TRADERS’ TOKENS.
The Traders’ Tokens of this kingdom, properly so-called, are confined, in issue, to the seventeenth, eighteenth, and early part of the nineteenth centuries—those of the first of these periods being the most numerous as well as, in most respects, the most interesting. Though not coins in the ordinary sense, not having been issued by kings or governments, they play a more important part in the history of the country than even the regal pieces do, and the information to be derived from their study is not only valuable but in many instances entertaining.
Coins, the currency of nations, as I have, on another occasion, observed, are hoarded up and studied, and constantly referred to in illustration of historical facts, or as corroborations in cases of doubtful points; and their value, admitted on all hands, cannot be too highly estimated. They, however, tell but of princes and nationalities, not of the people. The coins of Greece and Rome tell of events, of changes, and of wars, and become, when properly studied, a complete epitome of the history of the great nations to which they belong. Those of our own country, however, have not that recommendation—they become simply, and solely, matters of regal chronology. From the Norman Conquest to the present hour not one event does an English coin record, not one national trait does it exhibit, and not one matter connected with national history or the people does it illustrate.
Not so with Traders’ Tokens. Issued by the people, they tell of the people, and become imperishable records of that most important estate of the realm. They indicate to us their occupations and their skill; their customs and their modes of life; their local governments; their guilds and trade companies; their habits and sentiments; their trades, their costume, their towns, their families, and their homes. Pity it is that these lasting and reliable records and adjuncts to national history are, as I have just said, confined to some two centuries of our historical annals—but of those two periods (and especially of the earliest) they are, assuredly, among the more interesting and important of illustrations.
In Anglo-Saxon and mediæval times the want of small coins—that is, a currency representing a small value—was much felt, and this gave rise to the occasional issue of spurious, or rather base, coins to supply the deficiency, as it was found the smaller pieces—for instance, the pennies when broken up for use as halfpence and farthings—were unfit for general use among the rough-handed population.
In the reigns of Edward VI. and Mary the issue of a base-metal currency gave rise to considerable dissatisfaction and fraud, and under Elizabeth, who issued three-halfpence and three-farthing pieces, that spurious currency was declared no longer current. Despite the issuing, however, of these three-halfpenny and three-farthing pieces, the want of halfpennies and farthings was still so seriously felt by the entire population, that housekeepers, chandlers, grocers, mercers, vintners, and most other traders were impelled, for conscience' sake, to the issue of private tokens of lead, pewter, latten, tin, and even leather, for the purposes of trade. These were issued by the traders, and commodities in exchange could only be had from their issuers; they were thus useless as a circulating medium and a source of frequent loss to their holders.
In 1574 a proposition was made to the Queen by two persons named Wickliffe and Humphrey, to coin halfpence and farthings in base silver (to weigh respectively 12 and 6 grains), but was not acted upon. It was then proposed to coin pledges of copper, and a proclamation forbidding the use of private tokens and authorizing those just named was prepared; this, however, again, was not acted upon, and private tokens still continued in use. In 1582 the three-farthing pieces were withdrawn and silver halfpennies issued. They bear on the obverse a portcullis and mint mark, and on the reverse a cross and pellets.