Exonumia-Part 1 Tokens
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EXONUMIA-PART 1 TOKENS are numismatic items (such as tokens, medals or scrip) other than coins and paper money. This includes tokens, badges, counter stamped 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 exonumists. Today we will be primarily discussing tokens of which there are many subtypes. TOKENS A BIT OF HISTORY Tokens were created to substitute for legal tender coins for numerous reasons. 1. To substitute for coins due a change shortage which occurred on a regular basis in the history of the United States. After the Civil War, financial panic of 1873, financial panic of 1893 2. To increase profit and force people to go back to the same store or merchant from which the tokens came. 3. To control people and where they could spend there earnings. Specifically company towns where people were paid wages in company tokens which were only spendable only at company facilities at inflated prices for common goods. Example: Coal Script or tokens. TOKENS A BIT OF HISTORY 4. To minimize the use and improve control of the actual money. The fewer people handling money the fewer the losses from theft. 5. To prevent revenue loss due to slugging in coin operated devices. The use of slugs was not outlawed until 1946. 6. To simplify transactions. Eliminate having to make change. Example: trolley or bus fare TOKENS-TYPES • Good For or Trade Tokens – Non-specific No Information other than denomination – Specific, Showing Merchant, City and State • Amusement Tokens • Transportation Tokens • Convenience Tokens • Telephony Tokens • Tax Tokens TOKENS GOOD FOR OR TRADE • Examples of non-specific tokens are shown below they show a value of the token, but show no other information such as merchant, city or state. Notice the back of these tokens are blank. • While collectible to include in a collection, they have no other information and are worth very little. TOKENS GOOD FOR OR TRADE • Tokens with a denomination, merchant, city and state are the most desirable trade tokens since they can be traced to a specific merchant. Because this information is available the tokens value can be determined by mintage, year of issuance, how many are known and denomination and assigned a rarity rating just as is done with coins. Tokens are classified or identified by one of four category systems: Rulau-E, HT, Miller, CWT and Rulau Depending rarity of the token it could be worth a $1.00 up to $10,000 TOKENS GOOD FOR OR TRADE •Shown are a few examples of Trade Tokens from various issuers TOKENS AMUSEMENT • Generally amusement tokens were issued for various amusements such as game arcades, skee ball, childrens game rooms and adult entertainment such as peep shows. • Examples would be Aladdins Castle, Chunky Cheese, Odyssey Fun World, Showbiz Pizza, Adam Arcade, Times Square, Chicago Game Company, Newton Book-O-Rama, The Machine Shop, Idyl Books, etc. • While collectible the value of most game tokens because of their general large mintage and availability is minimal except at the issuing merchants establishment. • I have as of yet to find a classification system for these tokens. • Shown are some examples of the game tokens mentioned. TOKENS AMUSEMENT TOKENS-CONVENIENCE • Restroom tokens come from the age of the pay toilet. • Parking tokens were offered in the car age by various merchants as a free convenience or inducement to shop at the merchants store. • No or minimal value depending on whether they are generic or merchant specific. I have not found a classification system for the tokens. Shown below are examples of these tokens. TOKENS TELEPHONY • In the early 1900’s telephones were not common in households, but available to all at the corner grocery, drug store or the five and dime. • The use of slugs in coin operated devices did not become illegal until 1946. • To prevent loss of profits from slugging, Mr. Goetz devised a system which would only accept authorized tokens which could be purchased as needed at the store. The authorized tokens are called Goetz tokens after the inventor who also patented them beginning in 1907. This particular token for telephones is unique to the Chicago area. • While generic in nature since they are not merchant specific they do have value. The larger denominations such as 25 cents are uncommon as are some of the various shapes and materials the tokens were made in. • These tokens are classified by their Targonsky number from a catalog created by Paul Targonsky in 1968 when these tokens were first recognized as telephone tokens and that they were collectable. TOKENS TELEPHONY Shown below are 8 examples of Goetz tokens TOKENS TELEPHONY FURTHER READING & REFERENCE A CATALOG OF TELEPHONE TOKENS OF THE WORLD by PAUL TARGONSKY 1968 1ST Edition A CATALOG OF TELEPHONE & TELEGRAPH TOKENS OF THE WORLD by H.A. GROEENDIJK 1989 1ST Edition TOKENS TRANSPORTATION • Transportation tokens were created as a matter of convenience both for the rider and the transportation company. Tokens could be used without having the driver or conductor make change or the user trying to find exact change when waiting for a bus or trolley. • Tokens are assigned a alpha-numeric number based on the Atwood & Coffee catalog which starts with the state as the first 2 letters. • Common tokens sell for $0.25 to $0.50 • Further reading: Atwood & Coffee catalog 6th edition TOKENS TRANSPORTATION TOKENS TAX • The states issued tax tokens in fractional cents to make it convenient to pay sales tax on very small purchases during the depression. • These tokens have minimal value (less than $1.00) since they were issued in massive quantities • The tokens are classified by state and sometimes county per the book Untied States Sales Tax Tokens & Stamps A History & Catalog by Merlin Malehorn and Tim Davenport. • Below are a couple of examples of some of the most common..