What are Civil War tokens, you ask? These “non-government privately issued quasi-money metallic and composition devices’• are arbitrarily divided into three different categories by collectors and dealers. These divisions are:
‘Early in 1862 all metallic currency was gradually withdrawn from circulation. Citizens, anticipating the possible increase in value of all metals, commenced hoarding gold, silver and even copper to such an extent that in a short time there were no metallic coins of any denomination in circulation. Tradesman were thus forced to issue a medium that would supply the place of small coins, and the first of these issued on account of the lack of the proper Government currency made their first appearance in Cincinnati in the Fall of 1862. In the Spring of 1863, New York followed this example. The first to be made in New York was the Lindenmueller currency, of which a million pieces were struck. William H. Bridgens, the die-cutter, then issued the Knickerbocker currency, which consisted of numerous varieties, and were struck in large quantities.”
“The issue of similar pieces became general throughout the Eastern and Middle Western States, until it was estimated that not less than 25,000,000 of these private tokens were in general circulation, which must have included between 7,000 and 8,000 varieties.”
‘These little coins filled the wants of the trades-people, and were accepted as a means of exchange for the value, which was usually one cent. They undoubtedly were a source of great relief and convenience; but their irresponsible character soon attracted the attention of the Federal Authorities. It is said that the Third Avenue Railroad of New York requested Lindenmueller to redeem a large number of his tokens, which they accepted in the course of business, but he laughingly refused to do. The railroad had no redress, and it is not improbable that incidents of this character forced the Government to put a stop to their issue. This was done by the passage of an act of Congress in 1864, forbidding private individuals from issuing any form of money. There are more than 8,600 different Store Cards known that were issued by approximately 1,800 merchants from 22 different States and almost 400 towns.