The History of Trade Tokens and Their Modern Discovery
Trade tokens — privately issued coin-like pieces — filled gaps in official coinage for centuries. They were produced by merchants, tavern keepers, transportation companies, and other businesses as small-change substitutes and advertising pieces. For detectorists, they're interesting finds that provide direct evidence of specific businesses operating at specific locations.
Why Tokens Were Made
Official small-denomination coinage was often in short supply. In the U.S., this was particularly acute during the Civil War when hoarding removed coins from circulation. Merchants responded by issuing their own tokens, typically in copper or brass, redeemable at their establishments. Similar shortages drove token production in Britain during the late 1700s and in many other countries at various times.
Types of Tokens Detectorists Find
- Civil War tokens (1861-1864): Small cent-sized tokens issued during wartime coin shortages. "Store cards" identify specific businesses; "patriotic" tokens carry political slogans or imagery. Over 10,000 varieties are known.
- Hard Times tokens (1832-1844): Issued during the financial panic and depression. Political satire and merchant advertising.
- Good-for tokens: "Good For 5ยข In Trade" and similar merchant tokens from the late 1800s through the mid-1900s. Common at old town sites, especially near former saloons and general stores.
- Transportation tokens: Ferry, toll bridge, and transit tokens. Later examples include subway and bus tokens.
- Amusement and gaming tokens: Arcade, saloon, and billiard hall tokens.
Identification Resources
The Token Catalog is useful for U.S. tokens. For Civil War tokens specifically, Fuld's reference works remain the standard. Local historical societies often have records of businesses that issued tokens in their area.