SHREVEPORT – Back in a time where most items cost less than a dollar, customers didn’t always receive standard U.S. currency back as change.
Especially during metal coin shortages, businesses would issue trade tokens instead of official small coins like pennies, nickels and dimes.
Trade tokens were coins that were redeemable at that specific place of business.
The Spring Street Historical Museum is housing a Shreveport Trade Token Exhibit in which more than 80 trade tokens from local businesses are displayed.
“These are incredibly rare tokens, particularly having so many just from Shreveport,” said Marty Loschen, museum curator at Spring Street Historical Museum. “So many items were under a dollar, and when there was a shortage of metal coins, there wasn’t really a way to conduct these transactions unless you had coins.
“Issuing trade tokens wasn’t really approved by the government, but it wasn’t frowned upon either because it stimulated the economy.”
Trade tokens were used in places like school cafeterias, grocery stores, drug stores, saloons, public transportation, domino and pool halls, and cigar stands.
General stores also issued their own trade tokens.
The array of tokens from 1880-1950 are a private collection gathered by Leonard Gresens, who loaned the collection to the museum for display.
While coin shortages typically occurred during major events like The Civil War, trade tokens were more common in rural areas that didn’t always have access to small change, especially at general stores.
“Trade tokens were a great way for businesses to get repeat business because if someone had a token for that business, you’re going back to that same business to spend it,” Loschen said. “Sometimes tokens were offered like coupons, and the customer would return to redeem that token at a later date.”
In more modern times, transportation tokens, like for the trolley in Shreveport, were common.
Earlier tokens were made from heavier metals like bronze and copper, with tokens in the 1900s shifting to aluminum once that metal became readily available.
The bronze and copper tokens stand the test of time better and don’t oxidize the way aluminum tokens do.
Trade tokens are highly collectible items today that are valued for their historical significance and insight into the local economy.
The Spring Street Historical Museum, located at 525 Spring Street, is open Tuesday-Saturday from 10 a.m. to 4 p.m.
