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.
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