Tag Archives: monies

18th Century Trade Tokens and Coinage Crisis 18th Century trade tokens, privately minted coinage struck and used during this period, were the result of societal changes distinct to this period. The shortage of small denomination coinage, required by the general public for everyday transactions, was exacerbated by growing demand driven by population growth and the Industrial Revolution. The rapidly increasing payrolls of urban factories were proving impossible for employers with no coins, to supply. Meanwhile, by 1786, two-thirds of the coins in circulation within Britain were counterfeits. Frustration grew at the government’s lack of efforts to resolve the shortage or effectively combat counterfeiting. Disenfranchised, business owners and merchants looked to independently fashion an alternative coinage, that would serve their own and their buyers’ needs. Thomas Williams, ‘Copper King’ Thomas Williams was one of three managing partners of the Parys Mine Company. It presided over one of the largest veins of copper in the world, Parys Mountain. He was titled ‘the copper king…the sovereign of the copper trade’ by Matthew Boulton. Boulton also privately described him as a ‘perfect tyrant’. In 1785, Williams met with the master of the British mint, to strike a deal. In exchange for the Royal Mint’s use of Williams’ newly developed counterfeit-deterrent edge lettering technology, the supply of copper for these new coins would be provided by the Parys Mine Company. The British mint master declined the offer. Taking matters into his own hands, Williams managed the minting of the first privately issued, copper tokens. Some were even used to pay Parys Mine Company workers. These first tokens bore the image of a hooded Druid. This design would become notorious as the very first of this form of coinage. Industrialists in London hailed these tokens as an innovative and resourceful response to the needs of a rapidly changing Britain. 18th Century Trade Tokens: The Creation, Circulation and Collection The demand for trade token coinage grew throughout the mid to late 18th Century and created new business opportunities. Birmingham’s Matthew Boulton was one of the most prolific producers of merchant tokens. In 1788, he established the Soho Mint, which was driven by eight patented pressing machines of his own design. Powered by steam, these were able to strike between 70-84 coins per minute. Unregulated by government control, creators had full artistic and political license over token designs. As a result, tokens regularly celebrated figures, such as Isaac Newton. They also advocated for causes, such as Abolition, and were often intricate and eye-catching in form. Most trade tokens were only officially payable in certain areas. However, many vendors’ undiscerning acceptance of any copper coinage means that tokens were widely circulated. Indeed, Boulton’s Soho Mint struck tokens for release in the US. Boulton’s business empire survived the decreased demand for tokens by the end of the 18th century. In 1797, after the financial crisis point, the government finally announced plans to issue large quantities of copper coinage that might be, according to a proclamation by King George III, ‘best adapted to the payment of the laborious poor’. Boulton’s industrious production of copper trade tokens and blank coins over the past decade, earned his award of a governmental contract to strike official coinage, as Williams had sought previously. By 1793, the practice of collecting and trading tokens had achieved popularity. Manufacturers discovered that collectors would pay handsomely, and directly, for limited mintage token designs. As a result, three extensive reference works on the indexing and collecting of tokens were published between 1795 and 1798. The popularity of James Conder’s version led to the nicknaming of 18th century provincial tokens, as ‘Conder tokens’. 18th Century Trade Tokens at Auction Lot 166 Great Britain, Birmingham Brass Charles Aston Token. Price Realised: £299.00 Lot 168 United Kingdom, Birmingham Brass John Hinde’s Token. Estimate: £50 – £80 Lot 173 United Kingdom, Dudley & Birmingham CU R. Wallis & T & I Badger One Penny Token. Estimate: £40 – £60 Monies, Medals & Militaria | Thursday 25th April Viewing times (ID required): London Thursday 18th April 11:00-17:00 Birmingham Wednesday 24th April 10:00-16:00 Virtual viewings are available by request. Virtual viewings are the ultimate personal shopping experience. Using Zoom, you can ask us whatever you need to know in order to buy with confidence. Find out more here. Valuations Our valuations are free, with no obligation to sell with us. Our experts will value your item with an estimate, so you can find out what it could achieve at auction. The process is simple. You can fill in a form online or book an appointment to visit either of our offices in Birmingham or London. Virtual valuation appointments are also available. Find what you’re looking for Make sure you don’t miss finding that special something by signing up to our email alerts. You’ll be the first to know when catalogues become available, receive invitations to special events and preview the hottest lots from our auctions, plus much more. Why not use our free personal shopping service? Sign up for lot alerts and tell us exactly what you are looking for. Each time we upload a catalogue, we search for your keywords and email you lots matching your interests. Your personalised email will include images, lot descriptions and auction details. Orla Taylor-Davies | BA (Hons) Sally Oliver | MA (Hons), RNS