Tokens
 1863 US Civil War Token |
"In the study of numismatics, tokens are coin-like objects used instead of coins. The field of tokens is part of exonumia. Tokens are used in place of coins and either have a denomination shown or implied by size, color or shape. Tokens are often made of cheaper metals: copper, pewter, aluminium, brass and tin were commonly used, while bakelite, leather, porcelain, and other less durable materials are also known. The key point of difference between a token and a coin is that a coin is issued by a governmental local or national authority and is freely exchangeable for goods or other coins, whereas a token has a much more limited use and is often (but not always) issued by a private company, group, association or individual. In the case of currency tokens issued by a company but also recognized by the State there is a convergence between tokens and currency. The best known example, the trade tokens of Strachan and Company, were issued in South Africa in 1874 and are today recognized as that country's first widely circulating indigenous currency . . . The collecting of trade tokens is part of the field of exonumia, and includes other types of tokens, including transit tokens, encased cents, and many others. In a narrow sense, trade tokens are good for tokens, issued by merchants. Generally they have a merchants name or initials, sometimes a town and state, and a value, such as good for 5¢ (or other denomination) legend somewhere on the token. Types of merchants that issued tokens include general stores, grocers, department stores, dairies, meat markets, drug stores, saloons, bars, taverns, barbers, coal mines, lumber mills and many other businesses. The era of 1870 through 1920 marked the highest use of trade tokens in the United States, spurred by the proliferation of small stores in rural areas. Thousands of small general stores and merchandise stores were found all over the United States, and many of them used trade tokens to promote trade and extend credit to customers. Aluminum tokens almost always date after 1890, when low-cost production began . . ." — Token coin at Wikipedia. This version was edited and (or) revised by Mintmark.com
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