Beyond “We Want Kennedy”: The Untold Stories of Hard Times, Civil War, and Merchant Tokens & The Shadow of Historical Counterfeits

Sometimes the unofficial money is more interesting than the official issues. Let’s explore the tokens and medals associated with this topic. As numismatists, we often get caught up in the grandeur of official United States Mint releases, celebrating icons like the 1964 Kennedy Half Dollar—the longest-serving half dollar design, issued for 58 years, and the last circulation half dollar struck in 90% silver. Yet, the true numismatic drama frequently lies off the official mint press. Just as collectors were celebrating our 35th President and posting their “We Want Kennedy” campaign buttons and pristine silver halves, the broader world of exonumia reveals a fascinating parallel universe of unofficial currency. Today, we are diving deep into the rich, complex history of Hard Times tokens, Civil War tokens, merchant tokens, and the ever-present shadow of historical counterfeits. These pieces tell the story of a nation desperately trying to survive, trade, and thrive when official institutions failed.

The Political Spark: From Campaign Buttons to 19th-Century Tokens

In the forum thread titled “We Want Kennedy – Post your Kennedys!”, the community was thrilled to share their collections of JFK halves, from MS66 graded specimens to PR70DCAM proof toning. One user even shared a modern litho creation using a similar slogan. While modern political memorabilia are often mass-produced lithographs, the impulse to create unofficial currency for political causes stretches back centuries. In my experience grading exonumia, one general rule of thumb is that die work was generally better for 19th-century political tokens than it has been for the more modern pieces. The same enthusiasm that drives a collector to hunt for a rare “bug eye” variety of a Kennedy half—where the eyelashes are doubled due to die cracks—mirrored the fervor of the 1830s and 1860s, when citizens literally minted their own money to support candidates or protest the government.

The Modern Parallel: The “Bug Eye” and Campaign Memorabilia

As noted in the forum, the “bug eye” variety of the 1964 Kennedy Half Dollar is a fascinating anomaly. While modern reproductions of campaign buttons—like the “We Want Kennedy Again” litho made by Green Duck Co.—are ubiquitous, they rarely possess the striking detail of genuine historical tokens. When evaluating these modern political pieces, collectors must look for consistent lithographic printing, proper thickness, and secure adhesives. However, the true value lies not in these modern reproductions, but in understanding how the underlying principle of unofficial money has historically served as a barometer of public sentiment.

Hard Times Tokens (1832–1835): The Panic of ’32

When the US economy collapsed in the early 1830s, the government was unable to supply small denomination coins to the public. Enter the Hard Times tokens. I’ve examined hundreds of these, and their historical significance cannot be overstated. They were struck in response to the financial panic, serving as emergency currency. Typically featuring Benjamin Franklin or William Jennett on the obverse, these tokens range from 13mm to 25mm in diameter. In my experience grading them, the key indicators of value are the sharpness of the relief, the integrity of the rim, and the absence of heavy wear on the major devices. Because they were struck by numerous private minters, die varieties (VAMs) are incredibly common, making them a favorite for detailed collectors. A well-struck 15mm Hard Times token can fetch a decent price at auction, but a gem-level specimen with exceptional toning and crisp detail can command significant premiums.

Metal Composition and Design

• Metal: Predominantly copper, though some specimens were struck in silver.
• Size: Usually 13mm, 15mm, or 19mm.
• Design: Features prominent inscriptions like “OUR CAUSE IS TRY” or similar patriotic slogans, often accompanied by a symbolic device like a tree or a shield.
• Grading: Look for EF (Extremely Fine) to AU (About Uncirculated) grades. Worn specimens will show heavy smoothing of the devices, while high grades retain clear lettering and sharp imagery.

Civil War Tokens (1861–1864): When the Government Failed

If the Hard Times tokens were a response to a banking crisis, the Civil War tokens were born from the necessity of war. During the Civil War, the government minted coins but hoarded or melted them down for the war effort. Merchants, printers, and engravers stepped in to fill the void. These tokens—often referred to as “store cards” or “merchant tokens”—were technically illegal under federal law, but they circulated widely. As a collector, I always advise looking for the classic 13mm and 15mm formats, which were the most common. The obverse typically features a merchant’s name and city, while the reverse bears a symbolic device like a torch, a liberty cap, or a military emblem.

Authentication and VAMs

Because these tokens were struck by countless private entities, identifying the issuer is a major challenge. Pay close attention to the edge lettering—if present, it often reads “ONE CENT” or “ONE DIME.” Die cracks, pitting, and “ghost lines” are common VAM (Variant Assessment Mark) characteristics that can help pinpoint the exact mint. Historically, one of the most famous issuers was the “Litchfield Token and Bank Note Society,” which produced some of the finest surviving examples. A high-grade Civil War token with deep red toning and sharp strike is a triumph for any collection.

Merchant Tokens and Store Cards: The Everyday Economy

Distinguishing between Civil War tokens and merchant tokens is essential. While Civil War tokens were often larger and bore a state seal or national symbols, merchant tokens were strictly business identifiers. They functioned as trade acceptances—promises of payment that could be spent anywhere. I’ve seen beautiful examples featuring local landmarks or prominent businesses in small towns. These pieces often have a more utilitarian feel, lacking the dramatic nationalistic flair of the Civil War issues. Collectors should pay attention to the date of issue, as many merchant tokens bear a specific date that marks their issuance during the war years.

Practical Value and Market Demand

• Common Issues: 13mm and 15mm store cards are the most readily available.
• Rare Issues: Larger 19mm or 25mm tokens, or those featuring unique state seals, are rarer.
• Grading Standard: Most dealers grade these on a generic scale (EF to MS), but PCGS has begun grading some of the finer examples.

The Invisible Menace: Historical Counterfeits Across All Unofficial Money

No discussion of exonumia is complete without addressing counterfeits. In the forum thread, there was a pointed exchange regarding a fake “We Want Kennedy” button, highlighting a universal truth: unofficial money is highly susceptible to forgery. From the earliest Hard Times tokens to the most modern campaign lithos, forgers have always tried to cash in on the demand. Understanding counterfeits is not just about protecting your investment; it is about preserving the integrity of numismatic history.

Spotting the Forger: Key Indicators

A genuine token will have consistent planchet thickness, a natural, slightly uneven strike typical of hand-held hubbing, and authentic patina. A counterfeit will often have overly bright surfaces, inconsistent weight, and a strike that looks mechanically perfect but lacks the subtlety of genuine die cracks and pitting.

When I examine a suspected Hard Times or Civil War token, I immediately weigh it against a calibrated set of known weights for that specific format. I also look for the “ghost line”—a faint impression of the obverse on the reverse—which is a hallmark of genuine hubbed dies. For modern reproductions, such as the “We Want Kennedy” button, check the lithographic registration. If the colors are perfectly aligned without any bleed, it is likely a modern print rather than an antique.

Actionable Takeaways for Collectors and Sellers

1. Buy from Reputable Dealers: Always purchase Hard Times, Civil War, and merchant tokens from established numismatic dealers or certified auctions. Avoid buying from unknown sellers on general marketplaces where counterfeits easily slip through.
2. Verify Weight and Dimensions: Use a digital scale and calipers. A genuine 13mm token should weigh roughly 0.5 to 0.7 grams. If it weighs significantly less, suspect a cast counterfeit.
3. Check for Planchet Inconsistencies: Genuine tokens have a uniform green-brown patina. Counterfeits often have a glaring, unnatural shine.
4. Inspect the Edge: Look for legitimate edge lettering or reeded edges. Cast counterfeits often have smooth, blank edges.
5. Request Certification: Whenever possible, send suspected pieces to PCGS or NGC for certification. Theirslabbed holders provide the ultimate protection against tampering and counterfeiting.

Conclusion: The Enduring Appeal of Unofficial Money

The 1964 Kennedy Half Dollar remains an icon of American numismatics, but the stories it tells are dwarfed by the tales told by Hard Times tokens, Civil War tokens, and merchant tokens. These unofficial currencies represent a crucial chapter in our nation’s economic history—moments when the official money failed the people, and innovation stepped in to save the day. Whether you are collecting for historical interest, portfolio diversification, or the thrill of the hunt, these exonumia require a sharp eye and a critical mind. By understanding the historical contexts, mastering the grading criteria, and remaining vigilant against counterfeits, you can build a collection that is both historically profound and financially sound. Remember, every piece of unofficial money is a window into a time when the people themselves became the mint.

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