What are tokens and where were they used?

Tokens were banknotes, usually metal. They were produced by merchants, businessmen and banks due to a lack of state currency.

For the first time tokens were minted in England and the British colonies in the XVII century. They were made of copper or bronze, in rare cases - of silver or gold. By the end of the 18th century, there were three groups of tokens:

trading - used as money;

memorable, representative, propaganda - actually medals;

speculative - intended for collectors, as rare versions of tokens, fake repetitions of tokens of known issuers and "fantastic" tokens on behalf of fictitious persons.

The prohibition of the use of tokens could not prevent their use, since until the XIX century in circulation, there was not enough coins of small denominations. In 1818, the use of tokens was banned in England, in 1873 - in the colonies.