Tokens

In the study of numismatics, token coins or 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. more...

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They are often made of cheaper materials than the precious metals: copper, pewter, aluminium, brass and tin were commonly used, while bakelite, leather 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 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 recognised by the State we have a convergence between token coins and currency. The best known example, the trade tokens of Strachan and Company, were issued in South Africa in 1874 and are today recognised as that country's first widely circulating indigenous currency.

Currency tokens

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 or the authority's inability to issue its own coinage. In effect the organisation 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 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. These tokens were South Africa's first widely circulating indigenous currency.

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 call) even as prices increased. New York City subway tokens were also accepted sometimes in trade, or even in parking meters, since they had a set value.

Trade Tokens or Barter tokens

From the 17th to the early 19th Century in the British Isles and North America these were commonly issued by traders in times of acute shortage of coins of the state to enable trading activities to proceed. The token was in effect a pledge redeemable in goods but not necessarily for coins. These tokens never received official sanction from government but were accepted and circulated quite widely.

Read more at Wikipedia.org