During the Civil War, there were no metallic coins of any denomination in circulation. Tradesmen were thus forced to issue a medium that would save commerce. Many of these tokens depicted patriotic subjects. The irresponsible nature of these tokens forced Congress to pass an act in 1864, forbidding private individuals to issue any form of money.

During the Civil War, there were no metallic coins of any denomination in circulation. Tradesmen were thus forced to issue a medium that would save commerce. Many of these tokens depicted patriotic subjects. The irresponsible nature of these tokens forced Congress to pass an act in 1864, forbidding private individuals to issue any form of money.

During the Civil War, there were no metallic coins of any denomination in circulation. Tradesmen were thus forced to issue a medium that would save commerce. Many of these tokens depicted patriotic subjects. The irresponsible nature of these tokens forced Congress to pass an act in 1864, forbidding private individuals to issue any form of money.

During the early years of the Civil War concern for possible increases in the value of metals in relationship to paper money caused the general population to hoard first gold and silver coinage and then copper coins as well. By 1962 there were practically no government issued coins in circulation; this made conducting business difficult. In a creative effort to ease commerce, many businesses, primarily in the northern and western states produced privately minted coinage, or tokens. These are generally of two types: ‘store cards’ those advertizing a certain business, redeemable for goods at that purveyor; and ‘patriotics’ made by private die strikers or mints with patriotic motifs. The Coinage Act of 1864 banned private individuals from issuing any form of money, reinforced by severe penalties and a new issue of government minted one and two cent coins.

In 1837 and again in 1857, financial crises caused loss of confidence in paper money and widespread redemption of currency in coin. Banks were soon forced to suspend specie payments, and tokens and fractional notes had to serve as smaller change.

The Merchants Exchange held the largest room in the Tontine Coffee House until it built its own building in 1827. In 1837 and again in 1857, financial crises caused loss of confidence in paper money and widespread redemption of currency in coin. Banks were soon forced to suspend specie payments, and tokens and fractional notes had to serve as smaller change.

The language on this coin alludes to the elimination of the U.S. Bank. In 1837 and again in 1857, financial crises caused loss of confidence in paper money and widespread redemption of currency in coin. Banks were soon forced to suspend specie payments, and tokens and fractional notes had to serve as smaller change.

The Merchants Exchange held the largest room in the Tontine Coffee House until it built its own building in 1827. In 1837 and again in 1857, financial crises caused loss of confidence in paper money and widespread redemption of currency in coin. Banks were soon forced to suspend specie payments, and tokens and fractional notes had to serve as smaller change.

The Merchants Exchange held the largest room in the Tontine Coffee House until it built its own building in 1827. In 1837 and again in 1857, financial crises caused loss of confidence in paper money and widespread redemption of currency in coin. Banks were soon forced to suspend specie payments, and tokens and fractional notes had to serve as smaller change.

In 1837 and again in 1857, financial crises caused loss of confidence in paper money and widespread redemption of currency in coin. Banks were soon forced to suspend specie payments, and tokens and fractional notes had to serve as smaller change.