Recently we received some items for identification and appraisal, among which was this old copper-nickel coin; official looking, and identical in most ways to a 19th C. penny; dated, but without monetary denomination. Obviously not quite US coinage. Here’s a bit of history we hope you find entertaining.
When the Civil War officially “broke out” in April, 1861, coinage (aka, fractional money) began to disappear rapidly. Since most currencies were still issued by local banks, and the escalating war presented serious solvency problems, virtually anything containing precious metals (including coinage) was hoarded by citizens on both sides of the line. Tokens such as this were created of a collective, private effort to alleviate the coin shortage caused by the war. The tokens were eagerly accepted in the nation’s major cities, as they often facilitated the continuance of every-day commerce. They were issued in two general varieties: “patriotics” and “storecards”.
Patriotics, like the one pictured here, were issued mainly by private citizens and organizations, and typically bore a national emblem on one side, and a slogan on the other. Storecards were issued by merchants, and typically bore an eagle or Indian on the front and the issuer’s name on the back.
Storecards were found to be a very effective form of advertising for the issuing merchants! Both varieties were circulated as cents. Enterprising private mints offered hundreds of possible design combinations (fronts and backs), and would custom make storecards.
The typical token contained very little copper, and it is not known what the manufacturers charged to produce them. However, judging from the tremendous number of issuers, the price must have been irresistable! Token making quickly became a considerable source of revenue for several private mints, most notably in Cincinnati; widely regarded as the “birthplace” of the Civil War token. Collectors’ guilds have catalogued approximately 1500 varieties of patriotics, and 8500 varieties of storecards.
Storecards were issued in approximately 400 cities in 23 Northern states. Alas, along with broad cross-acceptance of the tokens by merchants, railroads, etc., there also arose significant legal problems when they were presented to their issuers for redemption. Production of the pieces halted April 22, 1864, when Congress outlawed them.
Their Value today? Most of these tokens trade between $20 and $60, depending on rarity and condition. Those of very limited issue, or never before catalogued may trade as high as $300.
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