Patterns (1863)

By early 1863, the American monetary system was in turmoil. Gold coins had not circulated at par since late December 1861; silver coins had been trading at a premium since spring 1862; and even copper-nickel Flying Eagle and Indian Head cents were scarcely seen. Coin substitutes included paper Postage Currency notes, Legal Tender bills, private scrip, and more. Encased postage stamps bore denominations from 1¢ to 90¢. Soon, a vast flood of privately issued tokens appeared, some bearing patriotic motifs and others the advertisements of merchants. These were struck by private shops in various places, most particularly New York City and Cincinnati, but also in other locations. Struck on thin bronze planchets, these pieces circulated widely and were readily accepted in commerce.