Early "Good For" Trade Tokens- Metal Detecting the Unknown Collectible
81Board of Trade- Leadville
Colorado Merchant Trade Tokens- The Project
Back in 2002, I decided to take on the task of writing a book, a two year project. It was winter in Colorado and I was bored out of my skull! As a metal detector user, I occasionally was lucky enough to unearth a trade token. Many times these were found in long abandoned ghost towns. As soon as I found one, I would run to my copy of Colorado Trade Tokens written by Wright and Nott somewhere around 1978. This was considered the bible of Colorado Trade Tokens. The only problem was that half (no exaggeration) of the tokens I found were not listed in the book. Many people I knew whined about the need for an updated book so off I went.
Deciding on a format, gathering the information, and getting the thing published and out was a chore. I interviewed collectors, joined clubs, kissed babies, shook hands, and travelled on a train from coast to coast to taut my project. Oh wait. That was the election. I just did the first two. I get carried away when I write. Token collectors can be a quirky bunch. Being that many of these are one of a kind and worth more than many valuable coins, collectors get very secretive about what they have. With each additional token of the same kind, the value often drops.
The rest of this hub is taken pretty much straight out of my book. I am not plagiarizing. i gave myself permission to use it. HUBBOSSES PAY ATTENTION. This is original writing!
Tokens in more than one form
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What are trade tokens?
Trade tokens have been used as a form of exchange for hundreds of years. They can be thought of as a private form of currency. In Great Britain, tokens were common from the time of Elizabeth I until the reign of George III when the steam coin press came into use and coinage could be produced in greater quantities.
Early British tokens were produced by large employers to pay small change wages. They often carried the face value of coins of the realm but were inscribed with pictures and/or the name of the issuing business or individual. Most were made of durable metal.
Lead tokens, very common during the 17th and 18th century, could be produced by smaller landowners and often featured the initials of the landowner and some type of a landowner symbol or insignia. Although it isn’t known for sure, popular thinking is that these tokens were given to the farm workers as a tally of work performed and may then have been redeemed for coin of the realm or goods and services.
Trade tokens became widely used in the US somewhere around the time of Andrew Jackson's presidency and enjoyed popularity into the 1930’s. They were used by saloon keepers, grocers, cigar stores, pool halls, confectioners, and many other businesses. Token manufacturers would often come into a town and take a number of different business orders. Small towns may have several businesses with tokens with very similar characteristics as a result.
Trade tokens served several purposes for the business owner who distributed them. They were a form of currency when coinage was scarce. During the late 1800’s and early 1900’s drinks often sold for 15¢ or 2 for 25¢. Many times, patrons would stop in on the way home from work for a quick one. By pricing two for a quarter, the saloon owner could insure a return visit or would profit when the token was not redeemed at all. Further, these were a way to advertise the business.
Trade Tokens
Values of Trade Tokens.
The old adage of “It is worth whatever someone is willing to pay” could never be truer. There are a number of things that drive token pricing. These are some considerations.
The type of business issuing the token. Saloons are very popular, especially if the word saloon is on the token. This is followed by billiard or pool halls and cigar tokens. Grocery, dairy, and general merchandise tokens do not seem to, on average, carry as high a value. Many collectors specialize in the fraternal organization tokens such as the Elks and Eagles.
The type of metal and shape of the token has some small effect on pricing. The brass tokens seem to generally be more in demand than the aluminum tokens. Round tokens are the most common, with some collectors specializing in scalloped, square, or rectangular tokens.
Tokens that name the city and state usually sell at higher prices than “mavericks” which are tokens without the city and/or state listed. Attributing these maverick tokens can be difficult and time consuming but, once done, may have a dramatic effect on the selling price of the token. A good example in Colorado would be a Board of Trade token. Colorado hosted several Board of Trade saloons all over the state. One token with a listing of “Board or Trade / 25 / J H Samson” can be attributed to the Jim Samson, the original owner of the Board of Trade Saloon in 1879 in Leadville, Colorado. The Board of Trade has a colorful history including being a popular hangout for Doc Holliday when he was in Leadville.
This brings up the next pricing variable; location. Towns and cities with a rich history generally bring better prices. Old Colorado mining towns such as Ouray, Silverton, Leadville, Central City, and Cripple Creek are very popular with collectors. In addition, some states command additional premiums. The western states including Texas, Arizona, Oklahoma, and Nevada, are highly collected.
Finally, the rarity of the token comes into play. Unlike coins that were often produced in the millions, tokens were usually printed in the hundreds. Many were destroyed after redemption, further decreasing the numbers. Many tokens have only one known or reported example in the literature. Such rarity has a dramatic effect on pricing especially if more than one purchaser has a deep pocketbook. Recently a token from Vulcan, Colorado sold at auction for over $1200. This would be the equivalent pricing of a 1916-D Mercury dime in XF condition.
The ending thought on pricing is this. If a collector wants a piece, they may pay a very high price. It usually takes a second collector with deep pockets to drive that price higher. Once the needs of those collectors are met, pricing could settle down to a much more reasonable and predictable level.
Do You Have a Trade Token Hidden Away?
Opportunities are few and far between to be able to collect such a rare item for an affordable price where even the most prevalent tokens may number less than one hundred. Tokens are becoming more and more popular. You have the opportunity to own “the only known example” of a token. Many people specialize. I recently corresponded with a collector from Arizona who collects one token from every town in Colorado. Another collects tokens by specific manufacturers, no matter what state.
In Colorado, there are many towns that existed during the hey-day of tokens that are not listed. One collector's desire was to find a token from an unlisted town. I, myself was lucky enough to find a token from an unlisted town of Bucktown which is now covered by cinders from a processing mill. There are a number of unlisted towns
So why did I write this hub. I am sure there are many people out there that have cigar boxes that grandma and grandpa left you that you never have picked through. I wanted you to know what you may have. There are many types from modern gaming tokens like those used in game machines at Chuck E Cheese and transportation tokens used for trolleys and trains in days gone by. You may even have some old coal script from a long gone coal town or a tax token from the 30s when gas was rationed. What ever you do, have fun. Show them off. Teach people about the history behind the towns.
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That is the hardest part of collecting tokens. You have what is called a maverick. I would start by seeing if there is a reference from the state where you got the token. You may find one on line also. I found one like you descibe online from Aberdeen Washington. It is evidently pretty common.
I have a russ cigar store (front side) Good for 25 cents in trade (back side) token and cannot find anything about it? Do you know where it is from? worth?
Coachleaf_I have some oklahoma trade tokens. jlg.hss@gmail.com
Sorry, I dont have any from Oklahoma but maybe someone who reads this will.
I am a collector of Oklahoma Trade Tokens. If you have any, I would be interested in hearing from you. Please contact me through here...Mike.
Hey I was wondering if someone could help me determine what kind of and how old off token I have found in southern Idaho..... on the front of the token across the top in capital letters says N.E.C. and says that its good for A drink with large A in the center... on the back of the token is a large star the size of the back of the coin
http://tokencatalog.com/token_record_forms.php?act
Check this listing. It shows a 5 cent token I would guess that is similar to yours. They often made multiple denomination tokens (5,10,25 cent). It appears the 5 cent is pretty common. Afraid I couldn't find more. It is from Boston but I am thinking you knew that. Fort Andrews was built in 1897 so the token is fairly early.
Hi there! I am interested in finding out some information on a post exchange coin I have. It is from 1908 Fort Andrews 25 cents post exchange coin. Does anyone have any idea where i can find out some more about this? PLEASE :)
Megan
I see where one sold recently for $20. Not bad pocket change!!!
Hi I have a token that I got as change at a McDonalds lol anyways its a Miss. State Parchman Penitentiary "good for 5 cent in trade" token. Can't seem to find anything about it anywhere, it seems to be a very old token but its in good shape. Is there anywhere I can find out more info on this token?
Hi Adam
I would need a little more info to be of much help. It is good that you have the town and state and 12 1/2 cents is a collectable token itself.You may be able to get info by typing the name of the business in your google search to see if there have been others on ebay or for sale elsewhere.
i was wondering if you could give me any info. on a trade token i have it is heart shaped and good for 12 1/2 cents in trade from galena kan. it is on a pocket watch chain. thanks for your time.
Scott
Looks like you got an answer off one of the forums. I was looking and here is the response if you didn't see it. The fact that it is a military token increases its value although the $150 looks a little high to me. You don't really know unless you sell.
Bowker & Lee's WY Trade Tokens book lists this as R-7 (on a scale of 1-10, with 7 being 7-12 known at the time the book was published, 1999). It says the Post Exchange tokens were used "circa mid-1890s - 1930". There are 2¢ and 4¢ tokens in addition to the "normal" denominations. Earlier tokens from the fort are the Post Canteen ones, ca. 1885-96, the 4th Field Artillery Exchange, ca. 1908-13, Company D, 11 Infantry, ca. 1904-13, and the C. A. Weidman & Co. Post Traders, ca. mid 1870s - 1885.
Cunningham's Military Tokens of the United States book puts an estimated value of $150. on this one - the book was published in 1995.
John in ID
I found a token from wyoming that reads " Post exchange Fort D.A. Russell WYO. Good for $1.00 in trade " . I dont know any thing about this coin other than its brass and in good shape . Just wanted to know what you thought and where I could find out anything about it . Thanks .
This is a really cool hub. I've been wanting to get into metal detecting for old coins, but I never was aware of trade tokens. I look forward to more of your hubs.
Bob
I'm not very up on Utah tokens although I can give you some guidelines to help. First- most likely the token is brass. I have never heard of a gold plated copper token. You need to see if you can determine where it is from. You have an address to start with so research towns close to where you found it.H. Robert Campbell published a book on Utah Tokens Trade in 1998. A supplement to the Utah Tokens Trade was then published in 2000 by H. Robert Campbell. Reviews of this Utah Token book have been very good. A good variety of tokens from Utah exist.If you can locate the book, it may be listed. The fact that no town or state is listed holds the value down unyil it can positively be attributed. Sorry I couldn't be more help.
I found a token several yrs ago here in UT. On one side it says, Good for 25cents at the bar. The other side says, Warwick Liquors 537E. 47th ST. The jeweler that cleaned it up for me advised that it was gold plated copper......what is it worth? I cant find any info on it.
Thanks
Tim
Try looking for the info on the internet to get ssome history. If that doesn't work, it may be listed in a book called Oklahoma Tokens by Lloyd C. Walker, Copyright 1978. I don't have a copy of it but an internet search may help locate one.
i found a general merchandise token from hitchcock ok.it has wakefield & schuber and good for $1.00 in merchandice
Charlie
I gather this is the one for sale on eBay. Gus and Eds was a saloon in Cripple Creek from 1905 to 1907. Hard to say what it will go for. I show one other one I was aware of. Cripple Creek is highly collectable so it could do well.
Tell me about a 12 1/2 cent token from Cripple Creek Colorado. Guss and Ed's Place
259 Bennet Place
It could be that the token has the name of the town misspelled. It isn't all that unusual. There is reference to a Loughman Florida founded in the late 1800s. Check out this link. http://cgi.ebay.com/LOUGHMAN-Florida-Token-Good-BE
I found an old copper token, approx; 3/4 inch in diameter/ reads: Obverse: BESSENGER & Co. LAUGHMAN FLA; Reverse; GOOD FOR 5 CENTS IN MERCHANDISE/ NOT TRANSFERABLE. Problem: I cannot find anywhere in searches a LAUGHMAM FLA, or Bessenger & Co.. Any ideas?????? Was this a town that no longer exists????
Tim
The groove is hard to say. It could be a cancel done by the vendor to indicate the token had been used. I did find one that is similar on the internet for sale for $30.
I have a token for a cigar 12 1/2 cent from colbrant & reilly reno nev. Can anyone tell me anything about it.It has a groove cut in the center of the coin on one side Thanks
Tim,
Hi Kristin,
Unfortunately I could only venture a couple of guesses for you. Probably not a tak token since they usually told you the state issued. My first inclination is some kind of a slot machine token sometimes used at county fairs or local businesses. The other would be some kind of play money but that was usually made of aluminum so I would lean toward the local slot token side. Sorry I couldn't be more help.
Wow, your website is wonderful, Love the information and enthusiam of all your readers. My husband found a coin when he was a little boy (over fiftyfive years ago 1954) in south San Antonio Texas, The coin is copper looking about the size of a half dollar. It has no letters or words, just a big 50 on each side and the edge is marked with little lines like on the edge of a dime. you know the marks /////////// really close together. I thought it might be a tax token or something like that. Obviously it is not a game token, since back then there was no such thing a chucky cheese or anything like that. Can you help me figure this out. I can send you a picture if you would like or would you email me at landntexas@aol.com. Regards, Kristen
TMS
Luckily token collectors are a little more forgiving than coin collectors when it comes to cleaning. Since so many previously unreported tokens come out of metal detector finds, many need to be cleaned up. The metal is probably aluminum since that is a common token material. I have some good news and bad news. Unfortunately I could not find a Missouri Tax Token book to refer you to for possible rarity. The good news is I also could not find any reference to Grider and Dill in Missouri meaning it may be a pretty collectible item. General Merch tokens aren't as highly sought as saloon but if its rare it may have some decent value.
To LJ Hughes
Unfortunately those are almost impossible to figure out unless someone else knows about it and published the information. Best thing to do is assume it is local and see if there is any info at the local history museum that might help. Also, find someone who has a token listing for the state you found it in and see if it is listed in that book.
I was digging out an old-style brick and mortar grill in my backyard and found a token. I now know that it is a "Good-for" token from Clearmont, Missouri, from a general merchandise store called "Grider and Dill."
Before knowing what I had, I shined it up using polishers... Was this a bad thing to do? It is made of a lightweight grey/silver metal, either aluminum or zinc. It has no date on it.
Anyone know anything about it?
I was just wondering if you might know about a coin I found while I was digging through an old house. It has the initials j.o.d. on one side and "good for 2 1/2 cents in trade at the bar" on the other. It's copper or brass I'm not sure,about the size of a dime with no date,town or anything on it.
From the internet:
According to the U.S. Environmental Protection Agency,
from 1911 to 1949, American Agricultural Chemical Company operated a phosphate fertilizer manufacturer with a lead-acid chamber fertilizer plant on the property.
This is being considered now as a superfund site. Most likely your token would be from the company store sometime in that time period.
I have an old coin, the american agricultural chemical company wilmington works good for 25 in trade, if anyone knows anything about it plz let me know sammysteen@yahoo.com thanks
Mo
These are tax tokens from the 30s mostly. They are very common and worth from 25 cents to a dollar each. They are, however, an interesting part of our history during a very hard financial period.
I bought a very old change purse at an estate sale in Oklahoma, several years ago. In it were several tokens of various kind. Some look like they are brass, have a center hole and read Sales Tax Token Oklahoma 1 on one side and the other reads For Old Age Assistance. Another type looks like aluminum with the hole in the center and reads Alabama State Tax Commission and the other side reads Luxury Tax Token. There are some that are red, blue and read OPA Bluepoint and Redpoint with a 1 in the center and a letter on either side such as, TT, VY, HU. These ones are out of some kinds of plastic or waxy pressed cardboard! These are just a few of the descriptions. Have kept them and not sure what to do with them and if they are worth anything.
Hello Treasured Pasts, Yes o. t. is for Oklahoma Territory 1907 and 1890 in this part of Oklahoma,YES Metal detecting is a great hobby I love it, Thank you commenting back.
Tim
A little guessing here but since Okarche was incorporated before Oklahoma became a state, the OT stands for Oklahoma Territory. Excellent find, congratulations. That puts its date somewhere between 1903 and 1905 when Oklahoma became a state. Metal detecting is a great hobby isn't it!
I found a Club House Saloon Okarche O.T. metal detecting, Love finding old stuff. Tim
Hi Charla
I wish I could tell you but I am not an expert on Arkansas tokens. I did find several lumber tokens for sale on ebay though not like yours so I don't know how rare it is. I saw them listed from $25 to $80. Could be more or less. Go to http://www.louisiana-trade-tokens.com/index.html where they can help with ID of that token.
I live in a small town in Arkansas. Population 289. I found a "Good for Trade" 20cent trade. Lee and Nutt Lumber Co. Harrell, Arkansas. What is it worth??
Susan
Congrats on the find. This one is called a maverick since it doesn't have a town and/ or state. Do you have any idea what state it is from. If so, the best thing to do is to go to the library and see if JB Johnson is listed in a business directory. Chances are early 1900s. The patent date is not the date of the token necessarily. Research the name and the address. Often the business directories list things both ways. Good luck.
Stuart
I found a trade token in a box of old buttons. It's about the size of a quarter. It looks like brass or something on the outer ring and aluminum? on the inner circle. It says: JB Johnson on outer ring and 333 W. Madison Street on inner circle. The other side says Good for 10 in merchandise. Pat July 1899. Any info or where I could look to find out more info?
Tommy
Since your grandmother grew up in Indiana, there is a fairly good chance that they are from the town where she lived. Unfortunately you have a maverick, the hardest type of token to attribute. The initials probably stand for the owner of a business in town. Local museums can sometimes help identify these. Also check the internet by looking under Indiana Trade Tokens and see if there is a collecting group listed or a book that identifies tokens from that state. You might get lucky that way.
I found some tokens in my grandmother's things that reads "good for 5 cents in trade with R L H in the center of it". It looks like brass or copper. She lived her whole life in southern Indiana across the Ohio River from Louisville, Ky.
I was wondering if anybody knew what the RLH stood for?
Thanks for your help.
I have a coal company script the color is gold or brass...its the size of a dime. Has the company in graved on it. Not sure about any info please email me at emckamey31@comcast.net thanks oh its from Briceville TN
C.C.Co also on the scripts.
I would be willing to try but no promises. Can you send me a photo? If I can't figure it out maybe I can post it on a what is it forum. lpritch@embarqmail.com
I found an unusual coin in colorado and no coin shops can tell me what it is. Can you help?
Jason
I hope you found some good ones in there.
Stuart
I had no idea what a trade token was until I was digging around in some old boxes that were left in my garage. If my wife didn't tell me "there's some old car manual in there" I wouldn't have looked in the box and the tokens along with the sales manual for 1929 Lincoln Motor Cars and lets not forget about the collection of Mechanix Illustrated from post war and war time. Actually I would think that box would have made it in the trash if it didn't sound like coins were rolling around in it.
You definately need to check them out. You cab get some ideas of value by checking ebay for similar items. Hope you can retire on them!
Great hub dude! I have a few tokens that I've found with my detector too and now I'll have to check 'em out a little closer. :-) lb
Larry and Rachel
Billiard tokens were used a couple of ways. They were either given as prizes to be redeemed for winners kind of like todays arcades or could be used for drinks if the parlor sold beer. Yours were good for 2 1/2 cents probably toward a two for a nickel beers. The person would pay his nickel for a beer and get a token for change.
We have MANY old billiards coins. If anyone thinks they could teach us something about them, please fill free to email us at any time, little_tink1229@yahoo.com
The coins are 2 1/2 O.W. HUFF BILLIARDS ROOM coins. I surly do hope someone knows something about these coins. Thanks
Very interesting indeed! I had no idea that they had such value as collectables...but it makes sense. Thanks!
I declare I just read a Greek novel. LOL! I didn't know what in the world these trade tokens were, but once I started reading, it was so interesting that I read right through it. I'm going to store this info back in the far recesses of my mind and I'll just bet it will come in handy one day. Very interesting read.
garry h 72 minutes ago
I have about 600 tokens vintage. do not know the worth. early 1900s.