Although most coin collections are composed entirely of coins, many contain what is known as exonumia, collectible numismatic items that are not coins, paper money, or legal tender. This broad category includes tokens, medallions, elongated coins, encased coins, and a range of similar collectible pieces that sit alongside traditional coinage in many of the world’s finest collections.
While not legal tender, medals and tokens are very collectible and can be genuinely valuable. Their subjects, their stories, and their roles across history make them fascinating additions to any numismatic collection. MCM is proud to offer a curated selection of exonumia collectibles, whether you are starting a new set or filling gaps in an existing one.
Medals: Commemorating History in Metal
Medals are produced to commemorate people, places, events, and achievements rather than to circulate as currency. Governments, private organizations, and mints have produced medals for centuries, making them a diverse and fascinating part of numismatics. Presidential medals, military commemoratives, and mint-issued art medals are among the many formats collectors explore. Depending on the issue, medals may be produced by official mints or private manufacturers in silver, gold, bronze, and other metals. Some are made to standards comparable to those used for collectible coins.
Because medals are generally not intended for monetary circulation, their designs can explore a wide range of subjects, artistic styles, and commemorative themes. This creative flexibility has produced a category rich in artistry, historical significance, and variety. For collectors interested in U.S. history, American medals offer a complementary record of the nation’s people and milestones, from presidential inaugurations and military campaigns to cultural achievements and other significant events.
Tokens: Small Objects with Big History
Tokens have served many purposes throughout history, including providing alternative forms of payment during coin shortages, facilitating trade through merchant-issued pieces, and granting access to services such as transportation and entertainment. American Hard Times tokens from the 1830s and Civil War-era store cards from the 1860s are notable areas of collecting, valued for their historical context and remarkable variety of issuers, designs, and die combinations.
Beyond these historic American pieces, the category includes transportation tokens, gaming tokens, and merchant tokens from around the world. With their diverse uses, distinctive designs, and connections to everyday life, tokens offer collectors a fascinating way to explore economic and social history.
Frequently Asked Questions About Medals and Tokens
What is exonumia?
Exonumia is a broad numismatic term for collectible items related to coins and currency that are not generally issued as legal tender. It includes medals, tokens, elongated coins, encased coins, badges, and similar pieces. Although these items generally do not have a legal tender face value, many hold historical, artistic, or cultural significance and may be valuable depending on factors such as rarity, subject matter, condition, and collector demand.
ModernCoinMart (MCM) carries a curated selection of exonumia alongside its core inventory of gold and silver coins.
What is the difference between a medal and a token?
A medal is generally produced to commemorate a person, event, achievement, or historical milestone rather than to circulate as currency. Medals may be issued by governments, mints, private organizations, or other institutions and are often collected for their artistic, historical, or commemorative significance.
A token serves a specific purpose, which may include facilitating transactions, representing prepaid value, or providing access to a service or activity. Historically, merchants, transportation companies, and other organizations issued tokens for use in particular settings, sometimes as alternatives to official currency.
Both medals and tokens fall under the broad category of exonumia and appeal to collectors interested in their designs, historical context, and variety. Their primary distinction is their intended purpose: medals generally commemorate, while tokens are typically created for a particular practical use.
Are medals and tokens graded by NGC or PCGS?
Yes. Both Numismatic Guaranty Company (NGC) and Professional Coin Grading Service (PCGS) certify select medals and tokens, depending on the item’s type and eligibility under each service’s policies. Eligible pieces may include U.S. Mint medals, Civil War store card tokens, and Hard Times tokens.
Certification can provide professional authentication and grading, with eligible items encapsulated in protective holders. These services can help collectors assess an item’s authenticity and condition, although certification does not guarantee a particular resale value or level of market demand.
MCM carries both uncertified and certified exonumia when available, offering collectors a variety of options to explore.
How should I store medals and tokens?
Proper storage helps protect medals and tokens from scratches, environmental damage, and deterioration. Storage needs vary by material and finish, but most pieces benefit from careful handling, a stable, low-humidity environment, and holders made from materials suitable for long-term storage. Avoid PVC-based plastics, which can release chemicals that damage collectible surfaces.
For NGC- or PCGS-certified pieces, dedicated slab storage boxes offer a convenient way to organize and protect encapsulated items. For raw medals and tokens, archival-quality Mylar flips or appropriately sized, inert holders and capsules may be suitable, depending on the piece’s dimensions and finish. Handle items carefully by their edges and avoid cleaning or polishing collectible surfaces.
Browse MCM’s coin collecting accessories for storage and organizational products that may be suitable for your exonumia collection.
