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1857 Canadian Penny Bank Token

 
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United States
5 Posts
 Posted 02/12/2020  09:15 am Show Profile   Bookmark this topic Add hydropsyche to your friends list Get a Link to this Message
Hi,

Found this coin in northern New Jersey while doing some yard work. Didn't know much about coins when I found it, and probably made a mistake cleaning it off. The patina seemed to hold some of the detailing, and when cleaned off, it exposed the pitting in the coin. Either way was a cool find for me.

What are your thoughts on the quality/type of coin? Any history is also much appreciated.

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United States
2744 Posts
 Posted 02/12/2020  12:36 pm  Show Profile   Bookmark this reply Add okiecoiner to your friends list Get a Link to this Reply
There's really no value for the token, due to the corrosion. Bank tokens were quite common during the first half of the 19th century. Canada was but a Province or colony of England. As such, they had no coinage of their own ... they used coinage from the US, England, or So/Central America and there was never enough. Banks(and some merchants) were given the permission strike tokens, backed by money and they were used in everyday commerce. There especially many many tokens struck for the various East or NE Provinces of New Brunswick, Nova Scotia, Newfoundland, etc. However, most were struck from the main population centers of Upper Canada (Ontario) and Lower Canada(Quebec). I can only guess that they meant Upper & Lower as it applies to up or down the River (St Lawrence). There are some scarce ones, but most aren't worth much money. Nice find for New Jersey.
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Canada
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 Posted 02/12/2020  11:08 pm  Show Profile   Check Wade's eBay Listings Bookmark this reply Add Wade to your friends list Get a Link to this Reply
yup, the corrosion killed it (even before the cleaning it would've been of no monetary value).

although reffered to as a token (heck it even says it right there on the reverse!) they are, by definition, in fact a COIN (denomination listed and issued by an authorized government body)

1857 is the most common for the 4 years that these "dragon slayers" were issued. they were issued in 1850,52,54,57 in half and one penny denominations.

the only major varieties would be the 1854 crosslette 4s which hold a small premium over the plain 4.

mint state 1857s are easily found, low MS for $75ish (2-3 times that for other years). the 1857s are common in high grade as in 1858 Canada switch to the decimal systems (cents instead of pennies, dollars instead of pounds sterling etc)

these were extremely well made "tokens", see below an MS63/64 example (1852)




Edited by Wade
02/12/2020 11:22 pm
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United States
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 Posted 02/13/2020  06:55 am  Show Profile   Bookmark this reply Add hydropsyche to your friends list Get a Link to this Reply
Thank you all for the background on it. I think it was a cool find in NJ considering where it originated and how it might've made its way here, from there.
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