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- From johnmenc@optonline.net Tue May 17 18:13:54 2005
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From: "John Lorenzo" <johnmenc@optonline.net>
Subject: Re: Hudson Bay Artifact HB Oval Lead Pieces
X-Yahoo-Group-Post: member; u=111282553
X-Yahoo-Profile: colonial_john_c4
Bob- Check out this recent E-Mail: particularly the notation of 1=20
Made Beaver in lead tokens ... still checking ... not sure if this=20
is related at all ... you would not happen to have Larry Gingras=20
rare book on Hudson Bay Comapany coinage ... anyone???
John,
=20
Almost an exact quote of an earlier email I sent you, with a couple=20
of major changes (which I highlighted in red). First, the comment=20
that the early tokens were made of lead. Secondly, that these=20
tokens were rarely circulated. This is pretty much in line with=20
what the HBC archivist told me.=20=20
=20
The question is what research was done to make the statement that=20
Jim Tretheway makes here.
=20
I will try to track down Mr. Tretheway.
=20
Don
EARLY MONEY OF CANADA
by Jim Trethewey
The story of the early money of Canada is a colorful story of=20
improvisation.=20
The amount of actual coinage in the world increased dramatically=20
throughout the 16th and 17th centuries due to the Spanish mints in=20
the New World that controlled vast supplies of gold and silver,=20
minted in the form of gold "doubloons" and the 8 Reales milled=20
dollar. Even though Canada was relatively near these sources of=20
currency (compared to the Old World), extremely little of it made=20
its way to Canada; the bulk of it went to Europe and to trade with=20
the Orient.=20
The earliest history of Canada (shared with that of the Pacific=20
Northwest of the United States) is that of the fur trapper. The=20
currency of the time was animal pelts, primarily beaver, and to a=20
lesser extent, otter and silver fox. They were traded for goods at=20
their intrinsic value; a "made beaver" (a single prepared skin)=20
traded from an exchange rate of =A310 in 1668 to =A35 in 1772, =A32 in=20
1812, =A31 10/ in 1820, and =A31 in 1827, where it essentially stayed=20
from then on. The declining value is related directly to the number=20
of trappers in business who increased the market supply of furs. The=20
Hudson's Bay Company "bought" these furs from the trappers at the=20
various Hudson Bay trading posts. After a batch of furs had been=20
valued, tokens representing the total value would be placed on the=20
counter. Then the trapper would select whatever goods he wanted to=20
purchase, and the value of each would be indicated by the removal of=20
the appropriate token(s) from the counter. In this way, buyers would=20
know when they were out of money. These tokens were first made from=20
lead in the denomination of 1 Made Beaver, and later from brass and=20
aluminum in denominations of 1, 5, 10, 20, 25, and 50 Made Beaver.=20
They very rarely left the trading post or were circulated.=20
The French colonists of Lower Canada (Quebec) initially used barter=20
for all transactions, but as the population increased, the need for=20
some form of currency became greater. Any available coinage of=20
intrinsic value, such as gold and silver, was quickly exported to=20
European traders that would only accept this form of payment for=20
manufactured goods. From 1685 to 1763, playing cards were traded as=20
money by local colonists. Essentially an IOU, the cards had written=20
on them their value and the name of who would redeem them. A very=20
limited supply of French coinage also circulated; most of this made=20
its way back to Europe. An attempt was made to produce coinage in=20
France expressly for use in Canada in the denomination of 1 Sou,=20
with partial success.=20
Generally, the European governments were much less concerned about=20
monetary shortages in the colonies than they were about having cash=20
to pay their respective troops to promote the various wars being=20
waged on the continent. So, when Canada became a wholly English=20
colony in 1763, there was only a small influx of British coinage.=20
After the American Revolution, many of the British sympathisers=20
moved from the United States to Canada (often because their real-
estate was dispossessed). These colonists were accustomed to dealing=20
in token coinage that circulated widely in the United States at that=20
time. The merchants among them both imported this coinage and began=20
minting their own. This as well as federal issues of the United=20
States made their way into the coinage void in Canada. The latter=20
had a profound effect. Even though Britian did not adopt a decimal=20
monetary system until 1971, the first government-issue Canadian=20
coinage became decimal.=20
Merchant token coinage was produced in bulk in Canada from 1812,=20
primarily from copper in denominations of =BD penny and 1 penny. They=20
were both produced locally and imported from private minters of=20
England and Ireland. These tokens had a variety of interesting=20
advertising or political slogans, such as: Encourage Country=20
Importers, Fishery Rights for Newfoundland, Pure Copper Preferable=20
to Paper, No Labour -- No Bread, Speed the Plough, Success to the=20
Fishery, Prosperity to Canada, and Responsible Government & Free=20
Trade. Many merchants also had more mundane nomenclature, such as:=20
Gass' Tea Store, Blakely & Co. Salt Goods Warehouse, and Robert=20
Purvess Cheap Family Store. Most of these tokens can be obtained=20
today for $15.00 each or less.=20
Local banks, especially the Bank of Montreal, Bank of Quebec, and=20
Bank of Upper Canada (Ontario), produced copper =BD penny and 1 penny=20
tokens from 1823.=20
Britain finally attempted to produce government-approved coinage for=20
Canada in 1858. These coins were minted at the Royal Mint in London=20
and bore the legend "Province of Canada" upon them. This attempt was=20
only partially successful. Most colonists were particularly wary of=20
the 1 cent piece, which was considerably lighter in weight than the=20
bank tokens prevalent at the time. The other denominations were 5=20
cents, 10 cents, 20 cents, and 50 cents, all of silver.=20
At this time Newfoundland was considered a separate country (it=20
entered confederation with Canada in 1949) and separate coinage was=20
produced for it.=20
Canada obtained independence in 1867. The new government contracted=20
with the Royal Mint in London to produce official coinage, the first=20
large shipments of which arrived in 1870. The donominations produced=20
were 1 cent, 5 cents, 10 cents, 25 cents (shifting away from the 20=20
cent piece due to the influence of United States coinage), and 50=20
cents. These were in sufficient supply to finally replace most of=20
the non-government currency.=20
References:=20
[1] Standard Catalogue of Canadian Coins, Tokens, and Paper Money,=20
Thirteenth Edition. Charlton, J. E. Whitman Publishing Company,=20
Racine, Wisconsin, 1964. pp. 4-5.=20
[2] The Conquest of the Great Northwest; being the story of the=20
adventurers of England known as the Hudson's Bay Company. Laut,=20
Agnes C. Moffat & Yard, New York, New York, 1908.=20
[3] Since the Days of Barter. Nichols, Peter. The Numismatist,=20
Colorado Springs, Colorado, December 1968. pp. 1569-1574.=20
[4] Striking Impressions. Haxby, James A. The Royal Canadian Mint,=20
Ottowa, Onatario, Canada, 1983. pp. 27-36.=20
--- In colonial-coins@yahoogroups.com, "Bob Merchant" <bobm@c...>=20
wrote:
> John,
>=20
> If the "tokens" are holed, then they are probably tags.
>=20
> Bob M.
>=20
> --- In colonial-coins@yahoogroups.com, "John Lorenzo"=20
<johnmenc@o...>=20
> wrote:
> > Gord & Bob - After your confirmation Bob on not being able to=20
find
> a=20
> > plate or pictorial on a "HB" (letters attached) communion token -
=20
> the=20
> > Manitoba Museum which houses the Hudson Bay Company holdings=20
also=20
> > believe these lead oval "HB" pieces may be significant. Talked=20
for=20
> an=20
> > hour with the owner - picked them up in Canada from a decoy=20
dealer=20
> who=20
> > had these in a canister, etc., etc..He's sending me a specimen=20
for=20
> > closer examination.
> > Will keep you guys posted on these HB artifacts ... they do not=20
> appear=20
> > to be bale seals EITHER as Curator Hoge at the ANS gave me a=20
full=20
> > education on these prior to Ford IX with the ANS holdings.
> >=20
> > JPL
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