Here is a riddle: what's not money, but looks like money, acts like money and is valuable? The answer, for hundreds of years, is "trade tokens."
In today's What's it Worth, readers ask about their tokens -- one over 100 years old; one that is much older. Let's cash in, shall we?
Q. I found this in an antique shop in Yakima recently. It sure looks like it came from Walla Walla and why it was there in Yakima, who knows? I think it's a genuine token which could be exchanged for merchandise (or maybe a drink?) at the Elk Saloon, only there's no Elk Saloon here. What can you tell me about it. Is it valuable? Do people collect these? -- Ben in Walla Walla
A. First, a little background on trade tokens -- a piece of metal or plastic, resembling a coin in shape, size and type. They generally look like coins but are issued privately, usually without government authority.
Used as a substitute for official coinage, trade tokens are a pledge to be redeemed either in goods or in corresponding coin of the realm. In other words, a trade token might be worth a dime in merchandise, but it isn't a dime coin.
They have been around a long time; since at least the 1600s in the British Isles.
Your 5 cent token was issued by the Elk Saloon, located back at the turn of the 20th century on Main Street in Walla Walla. The Elk was owned by John Bachtold, a man who eventually served a number of years on the city council. The Elk opened in about 1891. It has been closed for a long time and there's no way to redeem this token, which probably would have covered the cost of a cold beer.
Tokens are part of the coin collecting community and the specific field is called "exonumia." There is a national collectors' association and many books have been written on the subject of trade tokens. They are often collected by the state or city where issued or by the type of establishment.
While there are rare American trade tokens worth hundreds or even thousands of dollars, most values are low. They were issued in large numbers and many seem to be available.
This token appears to be in excellent condition and is worth between $10 and $20 to a collector.
Q. I have a fair number of tokens like this one penny dated 1791, along with British coins from around the same time. Can you help me identify the rather strange hooded figure pictured on one side and perhaps determine who may have issued this? Stamped around the edge it says the token is redeemable "on demand in London, Liverpool, Anglesey." Thanks. -- Michael in Post Falls, Idaho.
A. This token was issued by the Parys Mining Company, (the intertwined PMC on the date side of the token). Parys was a huge copper mining operation on the island of Anglesey. Located off the northwest coast of Wales, the island was known for its rich copper deposits as early as the Bronze Age, 3,500 years ago.
By the 1700s, the mines on Parys Mountain, near the island town of Amlwch, were the richest in the world. In 1768 a rich seam of copper ore was unearthed. Called the "Golden Venture," it kicked mining activity into high gear. As many as 2,000 men worked the mountain's mines.
This token may actually be a "pay token," issued to workers for use at the company's stores or to be traded in for a penny. That doesn't sound like much, but in today's U.S. money, that penny would be worth about $6.60.
Tokens like this are well-known and widely collected in Great Britain. They are of only minor interest to American collectors. Rare dates of the Parys trade tokens are worth between $300 and $400. This one would be priced at $35 to $50.
The hooded figure depicted on the token? That's a Druid. At least, that's what token collectors call him.
-- Terry Maurer, a Tri-Cities personal property appraiser, is a member of the Certified Appraisers Guild of America. For possible use in a future column, direct questions on your antiques and collectibles to What's it Worth? by email tchwhatsitworth@gmail.com
