item details
Overview
This metal token was made in 1858 for T.S. Forsaith, an Auckland wholesaler and draper. The obverse reads 'T. S. FORSAITH / MANCHESTER / HOUSE / AUCKLAND / WHOLESALE & RETAIL DRAPER,' and the reverse has 'NEW ZEALAND / 1858' with a depiction of Aequitas bearing a cornucopia and scales.
Tradesmen's Tokens
The British currency was applied to New Zealand in 1840, but settlers found that lower denomination coins, needed for day-to-day trading, were in short supply. Some business owners kept accounts for their customers, while others gave change in the form of low value goods such as postage stamps and matches, rather than coins.
From 1857 some New Zealand companies began importing their own tradesmen's tokens, and although never legal tender, these tokens were an important component of the circulating currency. They were more convenient for merchants than for customers, however, as they could not be redeemed in other towns, and if the issuer went out of business the tokens became worthless. Their use declined rapidly after 1876, when a large supply of imperial coinage became available.
Further Reading
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Humberstone, Vaughn. 2010. Merchants Making Money. Unpublished manuscript produced by the author.
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Sutherland, Alan. 1941. Numismatic History of New Zealand: History Reflected in Money and Medals. Wellington: New Zealand Numismatic Society.