Coins Usually a piece of metal marked with a device, issued by a government authority, and intended to be used as money. They have an approved mintage, which means there is a limited quantity and display an effigy.
Medallions are similar to coins but they do not feature an effigy on the reverse and are not legal tender. Therefore, there is no limited mintage.
Medals are usually awarded to recognize achievements or honors, often in military, academic, or sports fields. Medallions, however, are larger decorative pieces, often used for ornamental purposes, such as in jewellery or architecture.
Tokens. Coins are universally accepted as legal tender. Acceptance of money tokens depends on custom or legal enactment. They may be accepted only within specific contexts. Top quality Australian tokens are extremely rare and historically, they have commanded similar, if not higher, prices to their rare coin counterparts.
Tokens played an important role in early Australian commerce. Australian businesses had a problem. Officially distributed sovereigns and half sovereigns were all very well, but what could the average person use to buy small items like bread? What could a business use to give them change? The answer was Tokens.
Tokens were issued by individuals and businesses to fill the void left by the extreme shortage of low denomination currency. Most were struck in copper and bronze, nominally as pennies and halfpennies, with a handful of threepences and one shilling piece.
The first tokens manufactured in Australia for general use were for the Tea Stores, owned by Samuel Peek of Samuel Peek & Co. and issued in 1852.
Perhaps the most famous Australian token is the Aborigine Threepence. Struck by Sydney Jewellers Hogarth and Erichsen, This very rare token was the only colonial piece to bear the design of an indigenous person.
After being made illegal in Victoria in 1863, tokens were also banned in New South Wales in 1868. Western Australia became the last state to declare tokens illegal in 1878.
Our members presented a number of tokens, including a 1972 Canadian 25p celebrating QE2 25th wedding anniversary, a 2022 UK 50p with a Charles 3rd effigy, a US $1 gambling chip from a Las Vegas casino.
One member distributed several pages of noted tokens from Rennicks publication of 2002 covering 35 pages of Australian industry tokens, showing how common they were in the 19th century.
Familiar everyday tokens also include Aldi tokens used for shopping trolleys and automatic car wash tokens.
Another member presented a ‘mysterious” token/medal medallion that provoked considerable discussion as to its purpose and origin. (see photos above). The object appears to have been professionally manufactured and has a kangaroo symbol on one face and an jet fighter aircraft on the other face with the inscription www.airforce.gov.au. If you can help solve this mystery please contact me.
While our focus for our June meeting was tokens, following meetings will explore medallions and medals.
Keep noodling!
Doug Smith