These pieces were issued during the Civil to provide a means of exchange after citizens withdrew almost all of the regular issue U.S. coins from circulation. John Gult (Nothing to do with Ayn Rand) invented them. They were superceded by the Civil War tokens were where a less expensive, more durible alternative.
Here is one of the most varieities with some of the silver still on the piece. The Ayes drug company issued more of these pieces than any one else. This one also houses a Three Cent stamp, which was one of the common denominations. The stamps went up in value to 90 cents although I don't think that any piece of encased postage has been varified in that denomination.
There was an episode on Pawn Stars a few year's back where somebody brought one of these in. It was interesting to learn about it. They had to bring in a specialist to tell about it.
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