What Is Exonumia? Tokens, Medals & Beyond

The World Beyond Coins

Exonumia — from the Greek "exo" (outside) and "numisma" (coin) — encompasses all coin-like objects that are not official government-issued currency. This broad category includes tokens, medals, badges, counters, scrip, elongated coins, wooden nickels, and dozens of other metallic and non-metallic items that served monetary, commemorative, advertising, or symbolic purposes. For collectors, exonumia opens a fascinating world of local history, military tradition, commercial enterprise, and artistic expression that official coinage only touches on.

The exonumia market is vast and surprisingly affordable. While rare tokens can command thousands of dollars, the majority of exonumia is available for $5-$50 per piece, making it one of the most accessible collecting areas in numismatics. Every coin show features dealers with trays of tokens, medals, and related items — often overlooked by collectors focused exclusively on coins but cherished by those who appreciate the stories these objects tell.

Major Categories of Exonumia

Tokens: Coin-like objects produced by private entities (businesses, organizations, governments at sub-national level) to serve as substitutes for official currency. Includes merchant tokens, transportation tokens, gaming tokens, and emergency money. Covered in detail throughout this series.

Medals: Commemorative or award pieces without monetary function. Includes military medals, presidential medals, exposition medals, sports medals, and artistic medals. Our US Mint medals guide covers official medal programs.

Elongated coins: Coins (usually pennies) flattened and imprinted with souvenir designs by penny press machines at tourist attractions. Covered in our novelty pieces guide.

Challenge coins: Military and organizational coins exchanged as symbols of membership and achievement. Covered in our challenge coins guide.

Scrip and emergency money: Temporary substitute currency issued during coin shortages, economic crises, or by companies in lieu of wages (company towns). Includes Depression-era scrip, military payment certificates, and encased postage stamps.

Why Collect Exonumia?

Local history: Tokens and medals document businesses, events, and communities that left few other physical records. A saloon token from a frontier town or a transit token from a now-demolished subway system connects you to specific places and times.
Affordability: Most exonumia is priced at $5-$50, making it possible to build a substantial collection on a modest budget.
Variety: The range of exonumia is essentially limitless — every business that ever issued a token, every event that produced a medal, every transit system that used tokens contributes to the field.
Research opportunities: Many tokens and medals are poorly documented, giving collectors the satisfaction of original research and discovery.
Cross-collecting: Exonumia connects to countless other collecting areas — Civil War history, railroads, advertising, sports, military history, and local genealogy.

Exonumia Collecting Organizations

Token and Medal Society (TAMS): The primary organization for exonumia collectors in the US, publishing the "TAMS Journal" and hosting educational programs
Civil War Token Society (CWTS): Focused specifically on Civil War-era tokens
Elongated Collectors (TEC): Dedicated to elongated coin collecting
Orders and Medals Society of America (OMSA): For military medal collectors
Challenge Coin Association: For challenge coin enthusiasts

Browse exonumia at coin shows — many dealers carry tokens and medals alongside their coin inventory, and specialist exonumia dealers attend major shows. The buying guide in this series covers show-floor strategies specific to exonumia collecting.