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Exonumia is the study of coin-like objects such as token coins and medals, and other items used in place of legal currency or for commemoration. This includes arcade tokens, badges, coin tokens, counter stamped coins, elongated coins, encased coins, medallions, military medals, souvenir medallions, tags, trade tokens, transit tokens, wooden nickels, and other similar items.

Original Charles Lindbergh medal issued by the U.S Congress. Lavrin Cardin Fraser, sculpter. Issued by Act of Congress May, 1928.

Some tokens were used for advertising, political purposes, exhibitions among other uses.

Flip side of Charles Lindbergh medal.This large medal measures 2.75" in diameter and 1/4" thick.

“Tokens” are often made of cheaper metals: copper, pewter, aluminum, brass and tin were commonly used, while Bakelite, leather, porcelain, and other less durable materials are also known.

The Broadway, New York City. $1.00 trade token.

Local stores, saloons and mercantiles would issue their own tokens as well, usable only in their own shops. Railways and public transport agencies have used fare tokens for years to sell rides in advance at a discount.

A 8 A R.C. of C. token. Large 1 3/4" diameter brass token.

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.

H. Schneider BOSTON BAKERY - Carson City, Nevada.

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 local currency.

Blaine & Logan Presidential campaign coin. 1884. Minted by P.L.K. Krider of Philadelphia.