Civil War Token
of Ira H. Fitch
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Civil War Token, issued in 1861 by Ira H. Fitch, No. 1588. The obverse reads "Ira H. Fitch, Broadway, Aurora, Ill, Dealer in Leather Harness &c." The reverse, with a large American eagle emblem, reads "Union 1861."
During the Civil War, a shortage of coins developed in the north and east, as people hoarded hard currency, in fear of inflation. As a result, merchants found it difficult to make change for their customers. Some, like Ira Fitch, issued their own tokens, which customers were willing to accept, based on their confidence in the merchant's ability to redeem them in the future.
Photos courtesy of Bob Rozycki, Sycamore Coin Gallery, 320 W. State St., Sycamore, IL.