In the study of numismatics Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the exchange of goods. Lacking a structured monetary, tokens are coin-like objects used instead of coins Coins are usually metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the storage of large numbers of bullion coins. In the present day, coins and. The field of tokens is part of exonumia Exonumia are numismatic items other than coins and paper money. This includes Good For tokens, badges, counterstamped coins, elongated coins, encased coins, souvenir medallions, tags, wooden nickels and other similar items. It is related to numismatics (concerned with coins which have been legal tender), and many coin collectors are also. 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 Copper is a chemical element with the symbol Cu (Latin: cuprum) and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is rather soft and malleable, and a freshly exposed surface has a pinkish or peachy color. It is used as a thermal conductor, an electrical conductor, a building material, and a, pewter Pewter is a malleable metal alloy, traditionally 85-99% tin, with the remainder consisting of copper, antimony, bismuth and lead. Copper and antimony act as hardeners while lead is common in the lower grades of pewter, which have a bluish tint. It has a low melting point, around 170–230 °C, depending on the exact mixture of metals. The word, aluminium Aluminium (UK: /ˌæljʉˈmɪniəm/ AL-yew-MIN-ee-əm) or aluminum (US: /əˈluːmɨnəm/ ( listen) ə-LOO-mi-nəm) is a silvery white member of the boron group of chemical elements. It has the symbol Al and its atomic number is 13. It is not soluble in water under normal circumstances. Aluminium is the most abundant metal in the Earth's crust,, brass Brass is any alloy of copper and zinc; the proportions of zinc and copper can be varied to create a range of brasses with varying properties. In comparison, bronze is principally an alloy of copper and tin. Despite this distinction some types of brasses are called bronzes and vice-versa. Brass is a substitutional alloy. It is used for decoration and tin Tin is a chemical element with the symbol Sn and atomic number 50. It is a main group metal in group 14 of the periodic table. Tin shows chemical similarity to both neighboring group 14 elements, germanium and lead, like the two possible oxidation states +2 and +4. Tin is the 49th most abundant element and has, with 10 stable isotopes, the largest were commonly used, while bakelite Bakelite , or polyoxybenzylmethylenglycolanhydride, is an early plastic. It is a thermosetting phenol formaldehyde resin, formed from an elimination reaction of phenol with formaldehyde, usually with a wood flour filler. It was developed in 1907–1909 by Belgian chemist Dr. Leo Baekeland, leather Leather is a durable and flexible material created via the tanning of putrescible animal rawhide and skin, primarily cattlehide. It can be produced through different manufacturing processes, ranging from cottage industry to heavy industry, porcelain Porcelain is a ceramic material made by heating raw materials, generally including clay in the form of kaolin, in a kiln to temperatures between 1,200 °C and 1,400 °C (2,552 °F). The toughness, strength, and translucence of porcelain arise mainly from the formation of glass and the mineral mullite within the fired body at these high, 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 Coins are usually metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the storage of large numbers of bullion coins. In the present day, coins and, 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 Coordinates: 29°02′46″S 25°03′47″E / 29.046°S 25.063°E The Republic of South Africa is a country located at the southern tip of Africa, with a 2,798 kilometres coastline on the Atlantic and Indian Oceans. To the north lie Namibia, Botswana and Zimbabwe; to the east are Mozambique and Swaziland; while Lesotho is an independent in 1874 and are today recognized as that country's first widely circulating indigenous currency.

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Currency tokens

The first set of Strachan and Co currency tokens - recognized as South Africa's first indigenous currency.

In their purest form currency tokens issued by a company crossed the boundary of merely being "trade" tokens when they were sanctioned by the local government authority. This was sometimes a measure resulting from a severe shortage of money Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment or the governments's inability to issue its own coinage Coins are usually metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the storage of large numbers of bullion coins. In the present day, coins and. In effect the organization behind the tokens became the regional bank.

One well-known example of currency tokens are the Strachan and Co tokens which were first issued in 1874 in a remote part of South Africa Coordinates: 29°02′46″S 25°03′47″E / 29.046°S 25.063°E The Republic of South Africa is a country located at the southern tip of Africa, with a 2,798 kilometres coastline on the Atlantic and Indian Oceans. To the north lie Namibia, Botswana and Zimbabwe; to the east are Mozambique and Swaziland; while Lesotho is an independent known as East Griqualand. A partner in Strachan and Co, Charles Brisley, was also the government secretary and obtained official recognition of the tokens as currency for that region. The Standard Bank of South Africa notes in its official archives that its branch in Kokstad, East Griqualand's capital, readily exchanged these tokens as currency in the 1800s because of the shortage of coinage of the crown in the region.

Similarly, in times of high inflation, tokens have sometimes taken on a currency role. An example of this is Italian or Israeli telephone tokens, which were always good for the same service (i.e., one phone call) even as prices increased. New York City New York is the most populous city in the United States, and the center of the New York metropolitan area, which is one of the most populous metropolitan areas in the world. A leading global city, New York exerts a powerful influence over global commerce, finance, media, culture, art, fashion, research, education, and entertainment. As host of the subway tokens were also accepted sometimes in trade, or even in parking meters, since they had a set value.

Trade tokens or barter tokens

Pogs, used by AAFES The Army & Air Force Exchange Service is an agency of the United States Department of Defense. Its dual missions are to provide quality merchandise and services of necessity and convenience to authorized customers at uniform low prices, and to generate reasonable earnings to supplement appropriated funds for the support of United States Army at overseas military A military is an organization authorized to use force, usually including use of weapons, in defending its country by combating actual or perceived threats. As an adjective the term "military" is also used to refer to any property or aspect of a military. Militaries often function as societies within societies, by having their own bases.

From the 17th to the early 19th century in the British Isles 1 These are the official languages of the eight jurisdictions within the British Isles. Other languages are spoken, including several other native languages and dialects that have regional or special status and North America North America is the northern continent of the Americas, situated in the Earth's northern hemisphere and in the western hemisphere. It is bordered on the north by the Arctic Ocean, on the east by the North Atlantic Ocean, on the southeast by the Caribbean Sea, and on the west by the North Pacific Ocean; South America lies to the southeast these were commonly issued by merchants in times of acute shortage of coins Coins are usually metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the storage of large numbers of bullion coins. In the present day, coins and of the state to enable trading activities to proceed. The token was in effect a pledge redeemable in goods but not necessarily for currency. These tokens never received official sanction from government but were accepted and circulated quite widely.

In England The area now called England has been settled by people of various cultures for about 35,000 years, but it takes its name from the Angles, one of the Germanic tribes who settled during the 5th and 6th centuries. England became a unified state in AD 927, and since the Age of Discovery, which began during the 15th century, has had a significant the production of copper farthings was permitted by royal license in the first few decades of the 17th century, but production ceased during the English Civil War The English Civil War was a series of armed conflicts and political machinations between Parliamentarians and Royalists. The first (1642–46) and second (1648–49) civil wars pitted the supporters of King Charles I against the supporters of the Long Parliament, while the third war (1649–51) saw fighting between supporters of King Charles II and a great shortage of small change resulted. This shortage was felt more keenly because of the rapid growth of trade in the towns and cities, and this in turn prompted both local authorities and merchants to issue tokens.

These tokens were most commonly made of copper or brass Brass is any alloy of copper and zinc; the proportions of zinc and copper can be varied to create a range of brasses with varying properties. In comparison, bronze is principally an alloy of copper and tin. Despite this distinction some types of brasses are called bronzes and vice-versa. Brass is a substitutional alloy. It is used for decoration, but pewter Pewter is a malleable metal alloy, traditionally 85-99% tin, with the remainder consisting of copper, antimony, bismuth and lead. Copper and antimony act as hardeners while lead is common in the lower grades of pewter, which have a bluish tint. It has a low melting point, around 170–230 °C, depending on the exact mixture of metals. The word, lead Lead is a main-group element with symbol Pb and atomic number 82. Lead is a soft, malleable poor metal. It is also counted as one of the heavy metals. Metallic lead has a bluish-white color after being freshly cut, but it soon tarnishes to a dull grayish color when exposed to air. Lead has a shiny chrome-silver luster when it is melted into a and occasionally leather Leather is a durable and flexible material created via the tanning of putrescible animal rawhide and skin, primarily cattlehide. It can be produced through different manufacturing processes, ranging from cottage industry to heavy industry tokens are also found. Most were not given a specific denomination and were intended to pass as farthings, but there are also a large number of halfpenny and sometimes penny A penny is a coin or a type of currency (pl. pence) used in several English-speaking countries. It is often the smallest denomination within a currency system tokens. Halfpenny and penny tokens usually, but not always, bear the denomination on their face.

Brass trade token from Fort Laramie Fort Laramie was a significant 19th century trading post and diplomatic site located in the U.S. state of Wyoming. During the middle 19th century, it was a primary stopping point on the Oregon Trail and the Mormon Trail and was, along with Bent's Fort on the Arkansas River, the most significant economic hub of commerce in the region. In the 1840s, Dakota Territory.

Most such tokens indicate the name of their issuer, which might either be his or her full name or initials. Where initials were provided it was common practice to provide three, one for the surname and the other two for the first names of husband and wife. Tokens would also normally indicate the merchant establishment concerned, either by name or by picture. Most were round, but they are also found in square, heart or octagonal shapes.

Thousands of towns and merchants issued these tokens between 1648 and 1672, when official production of farthings resumed and private production was suppressed.

Another period of coin shortage occurred in the late 18th century, when the British Royal Mint The Royal Mint of the United Kingdom is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but has functioned since 1975 as a Trading Fund, operating in much the same way as a government-owned company. It now has executive agency status, and is currently undergoing the process of almost ceased production. Merchants once again produced tokens, but they were now machine made and typically larger than their 17th century predecessors with values of a halfpenny or more. While many were used in trade, they were also produced for advertising and political purposes, and some series were produced for the primary purpose of sale to collectors. These tokens are usually known as "Conder" tokens, after the writer of the first reference book on them.

Show World Center token, New York City, circa 1990 1990 was a common year that started on a Monday. In the Gregorian calendar, it was the 1990th year of the Common Era, or of Anno Domini; the 990th year of the 2nd millennium; the 90th year of the 20th century; and the 1st of the 1990s

These were issued by merchants in payment for goods with the agreement that they will be redeemed in goods to an equivalent value at the merchants' own outlets. The transaction is therefore one of barter, with the tokens playing a role of convenience, allowing the seller to receive his goods at a rate and time convenient to himself and the merchant to tie the holder of the token coin to his shop. Trade tokens often change slowly and subtly into barter tokens over time, as evidenced by the continued circulation of former trade tokens when the need for their use had passed.

Aluminum trade token from Osage,Kansas.

Because of weight, the U.S. Treasury Department The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet does not ship coins to the Armed Forces serving overseas; so, Army and Air Force Exchange Service The Army & Air Force Exchange Service is an agency of the United States Department of Defense. Its dual missions are to provide quality merchandise and services of necessity and convenience to authorized customers at uniform low prices, and to generate reasonable earnings to supplement appropriated funds for the support of United States Army officials chose to make pogs in denominations of 5, 10 and 25 cents In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. The word also refers to the coin which is worth one cent. The pogs are about 38mm (1.5816" to be exact) in diameter and feature various military-themed graphics.

The collecting of trade tokens is part of the field of exonumia Exonumia are numismatic items other than coins and paper money. This includes Good For tokens, badges, counterstamped coins, elongated coins, encased coins, souvenir medallions, tags, wooden nickels and other similar items. It is related to numismatics (concerned with coins which have been legal tender), and many coin collectors are also, 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 merchant's 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 included 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 to be 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.

Slot machine tokens

Metal token coins are used in lieu of cash in some slot machines A slot machine , fruit machine (British English), poker machine (Australian English) or simply slot (American English) is a casino gambling machine with three or more reels which spin when a button is pushed. Slot machines are also known as one-armed bandits because slot machines were originally operated by a lever on the side of the machine (the in casinos A casino is a facility that houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships and other tourist attractions. Some casinos are known for hosting live entertainment events, such as stand-up comedy, concerts, and sporting events.

Money is exchanged for the token coins or chips in a casino at the casino cage, at the gaming tables, or at a slot machine A slot machine , fruit machine (British English), poker machine (Australian English) or simply slot (American English) is a casino gambling machine with three or more reels which spin when a button is pushed. Slot machines are also known as one-armed bandits because slot machines were originally operated by a lever on the side of the machine (the and at a cashier station for slot token coins. The tokens are interchangeable with money at the casino. They generally have no value outside of the casino.

After the increase in the value of silver stopped the circulation of silver coins around 1964, casinos rushed to find a substitute, as most slot machines A slot machine , fruit machine (British English), poker machine (Australian English) or simply slot (American English) is a casino gambling machine with three or more reels which spin when a button is pushed. Slot machines are also known as one-armed bandits because slot machines were originally operated by a lever on the side of the machine (the at that time used that particular coin. The Nevada State Gaming Control Board consulted with the U.S. Treasury, and casinos were soon allowed to start using their own tokens to operate their slot machines. The Franklin Mint was the main minter of casino tokens at that time.

In 1971, many casinos adopted the Eisenhower Dollar for use in machines and on tables. When the dollar was replaced with the Susan B. Anthony dollar The Susan B. Anthony dollar is a United States coin minted from 1979 to 1981, and again in 1999. It depicts women's suffrage campaigner Susan B. Anthony. The reverse depicts an eagle flying above the moon , a design adapted from the Apollo 11 mission insignia that was also present on the previously issued Eisenhower Dollar in 1979, most casinos reinstituted tokens, fearing confusion with quarters and not wishing to extensively retool their slot machines. Those casinos which still use tokens in slot machines still use Eisenhower-sized ones.

In many jurisdictions, casinos are not permitted to use currency in slot machines, necessitating tokens for smaller denominations.

Tokens are being phased out by many casinos in favor of coinless machines which accept banknotes and print receipts for payout. (These receipts - often nicknamed "TITOs" for ticket in/ticket out, can also be inserted into the machines.)

Staff tokens

Main article: Scrip Scrip is any substitute for currency which is not legal tender and is often a form of credit. Scrips were created as company payment of employees and also as a means of payment in times where regular money is unavailable, such as remote coal towns or occupied countries in war time. Other forms of scrip include subway tokens, arcade tokens and A de Beers De Beers and the various companies within the De Beers Family of Companies are in the diamond, diamond mining, diamond trading and industrial diamond manufacturing sectors. It is by far the largest company in all these categories 3d staff salary token given to employees and only usable at their stores

Staff tokens were issued to staff of businesses in lieu of coin. In the 1800s the argument supporting payment to staff was the shortage of coin in circulation, but in reality employees were forced to spend their wages in the company's stores A truck system is an arrangement in which employees are paid in commodities or some currency substitute , rather than with standard money. This limits employees' ability to choose how to spend their earnings—generally to the benefit of the employer. As an example, scrip might be usable only for the purchase of goods at a "company store" at highly inflated prices--resulting in an effective dramatic lowering of their actual salary and disposable income.

Other sources of tokens

Obverse and reverse of Toronto Transit Commission The Toronto Transit Commission is a public transport authority that operates buses, streetcars, subways, and rapid transit lines in Toronto, Ontario, Canada. Established in 1954, the TTC has grown to comprise three subway lines and an elevated rapid transit line with a total of 69 stations, as well as 149 connecting surface routes (buses and single-ride token for use on bus, streetcar, and subway routes in Toronto, Canada. This design was introduced in 2006.

Railways and public transport agencies used fare tokens for years, to sell rides in advance at a discount, or to allow patrons to use turnstiles geared only to take tokens (as opposed to coins, currency In economics, the term currency can refer to a particular currency, for example Pound Sterling, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of money deposited in banks , ownership of which can be transferred by means of, or fare cards).

In North America tokens were originally issued by merchants from the 1700s in regions where national or local colonial governments did not issue enough small denomination coins for circulation. They were later used to create a monopoly; to pay labor; for discounts (pay in advance, get something free or discounted); or for a multitude of other reasons. In the United States, a well-known type is the wooden nickel, a five-cent piece distributed by cities to raise money for their anniversaries in the 1940s to 1960s.

Local stores, saloons and mercantiles would issue their own tokens as well, usable only in their own shops. Railways and public transport agencies have used fare tokens for years to sell rides in advance at a discount. Many transport organizations still offer their own tokens for bus and subway services, toll bridges, tunnels, and highways, although the use of computer-readable tickets has replaced these in most areas.

Churches used to give tokens to members passing a religious test prior to the day of communion, then required the token for entry. While mostly Scottish Protestant, some U.S. churches used communion tokens. Generally, these were pewter, often cast by the minister in church-owned molds. Replicas of these tokens have been made available for sale at some churches recently.

See also

Numismatics portal

Notes

  1. ^ The Bechuanaland Border Police History and Canteen Tokens

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