S Jefferson Nickel with nearly full steps, the discussion quickly veered into territory that every exonumia enthusiast will find captivating: die states, mechanical errors, proof-like finishes, and the broader universe of tokens that filled the gaps when official coinage was scarce or unavailable.

The 1969-S Jefferson Nickel: A Gateway to Exonumia

The original post showcased what the collector described as the “best 1969-S detail I’ve ever seen on the steps, fully struck 6-6-5-6 and no bridging.” For those unfamiliar with the terminology, “Full Steps” on a Jefferson Nickel refers to the visibility of the individual steps on Monticello depicted on the reverse. A fully struck nickel will show all six steps clearly separated, which is exceptionally rare on certain dates.

What makes this particular coin remarkable—and what connects it to our exonumia discussion—is the mention of a “possible mechanical error” and the debate over whether it might be a proof. The collector clarified it was “just a very early die state that is PL” (proof-like). This distinction is crucial for understanding how tokens and unofficial currency often emerged from similar die variations and minting anomalies.

Hard Times Tokens: America’s First Unofficial Currency

When official coinage disappeared from circulation during economic crises, Americans turned to private tokens. The Hard Times tokens of 1837-1844 represent one of the most fascinating chapters in American numismatic history.

What Are Hard Times Tokens?

Hard Times tokens were privately minted pieces that circulated as unofficial currency during the economic depression following the Panic of 1837. They were typically made of copper or brass and came in two main varieties:

• Political tokens featuring anti-Jackson or anti-Van Buren sentiment
• Merchant tokens advertising businesses while serving as small change

In my experience collecting these pieces, the political varieties tend to command higher premiums, especially those with the famous “Sub Treasury” slogans or the satirical designs mocking President Van Buren.

Key Collecting Considerations

When evaluating Hard Times tokens, I always examine:

1. Die state – Early die states command significant premiums, much like the early die state mentioned in our forum thread
2. Metal composition – Most are copper, but brass and white metal examples exist
3. Condition – Uncirculated examples are exceptionally rare
4. Historical significance – Political messages add collector interest

Civil War Tokens: Necessity Breeds Innovation

The Civil War created another shortage of official coinage, leading to an explosion of private token issues between 1861-1864. These tokens are among my favorite exonumia to collect because they represent such a turbulent period in American history.

Patriotic Tokens

Patriotic Civil War tokens featured Union symbols, flags, and political messages. They were typically:

• Made of copper, brass, or white metal
• Similar in size to the large cent
• Often quite elaborately designed

Store Cards

Store cards were merchant tokens that served double duty as both currency and advertising. The merchant’s name and address appeared on one side, while the reverse often featured patriotic symbols or imitated federal coin designs.

“The beauty of Civil War tokens lies in their dual nature—they’re simultaneously historical documents and works of art. Each piece tells a story about the merchant who issued it and the community that accepted it.”

Merchant Tokens: The Advertising Medium of Their Day

Merchant tokens represent perhaps the most diverse category of American exonumia. From the 18th century through the early 20th century, businesses issued tokens for various purposes:

Types of Merchant Tokens

1. Change tokens – Given when official small change was scarce
2. Trade tokens – Redeemable for goods or services
3. Transportation tokens – For streetcars, ferries, and toll bridges
4. Saloon tokens – Used in bars and taverns
5. Company store tokens – Issued by mining and lumber companies

Collecting Strategies

In my experience, the most successful merchant token collectors focus on:

• Geographic specialization – Collecting tokens from a specific city or region
• Industry focus – Concentrating on tokens from particular businesses (breweries, general stores, etc.)
• Die varieties – Much like the die state variations discussed in our forum thread

Historical Counterfeits: The Dark Side of Token Collecting

No discussion of unofficial currency would be complete without addressing historical counterfeits. While modern counterfeiting is illegal, many historical “counterfeits” were actually legitimate tokens that merely imitated official designs.

The Gray Area

Many Hard Times tokens and Civil War tokens deliberately copied federal coin designs. This wasn’t necessarily illegal at the time, as the tokens were clearly different in size, weight, or metal composition. However, some pieces crossed the line into actual counterfeiting.

Identifying Historical Counterfeits

When examining potentially counterfeit pieces, I look for:

• Weight discrepancies – Genuine coins have specific weight standards
• Metal composition – Counterfeits often used cheaper metals
• Edge treatment – Official coins had specific edge designs
• Die characteristics – Crude lettering or design elements

The Connection to Modern Collecting

The forum discussion about the 1969-S Jefferson Nickel illustrates how collectors today approach die states, proof-like finishes, and mechanical errors with the same attention to detail that exonumia collectors have always applied to tokens and medals.

Lessons from Exonumia

The world of tokens offers several lessons for modern coin collectors:

1. Die state matters – Just as early die states command premiums on tokens, they do on modern coins
2. Context is everything – Understanding why a token was issued helps determine its value
3. Condition is relative – Tokens were often heavily circulated; high-grade examples are genuinely rare
4. Historical significance adds value – Tokens with interesting backstories command premiums

Building an Exonumia Collection

For those inspired to start collecting tokens and medals, here are my recommendations:

Getting Started

• Start with a focus – Don’t try to collect everything; pick a category that interests you
• Learn the references – Books like “United States Hard Times Tokens” by Russell Rulau are essential
• Join a club – The Token and Medal Society (TAMS) is an excellent resource
• Attend shows – Token dealers are often at larger coin shows

Advanced Collecting

As your collection grows, consider:

• Die varieties – Much like VAMs on Morgan dollars, tokens have die variations
• Provenance – Tokens with documented histories command premiums
• Unusual materials – Tokens made of unusual metals or compositions
• Political connections – Tokens tied to specific historical events

Conclusion

The world of exonumia offers collectors a fascinating alternative to traditional numismatics. From Hard Times tokens that circulated during economic depressions to Civil War tokens that kept commerce moving during wartime, these unofficial currencies tell stories that official coins often cannot.

The forum discussion about the 1969-S Jefferson Nickel reminds us that the attention to detail required for serious coin collecting—examining die states, evaluating strike quality, and understanding minting processes—is equally applicable to token collecting. Whether you’re searching for the perfect Full Steps nickel or the rarest Civil War store card, the thrill of the hunt remains the same.

As I’ve discovered over decades of collecting, sometimes the unofficial money is indeed more interesting than the official issues. The tokens and medals associated with American history offer a window into the everyday lives of ordinary people, the businesses that served them, and the economic challenges they faced. For collectors willing to explore beyond the official minting, exonumia offers a rich and rewarding field of study.

Related Resources

You might also find these related articles helpful:

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