Down the Rabbit Hole: A Collector’s Guide to Hard Times Tokens, Civil War Tokens, Merchant Tokens, and the Unofficial Money That Shaped American Commerce

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

I’ve been collecting exonumia — tokens, medals, and all manner of coin-like objects that never saw the inside of a government mint — for the better part of three decades. And I can tell you without hesitation: the rabbit hole goes deep. What starts as a casual curiosity about a strange-looking copper disc found in a dealer’s junk box can quickly become an obsession that rivals any mainstream numismatic pursuit. The forum thread that inspired this piece, titled “Voluntarily Going Down the Rabbit Hole of Coin Collecting,” perfectly captures the spirit of collectors who chase the odd, the unusual, and the gloriously offbeat. While the original thread focused heavily on coin albums and binders, the underlying theme — the joy of pursuing the unconventional — is exactly what drives collectors of Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits. These are the pieces that tell the stories official currency never could.

What Is Exonumia, and Why Should You Care?

The term “exonumia” comes from the Greek exo (outside) and the Latin nummus (coin). Simply put, it refers to coin-like objects that aren’t official government-issued currency. This includes tokens, medals, badges, counterstamps, elongated coins, and a dizzying array of other numismatic oddities. For many collectors, exonumia represents the most democratic corner of the hobby — these objects were made by merchants, politicians, fraternal organizations, and everyday people trying to solve real economic problems.

In my experience, the collectors who gravitate toward exonumia tend to be the most passionate storytellers in the hobby. Every token has a backstory: a struggling merchant trying to make change during a financial panic, a political operative pushing a candidate’s message, or a community improvising when the government failed to provide enough small-denomination coinage. When I examine a Civil War token or a Hard Times token, I’m not just looking at a piece of copper or brass — I’m holding a piece of American economic history in my hand. The numismatic value of these pieces goes far beyond metal content. It lives in the provenance, the context, and the human story behind each strike.

Hard Times Tokens (1832–1844): Money Born from Crisis

The Panic That Created a Currency

The story of Hard Times tokens begins with one of the most contentious financial battles in American history. In 1832, President Andrew Jackson vetoed the recharter of the Second Bank of the United States, setting off a chain of events that would devastate the American economy. Jackson’s Specie Circular of 1836, which required that public lands be purchased in gold or silver rather than paper banknotes, triggered a massive contraction in the money supply. Banks failed, businesses closed, and — critically — there simply wasn’t enough small-denomination coinage in circulation for everyday transactions.

Into this vacuum stepped private merchants, politicians, and entrepreneurs who began producing copper tokens roughly the size of a large cent. These “Hard Times tokens,” as collectors now call them, circulated as de facto currency from roughly 1832 through 1844. They represent one of the most fascinating episodes of private money in American history. The collectibility of these pieces has only grown as more collectors recognize their historical significance.

Political Hard Times Tokens

Some of the most sought-after Hard Times tokens are those with overt political messages. The “Tippecanoe and Tyler Too” tokens from the 1840 presidential campaign are iconic examples, but the political variety extends far beyond William Henry Harrison. I’ve examined tokens that attack Jackson’s banking policies, tokens that promote hard money (specie) over paper banknotes, and tokens that feature satirical imagery mocking the financial establishment.

Key varieties to look for include:

• Low-13 “Not One Cent” tokens — Among the most common but historically significant, these tokens directly reference the banknote devaluation crisis
• Low-49 “Substitute for Shinplasters” — These explicitly position themselves as replacements for worthless paper money (“shinplasters” being the derisive term for depreciated banknotes)
• Low-50 “I Take the Responsibility” — A direct reference to Jackson’s famous statement about killing the Bank of the United States
• Low-63 “The Constitution As I Understand It” — Featuring a hickory tree, a symbol of Jacksonian democracy
• Low-37 “Loco Foco” tokens — Associated with the radical wing of the Democratic Party

The standard reference for these tokens is the Low numbering system, named after numismatist Lyman H. Low, who first cataloged them in the 19th century. When I’m evaluating Hard Times tokens at shows or in auction lots, I always cross-reference against the Low numbers — it’s the universal language of this collecting area. A rare variety in mint condition with strong luster and an attractive patina can command prices that would surprise collectors who’ve never explored this niche.

Merchant and Advertising Hard Times Tokens

Beyond the political tokens, many Hard Times tokens served as advertising pieces for specific businesses. These merchant tokens often feature the name and sometimes the address of the business that issued them. They’re particularly collectible when they can be tied to a specific, identifiable business in a specific location. I’ve found that tokens from New York City merchants tend to be the most common, reflecting the city’s commercial dominance during this period, but tokens from Boston, Philadelphia, and other cities appear as well.

Grading Hard Times tokens follows the standard Sheldon scale (1 through 70), but collectors in this area tend to be more forgiving of wear than their large-cent counterparts. A well-centered, clearly struck example in VF or EF condition is often considered a strong specimen. Die varieties, cracks, and cuds (raised blobs of metal caused by a chipped die) add significant interest and value. I always prioritize eye appeal — a token with a pleasing natural patina and sharp details will always outsell a technically higher-grade piece with dull, lifeless surfaces.

Civil War Tokens (1861–1864): When the Union Ran Out of Change

The Copper Famine

If Hard Times tokens represent America’s first great experiment with private currency, Civil War tokens represent its second — and in many ways, its most dramatic. When the Civil War erupted in 1861, Americans immediately began hoarding gold, silver, and even copper-nickel cents. Within months, there was virtually no small-denomination coinage in circulation. The situation became so dire that by the summer of 1862, even the humble one-cent piece commanded a premium — a cent might cost you 1.25 cents in paper money to acquire.

Once again, private enterprise filled the gap. Merchants, primarily in the North (the Confederacy had its own, separate token issues, which are far rarer), began producing copper tokens that circulated as one-cent pieces. These Civil War tokens are broadly divided into two categories: patriotic tokens and store cards.

Patriotic Civil War Tokens

Patriotic tokens feature pro-Union imagery and slogans. They don’t advertise a specific business but instead express political sentiment — and serve as functional currency. Some of the most iconic designs include:

• “The Flag of Our Union” types — Featuring American flags, eagles, and patriotic mottos
• “Army and Navy” tokens — Depicting military imagery, often with the inscription “Army & Navy” and “Good for One Cent”
• “Lincoln” tokens — Featuring the likeness of President Abraham Lincoln, sometimes with campaign slogans
• “Jeff Davis” satirical tokens — Depicting the Confederate president in unflattering ways, often with imagery of the devil or nooses
• “Copperhead” tokens — Attacking Northern Democrats who opposed the war

The standard reference for patriotic Civil War tokens is the Fuld numbering system (named after George and Melvin Fuld), which catalogs varieties by metal composition, design type, and die variety. Copper examples are the most common, but brass, white metal, and even silver specimens exist and command significant premiums. I’ve seen silver patriotic tokens with original mint luster bring five figures at auction — pieces that most casual collectors have never even heard of.

Store Card Tokens

Store card tokens are the merchant advertising tokens of the Civil War era. They typically feature the name and address of a specific business on one side and a patriotic or standard design on the other. These are among my favorite exonumia to collect because each one is a miniature time capsule of a specific business in a specific city at a specific moment in history.

New York City dominates the store card token landscape, with hundreds of different merchants represented. But tokens from Boston, Philadelphia, Cincinnati, Chicago, and other cities are actively collected. The condition standards for store cards are similar to Hard Times tokens — VF to EF is considered strong, and die varieties are avidly collected.

When I’m evaluating Civil War store cards, I look for:

1. Strike quality — Is the design fully struck up, or are there weak areas? A sharp, complete strike dramatically improves both eye appeal and numismatic value.
2. Centering — Is the design well-centered on the planchet?
3. Surface preservation — Are there scratches, corrosion, or cleaning marks? Original surfaces with a natural patina are always preferable.
4. Die variety — Does this match a known Fuld number, or is it a new variety? An undocumented die variety can significantly boost collectibility.
5. Provenance — Can the issuing merchant be identified and located? A well-documented provenance adds historical depth and market confidence.

The Government Responds: The 1864 Two-Cent Piece and the Token Ban

The proliferation of private tokens eventually caught the attention of the federal government. In April 1864, Congress passed legislation creating the bronze two-cent piece, which finally provided an official small-denomination coin. Shortly thereafter, in June 1864, Congress made the issuance of private tokens illegal under the Act of June 8, 1864. This effectively ended the Civil War token era, though many tokens continued to circulate for years afterward.

The 1864 two-cent piece is itself a fascinating collectible — it was the first U.S. coin to bear the motto “In God We Trust” — and it serves as a bookend to the Civil War token story. For collectors building a type set that tells the complete narrative, a Civil War token alongside an 1864 two-cent piece makes a powerful pairing. I display mine that way, and it never fails to spark conversation.

Merchant Tokens: The Unsung Heroes of American Commerce

Beyond Hard Times and Civil War

While Hard Times and Civil War tokens get most of the attention, merchant tokens were produced throughout the 19th and early 20th centuries across the United States. These tokens served a variety of purposes: they facilitated trade when official coinage was scarce, they provided advertising for businesses, and they sometimes functioned as a form of scrip — redeemable only at the issuing establishment.

I’ve collected merchant tokens from dozens of categories, and here are some of the most interesting types:

• Saloon and tavern tokens — Often made of brass or aluminum, these tokens were used to serve drinks and were sometimes redeemable for a specific quantity of beer or liquor. They’re a subgenre of exonumia all their own, with a dedicated following and surprisingly robust prices for rare varieties.
• Transportation tokens — Streetcar, bus, and subway tokens from cities across America. These are a more modern form of exonumia but are avidly collected, especially as the systems that issued them disappear.
• Telephone tokens — Used in countries around the world (and in some U.S. locations) to operate pay phones. They’re a vanishing category that’s gaining collectibility as pay phones themselves become relics.
• Laundromat and car wash tokens — A distinctly 20th-century phenomenon, but increasingly collectible as these businesses disappear.
• General store tokens — Often from small-town merchants, these tokens are sometimes the only surviving record that a particular business ever existed. The provenance research alone can consume an entire weekend — and I mean that in the best possible way.

How to Identify and Value Merchant Tokens

Identifying merchant tokens can be challenging, especially when the business name is common or the location isn’t specified. Here’s my approach:

1. Check the inscription carefully — Look for business names, addresses, and any other identifying information.
2. Research the business — City directories, census records, and historical society archives can help identify when and where a business operated.
3. Examine the metal and size — These can help date the token. Earlier tokens tend to be copper or brass; later ones may be aluminum or fiber.
4. Consult standard references — Books like American Tokens by Russell Rulau provide extensive listings of merchant tokens by state and city.
5. Check for rarity — A token from a well-documented business in a major city may be common; the same design from a small-town merchant might be extremely rare. Rarity combined with strong eye appeal is what drives real excitement in this market.

Values for merchant tokens range from a few dollars for common types to hundreds or even thousands for rare varieties with historical significance. I’ve paid under $10 for tokens that turned out to be the only known examples from a particular business — that’s the thrill of exonumia collecting. You never know when the next box of “junk” tokens will yield a find that makes your heart race.

Historical Counterfeits: When Fake Money Becomes Collectible

The Thin Line Between Fraud and Folklore

Here’s where the rabbit hole gets really interesting. Historical counterfeits — tokens and coins that were deliberately made to deceive — occupy a fascinating gray area in numismatics. They were illegal when produced, but today they’re legitimate collectibles with significant historical value. I’ve examined dozens of historical counterfeits over the years, and I can tell you that the craftsmanship ranges from laughably crude to genuinely impressive. The numismatic value of a well-documented historical counterfeit can rival that of the genuine article it was meant to imitate.

Counterfeit Large Cents and Half Cents

Some of the most famous historical counterfeits are imitations of early American large cents and half cents. These were produced in the 18th and 19th centuries, often in England, and circulated alongside genuine coins. The “Machin’s Mills” counterfeit half cents, produced in New York in the 1780s and 1790s, are among the most well-known. Named after the Machin’s Mills mint (which also produced some legitimate coinage), these counterfeits are now collected in their own right and can command substantial prices. A Machin’s Mills half cent in mint condition with original luster is a genuinely rare variety that serious early American collectors pursue aggressively.

Key characteristics of historical counterfeit large cents include:

• Incorrect or blundered lettering — Misspellings, wrong letter sizes, or letters that don’t match any genuine die variety
• Wrong date combinations — Dates that don’t correspond to any known genuine issue
• Different metal composition — Often a lighter copper alloy than genuine issues
• Cruder strike quality — Though some counterfeits are surprisingly well-made, and a few are so good they still fool experienced collectors

Counterfeit Colonial and Early American Coins

The colonial period produced a rich tradition of counterfeit coinage. From counterfeit Spanish colonial reales (which circulated widely in the American colonies) to fake colonial paper money with engraved “copper plate” reproductions, the history of counterfeiting in early America is a subject unto itself.

I find colonial-era counterfeits particularly fascinating because they reveal the economic realities of the time. When official coinage was scarce — which was most of the time in colonial America — counterfeits filled the gap. Some were produced with malicious intent; others were produced by well-meaning individuals who simply wanted to facilitate commerce. The moral calculus is complicated, and that’s part of what makes these pieces so interesting to collect. The provenance of a colonial counterfeit — where it was found, what collection it came from — can add immeasurably to its story and its collectibility.

Collecting Historical Counterfeits: Ethical Considerations

There’s an ongoing debate in the numismatic community about the ethics of collecting historical counterfeits. Some purists argue that counterfeits have no place in a legitimate collection. I disagree. Historical counterfeits are artifacts — they tell us about the economic conditions, technological capabilities, and social attitudes of their time. A well-documented counterfeit from the 1830s tells us just as much about the Hard Times era as a genuine Hard Times token does.

That said, there are important ethical guidelines to follow:

1. Always disclose — If you’re selling or trading a historical counterfeit, clearly identify it as such. Transparency protects both you and the buyer.
2. Never alter — Don’t try to make a counterfeit appear genuine by adding artificial patina or other deceptive treatments. Preserve it as found.
3. Document provenance — Keep records of where and when you acquired the piece. A solid chain of ownership adds credibility and value.
4. Study the history — Understand the context in which the counterfeit was produced and circulated. The more you know, the better collector you become.

Building a Collection: Practical Advice for the Exonumia Enthusiast

Where to Find Exonumia

One of the great things about exonumia is that it’s still relatively affordable compared to mainstream numismatic areas. Here’s where I’ve had the best luck finding tokens and related items:

• Coin shows — Regional shows often have dealers who specialize in tokens. I’ve found some of my best pieces at small local shows where the big auction houses aren’t competing for inventory.
• Online auction sites — eBay, Heritage Auctions, and specialized exonumia dealers online offer a vast selection. The key is patience and knowing what to look for.
• Estate sales and flea markets — You’d be amazed what turns up in old coin collections that have been sitting in attics for decades. Some of my finest pieces came from collections where the owner had no idea what they had.
• Numismatic clubs — Many local and regional clubs have members who specialize in exonumia and are happy to share knowledge and trade duplicates. The relationships I’ve built through clubs have been as valuable as the tokens themselves.
• Specialized exonumia dealers — Dealers who focus exclusively on tokens often have the deepest inventory and the best expertise. They can also alert you to rare variety discoveries and new research.

What to Look For: Condition, Rarity, and Eye Appeal

When I’m evaluating exonumia for my collection, I consider three main factors:

1. Condition — While exonumia is generally more forgiving of wear than regular coinage, better-condition examples always command higher premiums. Look for clear design details, minimal corrosion, and original surfaces with natural luster or an attractive patina.
2. Rarity — How many examples of this token are known to exist? Rarity can be determined by consulting standard references, auction records, and population reports from grading services like PCGS and NGC, which now grade many types of tokens. A rare variety in any condition is worth pursuing; a rare variety in mint condition is worth chasing across the country.
3. Eye appeal — This is subjective, but it matters enormously. A well-centered, attractively toned token with a sharp strike will always be more desirable than a poorly made example of the same variety. Trust your instincts — if a piece speaks to you, it probably has the same effect on other collectors.

Organizing and Displaying Your Collection

One of the joys of exonumia collecting is the sheer variety of the material. Unlike a date set of Lincoln cents (which follows a predictable pattern), an exonumia collection can be organized in countless ways:

• By historical period — Hard Times tokens, Civil War tokens, 20th-century transportation tokens, etc.
• By type — Patriotic tokens, store cards, saloon tokens, etc.
• By geography — Tokens from a specific state, city, or region.
• By theme — Political tokens, advertising tokens, fraternal organization tokens, etc.
• By metal composition — Copper, brass, aluminum, white metal, etc.

I organize my collection by historical period and then by type within each period. This approach tells a coherent story when the collection is displayed or shown to visitors. I use standard coin albums with custom inserts for smaller tokens and Capitol plastic holders for larger or more valuable pieces. The goal is to make each piece accessible and visible — because what’s the point of owning these incredible artifacts if nobody gets to see them?

The Community: Why Exonumia Collectors Are Different

One thing that struck me about the original forum thread was the sense of community among collectors of unusual items. Whether it was Library of Coins Kennedy half albums, National Blank Book Company binders, or Beistle diaries, the collectors in that thread shared a common bond: they were passionate about the overlooked, the underappreciated, and the wonderfully weird.

Exonumia collectors share that same spirit. We’re the people who get excited about a worn copper token that most collectors would pass over without a second glance. We’re the ones who spend hours researching the history of a small-town merchant whose only surviving legacy is a brass token. We’re the ones who see a box of “junk” at a coin show and find the one piece that makes the whole hunt worthwhile. The numismatic value we see in these pieces isn’t always reflected in price guides — sometimes it’s the story, the connection to a specific moment in history, that makes a token truly priceless.

The rabbit hole is deep, but it’s also welcoming. If you’ve been thinking about exploring exonumia, my advice is simple: pick a category that interests you, buy a reference book, and start looking. You’ll be amazed at what you find.

Conclusion: The Enduring Appeal of Unofficial Money

Hard Times tokens, Civil War tokens, merchant tokens, and historical counterfeits represent some of the most fascinating and underappreciated areas of numismatics. These objects tell stories that official currency never could — stories of economic crisis, political upheaval, entrepreneurial ingenuity, and everyday American life. They remind us that money is not just a government invention; it’s a social contract, and when that contract breaks down, people find ways to fill the gap.

From the political barbs of Hard Times tokens to the patriotic fervor of Civil War store cards, from the humble advertising tokens of small-town merchants to the audacious craftsmanship of historical counterfeits, exonumia offers a collecting experience that is endlessly varied, deeply historical, and surprisingly affordable. Whether you’re a seasoned numismatist looking for a new challenge or a beginner drawn to the unusual, the world of tokens and unofficial money has something for you. The key is to follow your curiosity, invest in learning the references, and never underestimate the eye appeal of a well-struck piece with a great story behind it.

The rabbit hole is waiting. All you have to do is take the first step.

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