Beyond Official Minting: Tokens Related to “I Didn’t Really Need Another Morgan, But…” — A Deep Dive into Hard Times Tokens, Civil War Tokens, Merchant Tokens, and Historical Counterfeits

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

Every collector knows that familiar feeling. You tell yourself you’re done buying — that your collection is complete, that your budget is maxed out, that you absolutely, positively do not need another example of the same coin. And then a stunning piece lands in your lap, gleaming with that deep swirly mint luster, and all resolve evaporates like morning fog. “I didn’t really need another Morgan, but…” becomes the most honest sentence in numismatics.

But here’s what I’ve come to appreciate after decades of collecting: while the Morgans and Peace dollars get all the glory, it’s the unofficial side of American numismatic history — the exonumia — that tells the richer, more fascinating story. The tokens, the merchant pieces, the Hard Times issues, the Civil War store cards, and yes, even the historical counterfeits — these are the objects that reveal the economic desperation, entrepreneurial ingenuity, and raw creativity of ordinary Americans when the official channels failed them.

So let’s set aside the graded Morgans for a moment and explore the vibrant, chaotic, and endlessly collectible world of American tokens and exonumia.

What Is Exonumia? Understanding the World Beyond Official Coinage

The term “exonumia” derives from the Greek exo (outside of) and nomia (coinage). Simply put, it encompasses everything that functions like money or is coin-like but isn’t an officially issued government coin. This broad category includes:

• Hard Times tokens (1832–1844) — privately minted copper pieces that filled the void when federal cents disappeared from circulation
• Civil War tokens (1861–1864) — both patriotic tokens and store cards that replaced the hoarded federal cents during the conflict
• Merchant tokens — advertising pieces issued by businesses to promote their goods and services
• Historical counterfeits — contemporary forgeries that tell their own stories about economic conditions and the vulnerabilities of official coinage
• Transportation tokens, trade tokens, political medals, encased postage, and much more

In my experience, exonumia collectors tend to be some of the most passionate and knowledgeable numismatists you’ll ever meet. There’s something deeply satisfying about holding a piece of copper that was pressed in a small shop in New York City in 1837, knowing it passed through the hands of merchants, laborers, and everyday Americans struggling through an economic crisis. No Morgan dollar, however spectacular, carries quite the same intimate connection to the daily lives of ordinary people.

Hard Times Tokens: America’s First Great Monetary Crisis in Miniature

The Economic Panic That Created a Collectible

The Panic of 1837 was one of the most severe economic depressions in American history. President Andrew Jackson’s destruction of the Second Bank of the United States, combined with his Specie Circular requiring payment for government land in gold or silver, created a catastrophic shortage of circulating coinage. Banks failed. Businesses closed. Unemployment soared. And the federal government, remarkably, did nothing to replace the disappearing cents.

Into this void stepped private minters — primarily in New York City, but also in Philadelphia, Boston, and other commercial centers. These entrepreneurs began producing copper tokens roughly the size of a large cent, using them both as a medium of exchange and as a vehicle for political commentary and advertising.

Key Varieties and What to Look For

Hard Times tokens are cataloged in the standard reference by Lyman H. Low, and the major collecting categories include:

1. Political tokens — The most famous are the “Jackson Hard Times” tokens featuring slogans attacking the administration. Look for pieces with slogans like “The Constitution As I Understand It” and depictions of a pet bank as a jackass. These are among the most historically significant and command strong premiums.
2. Merchant advertising tokens — Businesses used these as both currency and advertising. I’ve examined some spectacular examples from New York dry goods merchants, hat makers, and even lottery offices. The quality of die work varies enormously, from crude hand-cut dies to professionally engraved pieces that rival official mint work.
3. Imitation large cents — Some minters simply copied the design of the current large cent, sometimes with subtle changes. These are fascinating pieces that blur the line between token and counterfeit.
4. Milo tokens and satirical pieces — Political satire was alive and well in the 1830s, and some of these tokens are genuinely funny even today.

Grading note: Hard Times tokens are typically collected in grades from Good through Extremely Fine, with uncirculated examples being quite rare and highly desirable. Because many were produced with relatively soft dies and lower-quality planchets, finding pieces with strong details and original surfaces is a genuine challenge. I always recommend examining the edge and looking for any signs of tooling or artificial toning, as these tokens have been “improved” by unscrupulous hands for well over a century. Patina matters here — a natural, even tone tells you far more about a token’s authenticity than any certificate ever will.

Market Values and Collecting Strategy

A common Hard Times token in Fine condition might set you back $25–$75. A rare political variety in AU or MS can easily reach $500–$2,000 or more. The key rarities — particularly certain Low numbers with low mintages — can command five-figure prices when they appear at auction. My advice: start with the common varieties to learn the series, then specialize. The political tokens offer the most historical narrative, while the merchant advertising pieces connect you to the vanished commercial landscape of antebellum America.

Civil War Tokens: When a Nation at War Ran Out of Pennies

The Crisis of 1861

When the Civil War erupted in April 1861, Americans immediately began hoarding all coins containing gold and silver. Within weeks, even the copper-nickel Indian Head cents disappeared from circulation. By the summer of 1862, the federal government was forced to issue fractional currency — those tiny, despised “shinplasters” — to facilitate small transactions. But these paper scraps were fragile, easily torn, and universally hated.

Once again, private enterprise filled the gap. Between 1861 and 1864, an estimated 25 million Civil War tokens were produced, primarily in New York City, but also in Boston, Cincinnati, Philadelphia, and other cities. These tokens are divided into two major categories:

Patriotic Civil War Tokens

These tokens express support for the Union cause, and their designs are a fascinating window into wartime propaganda. Common motifs include:

• The American flag and eagle
• Portraits of General McClellan, President Lincoln, and other wartime figures
• Slogans like “The Union Must and Shall Be Preserved”
• References to the Constitution and the Declaration of Independence
• Naval imagery, reflecting the importance of the Union blockade

George and Melvin Fuld’s Patriotic Civil War Tokens remains the essential reference. The tokens are cataloged by Fuld number, and collectors prize pieces with sharp strikes, original red or red-brown surfaces, and minimal wear. I’ve seen common patriotic tokens in VF condition trade for under $20, while rare die varieties in mint state with blazing original luster can bring $500 or more. The eye appeal on these pieces is what really drives the premium — a clean, well-centered patriotic token with strong details and vibrant color will always find a buyer.

Store Cards: The Original Advertising Tokens

Store cards are my personal favorite category within Civil War tokens. These were issued by individual merchants — hotels, restaurants, saloons, livery stables, dry goods stores, and every imaginable business — to serve simultaneously as small change and as advertising. The obverse typically features the merchant’s name and address, while the reverse bears a patriotic design.

The variety is staggering. In New York City alone, hundreds of businesses issued store cards, and tracking down examples from specific merchants is a collecting challenge that can last a lifetime. Some of my favorite pieces in my own collection include:

• A token from a Broadway restaurant featuring the Union shield and eagle — the strike is remarkably sharp for a piece that saw real circulation
• A piece from a Brooklyn livery stable with a surprisingly elegant design and a beautiful chocolate-brown patina
• A Philadelphia hotel token with a stunning rendition of the American flag that still shows traces of its original copper color

Authentication tip: Civil War tokens have been reproduced and faked, particularly the scarcer varieties. Always check weight (they should be close to the weight of an Indian Head cent), diameter, and metal composition. Genuine pieces are typically copper or bronze, though brass examples exist. Be wary of pieces that seem too perfect or that have suspiciously sharp details for the grade assigned. A genuine piece should show honest wear consistent with its age.

Merchant Tokens: Small Change as Big Business

From the Frontier to the Boardwalk

While Hard Times and Civil War tokens represent emergency coinage, merchant tokens represent something different: the entrepreneurial spirit of American business. From the mid-19th century through the early 20th century, businesses across the country issued tokens for a variety of purposes — to make change in company stores, to advertise goods and services, and to facilitate transactions in environments where small denomination coins were scarce.

The categories are vast:

1. Saloon and bar tokens — Perhaps the most widely collected category, these tokens were issued by bars and taverns, often redeemable for “one drink.” The designs range from simple and utilitarian to elaborate works of art. Western saloon tokens are particularly prized by collectors for their frontier provenance.
2. Grocery and general store tokens — Issued by retailers to facilitate small purchases and to build customer loyalty. These often feature the store’s name, location, and sometimes a denomination.
3. Transportation tokens — Streetcar and bus companies issued millions of tokens, and collecting them by city or transit system is a popular specialty with strong numismatic value.
4. Telephone tokens — Before the era of credit cards and digital payment, phone tokens were essential for using public pay phones. Foreign phone tokens are a collecting field unto themselves.
5. Amusement and arcade tokens — From penny arcades to shooting galleries, these tokens represent the leisure side of American commerce.
6. Company store tokens — Perhaps the most historically significant, these tokens were issued by mining and lumber companies to their workers, redeemable only at the company store. They represent a dark chapter in American labor history and are highly sought after by collectors of mining and labor memorabilia.

Collecting Merchant Tokens: A Practical Guide

Merchant tokens are one of the most accessible areas of exonumia collecting. Common examples can be found for just a few dollars, and even rare varieties are often more affordable than comparable official coins. Here’s my recommended approach:

• Start local. Collect tokens from your own city or state. The connection to local history makes each piece more meaningful — and the provenance adds to collectibility.
• Focus on condition. Tokens in uncirculated condition with original patina or color are always worth more than worn examples. A piece in mint condition with strong eye appeal will always outperform a cleaned or damaged counterpart.
• Rarity matters, but so does story. A common token from a historically significant business or location may be more interesting — and more valuable long-term — than a rare token with no provenance.
• Join the Token and Medal Society (TAMS). This organization publishes the excellent TAMS Journal and connects collectors with resources, references, and fellow enthusiasts who share your passion.

Historical Counterfeits: The Underbelly of American Coinage

When Imitation Wasn’t Always Flattery

Historical counterfeits occupy a fascinating gray area in numismatics. Unlike modern forgeries — which are produced solely to deceive collectors — historical counterfeits were often produced to circulate alongside genuine coinage. They were, in a sense, a response to the same economic conditions that produced tokens: a shortage of official small change.

American numismatic history is rich with counterfeiting stories:

Counterfeit Large Cents and Half Cents

In the early days of the Republic, counterfeit copper coins were a persistent problem. The most famous counterfeiter was perhaps Edward Machin, whose operation in the Catskill Mountains of New York produced thousands of fake half dollars and other denominations in the early 19th century. Machin’s coins were good enough to pass in circulation, and today they’re collected as historical artifacts with significant numismatic value in their own right.

The “Boulton & Watt” Connection

Matthew Boulton’s Soho Mint in Birmingham, England — the same facility that produced the famous Cartwheel pennies for the British government — also produced counterfeit American coins for export. These pieces, struck with professional equipment and high-quality dies, circulated widely in the early United States and are now collected as curiosities that blur the line between official and unofficial coinage.

Counterfeit Trade Dollars

The trade dollar, minted from 1873 to 1885 for commerce with Asia, was heavily counterfeited — particularly in China, where the coins were intended to circulate. Chinese-produced counterfeit trade dollars range from crude copies to sophisticated forgeries that fooled even experienced merchants. Collecting these pieces offers a unique window into the global silver trade of the 19th century, and certain rare varieties command impressive premiums.

What Collectors Should Know

Historical counterfeits are legal to own and trade, as they are recognized as historical artifacts rather than instruments of fraud. However, they must be clearly identified as counterfeits when bought or sold. Key authentication considerations include:

• Weight and diameter — Counterfeits often differ slightly from genuine pieces
• Metal composition — Specific gravity testing can reveal non-standard alloys
• Die characteristics — Counterfeit dies often show telltale signs of hand-engraving or copying
• Edge treatment — The edge is often the hardest part of a coin to counterfeit convincingly

In my experience, historical counterfeits are undervalued relative to their historical significance. As collectors become more sophisticated and interested in the broader story of American numismatic history, I expect these pieces to appreciate considerably. A documented provenance can dramatically increase the numismatic value of even a common counterfeit variety.

Connecting the Dots: Why Exonumia Matters

So where does our original forum discussion fit into all of this? When a collector posts “I didn’t really need another Morgan, but…” and then shows off a stunning 1882-S Morgan with deep swirly S-mint luster, they’re expressing the universal collector’s dilemma. But the world of exonumia offers an alternative — a parallel universe of numismatic collecting that’s every bit as rich, challenging, and rewarding.

Think about it: that 1882-S Morgan, as beautiful as it is, was produced by the millions at the San Francisco Mint using standardized dies and machinery. A Hard Times token from 1837, on the other hand, was likely struck in a small shop by a single die sinker, using hand-cut dies and locally sourced copper. Each one is unique in its own way — the die alignment varies, the striking pressure differs, the planchet quality is inconsistent. There’s a humanity to these pieces that mass-produced federal coinage simply cannot replicate.

Practical Advice for Getting Started in Exonumia

If you’re intrigued by the world of tokens and exonumia, here’s my step-by-step guide to building a meaningful collection:

1. Choose your focus. Don’t try to collect everything. Pick a category that speaks to you — Hard Times tokens, Civil War patriotic tokens, merchant tokens from your state, historical counterfeits, or whatever captures your imagination.
2. Get the references. For Hard Times tokens, start with Low’s catalog. For Civil War tokens, the Fuld reference is essential. For merchant tokens, Russell Rulau’s Standard Catalog of United States Tokens is the comprehensive guide.
3. Learn to grade. Token grading follows the same principles as coin grading, but with allowances for the typically lower quality of production. A token that would grade VF by federal coin standards might be exceptional for its type — especially if it shows a bold strike and attractive eye appeal.
4. Buy the best you can afford. As with all numismatics, condition matters enormously. A common token in mint state with original luster may be more desirable and hold more numismatic value than a rare token in poor condition.
5. Network with other collectors. The Token and Medal Society, local coin clubs, and online forums are invaluable resources for learning, trading, and finding pieces you need. The community is one of the great joys of this hobby.
6. Preserve your collection properly. Tokens should be stored in acid-free holders or albums. Avoid PVC flips, which can damage surfaces over time and ruin the patina you worked so hard to find. Handle tokens by the edges, and never attempt to clean them.

The Investment Case for Exonumia

While I collect primarily for the love of history and the thrill of the hunt, it’s worth noting that exonumia represents a compelling investment opportunity. Many tokens and medals can be acquired for a fraction of the cost of comparable official coins, yet they offer similar or superior historical significance. As the collector base ages and new collectors enter the market seeking affordable entry points, demand for quality exonumia is likely to increase.

In particular, I see strong potential in:

• High-grade Hard Times tokens — Supply is fixed, and quality examples in mint condition are genuinely scarce
• Rare Civil War store cards — The variety is enormous, and many types are vastly undervalued relative to their rarity and collectibility
• Historical counterfeits with documented provenance — As the market matures, these pieces are gaining recognition and commanding stronger premiums
• Western American merchant tokens — Connecting to the mining and frontier history that continues to captivate collectors and drive numismatic value

Conclusion: The Rich World Beyond the Morgan Dollar

Let me be clear: there’s nothing wrong with collecting Morgan dollars. They’re beautiful coins with a rich history, and a stunning 1882-S with deep swirly luster is a genuine treasure. But if that’s all you collect, you’re missing half the story.

The tokens, medals, and unofficial coinages of American history represent the grassroots of our monetary system — the ingenuity and desperation of ordinary Americans who refused to let a shortage of federal coinage stop the wheels of commerce. Hard Times tokens capture the political fury and economic chaos of the Jacksonian era. Civil War tokens document a nation at war with itself, struggling to maintain even the smallest transactions. Merchant tokens preserve the names and addresses of businesses that have been gone for over a century. Historical counterfeits reveal the vulnerabilities of official currency and the lengths to which people would go to fill the gaps.

Every one of these pieces has a story. Every one connects you to a specific moment in American history in a way that a mass-produced federal coin simply cannot. And every one can be collected, studied, and appreciated for a fraction of the cost of the “official” issues.

So the next time you find yourself saying “I didn’t really need another Morgan, but…” — pause. Consider redirecting that impulse toward the world of exonumia. You might just discover that the unofficial money is, indeed, more interesting than the official issues. I know I did.

Happy collecting, and may your next acquisition be one you absolutely didn’t need — but couldn’t resist.

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