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<p>[QUOTE=&quot;kaparthy, post: 1847337, member: 57463&quot;]Yes, that is the story we tell. It does beg the question, though, does it not?&nbsp; Why were these tokens not hoarded?&nbsp; The fact that we identify them by standard dies shows that they were popular commercial items, not ad hoc remedies.&nbsp; Contrast them with the so-called &quot;blacksmith&#039;s tokens&quot; of Canada or the so-called &quot;Bungtown&quot; counterfeits of the&nbsp; American revolution and early republic.</p><p><br /></p><p>Moreover, general economics suggests that one or a few large issuers would have dominated. Instead, every small town had one, sometimes two. About 120 issues are known from Detroit. They were a fad that everyone wanted to get in on.&nbsp; I agree that these tokens served a place in commerce. They may even have displaced federal cents.</p><p><br /></p><p>The larger issue is that numismatics and economics are too often distanced from each other.&nbsp; The other side of the coin is that even von Mises, Hayek, Rothbard were ignorant of the very facts that would have substantiated their theories because they did not actually collect coins and banknotes. They just theorized about them.[/QUOTE]</p><p><br /></p>

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