Wooden nickel

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Wooden nickels from the Allentown, Pennsylvania Bicentennial in 1962 1962 - Allentown Bicentennial Wooden Nickle (Blue) - Allentown PA.jpg
Wooden nickels from the Allentown, Pennsylvania Bicentennial in 1962
Office for Emergency Management, War Production Board (circa 1942-43) Don't take any wooden nickels^ Scrap loose talk - NARA - 535216.jpg
Office for Emergency Management, War Production Board (circa 1942–43)

In the United States, a wooden nickel is a wooden token coin, usually issued by a merchant or bank as a promotion, sometimes redeemable for a specific item such as a drink.

Scrip and tokens have often been issued locally in times of severe economic distress such as financial crises and the American Civil War. During the Great Depression, after the failure of the Citizens Bank of Tenino in Tenino, Washington, the local Chamber of Commerce teamed up with the local newspaper to issue scrip equivalent to 25% of people's bank deposits that could be spent at local merchants. [1] Blaine, Washington, soon did the same with both flat scrip and, in response to requests generated by news and word of mouth, coins that included a 5-cent piece. [2] The Chicago World's Fair in 1933 issued wooden nickels as souvenirs, and the tradition of wooden nickels as tokens and souvenirs continues to the present day. [3]

In 2020, Tenino, Washington began issuing wooden scrip again to help its citizens and local merchants via its COVID-19 Grant Recovery program. [4] Upon successful grant application, the grantee would be able to spend the wooden scrip at participating shops in the town. [4] Alternatively, the recipient can use the scrip, or equivalent credit, towards their municipal utility bills. [4]

An American adage, "Don't take any wooden nickels", is considered a lighthearted reminder to be cautious in one's dealings. This adage precedes the use of wooden nickels as a replacement currency, suggesting that its origins lie not in the genuine monetary value of nickels, but rather in their purely commemorative nature. [5] [6] [7]

See also

Related Research Articles

A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.

<span class="mw-page-title-main">Tenino, Washington</span> City in Washington, United States

Tenino is a city in Thurston County, Washington, United States. The population was 1,870 at the 2020 census.

<span class="mw-page-title-main">Legal tender</span> Medium of payment recognized by law

Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.

<span class="mw-page-title-main">Stored-value card</span> Payment card with a monetary value stored on the card itself

A stored-value card (SVC) or cash card is a payment card with a monetary value stored on the card itself, not in an external account maintained by a financial institution. This means no network access is required by the payment collection terminals as funds can be withdrawn and deposited straight from the card. Like cash, payment cards can be used anonymously as the person holding the card can use the funds. They are an electronic development of token coins and are typically used in low-value payment systems or where network access is difficult or expensive to implement, such as parking machines, public transport systems, and closed payment systems in locations such as ships.

<span class="mw-page-title-main">Two-cent piece (United States)</span> Coin of the United States (1864–1873)

The two-cent piece was produced by the Mint of the United States for circulation from 1864 to 1872 and for collectors in 1873. Designed by James B. Longacre, there were decreasing mintages each year, as other minor coins such as the nickel proved more popular. It was abolished by the Mint Act of 1873.

<span class="mw-page-title-main">Exonumia</span> Numismatic items other than coins and paper money

Exonumia are numismatic items other than coins and paper money. This includes "Good For" tokens, badges, counterstamped coins, elongated coins, encased coins, souvenir medallions, tags, wooden nickels and other similar items. It is an aspect of numismatics and many coin collectors are also exonumists.

<span class="mw-page-title-main">Scrip</span> Any substitute for legal tender or currency

A scrip is any substitute for legal tender. It is often a form of credit. Scrips have been created and used for a variety of reasons, including exploitative payment of employees under truck systems; or for use in local commerce at times when regular currency was unavailable, for example in remote coal towns, military bases, ships on long voyages, or occupied countries in wartime. Besides company scrip, other forms of scrip include land scrip, vouchers, token coins such as subway tokens, IOUs, arcade tokens and tickets, and points on some credit cards.

<span title="German-language text"><i lang="de">Notgeld</i></span> Emergency money issued during a crisis

Notgeld is money issued by an institution in a time of economic or political crisis. The issuing institution is usually one without official sanction from the central government. This usually occurs when not enough state-produced money is available from the central bank. In particular, notgeld generally refers to money produced in Germany and Austria during World War I and the Interwar period. Issuing institutions could be a town's savings banks, municipalities and private or state-owned firms. Nearly all issues contained an expiry date, after which time they were invalid. Issues without dates ordinarily had an expiry announced in a newspaper or at the place of issuance.

<span class="mw-page-title-main">Australian pound</span> Former currency of Australia

The pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. Like other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.

<span class="mw-page-title-main">Indian Head cent</span> American one-cent coin (1859–1909)

The Indian Head cent, also known as an Indian Head penny, was a one-cent coin ($0.01) produced by the United States Bureau of the Mint from 1859 to 1909. It was designed by James Barton Longacre, the Chief Engraver at the Philadelphia Mint.

<span class="mw-page-title-main">Canadian Tire money</span> Canadian retail loyalty program

Canadian Tire money, officially Canadian Tire 'money' or CTM, is a loyalty program operated by the Canadian retail chain Canadian Tire Corporation (CTC). It consists of both paper coupons introduced in 1958 and used in Canadian Tire stores as scrip, and since 2012 in a digital form introduced as Canadian Tire Money Advantage, rebranded in 2018 as Triangle Rewards. Both forms of the loyalty program remain current as of December 2022. Canadian Tire Money has been noted as the most successful loyalty program in Canadian retail history.

<span class="mw-page-title-main">New Zealand pound</span> Currency of New Zealand from 1840 until 1967

The pound was the currency of New Zealand from 1933 until 1967, when it was replaced by the New Zealand dollar. Prior to this, New Zealand used the pound sterling since the Treaty of Waitangi in 1840. Like the pound sterling, it was subdivided into 20 shillings each of 12 pence.

<span class="mw-page-title-main">Token coin</span> Trade token

In numismatics, token coins or trade tokens are coin-like objects used instead of coins. The field of token coins is part of exonumia and token coins are token money. Their denomination is shown or implied by size, color or shape. They are often made of cheaper metals like copper, pewter, aluminium, brass and tin, or non-metals like bakelite, leather and porcelain.

<span class="mw-page-title-main">Promotional fake United States currency</span> Faux currency that is clearly inauthentic

Promotional fake United States currency is fantasy "currency", adapted from United States currency that makes no assertion of being legal tender and is often created by individuals as a way to promote practical jokes, or social statements. It is legal to print so long as it makes no assertion, whether by appearance or statement, of authenticity. Promotional United States fake currency is not to be confused with counterfeit currency or conflated with legitimate currency that has been demonetized.

<span class="mw-page-title-main">Civil War token</span> Privately minted token coins

Civil War tokens are token coins that were privately minted and distributed in the United States between 1861 and 1864. They were used mainly in the Northeast and Midwest. The widespread use of the tokens was a result of the scarcity of government-issued cents during the Civil War.

<span class="mw-page-title-main">Company scrip</span> Scrip issued by a company to pay its employees

Company scrip is scrip issued by a company to pay its employees. It can only be exchanged in company stores owned by the employers. In the United Kingdom, such truck systems have long been formally outlawed under the Truck Acts. In the United States, payment in scrip became illegal in 1938 as part of the Fair Labor Standards Act.

<span class="mw-page-title-main">Japanese invasion money</span> Currency issued by the Japanese Military Authority

Japanese invasion money, officially known as Southern Development Bank Notes, was currency issued by the Japanese Military Authority, as a replacement for local currency after the conquest of colonies and other states in World War II.

<span class="mw-page-title-main">Three-cent nickel</span> US copper-nickel three-cent coin (1865–1889)

The copper-nickel three-cent piece, often called a three-cent nickel piece or three-cent nickel, was designed by US Mint Chief Engraver James B. Longacre and struck by the United States Bureau of the Mint from 1865 to 1889. It was initially popular, but its place in commerce was supplanted by the five-cent piece, or nickel.

<span class="mw-page-title-main">Kalākaua coinage</span> 1883 Kingdom of Hawaiis silver coins

The Kalākaua coinage is a set of silver coins of the Kingdom of Hawaii dated 1883, authorized to boost Hawaiian pride by giving the kingdom its own money. They were designed by Charles E. Barber, Chief Engraver of the United States Bureau of the Mint, and were struck at the San Francisco Mint. The issued coins are a dime, quarter dollar, half dollar, and dollar.

The United States Uncirculated Coin Set, known as the Uncirculated Set or Mint Set in the United States, is an annual coin set sold by the United States Mint. The set is marketed towards coin collectors as a way to obtain circulation coins in mint condition.

References

  1. Richard A. Edwards, “Tenino’s Wooden Money”, Tenino City Historian, June 2020. (Retrieved 2020-03-01.)
  2. Richard Clark, Sam Hill’s Peace Arch, AuthorHouse (2005), p. 230, and http://www.nationalsilverdollarroundtable.org/?p=1179 Archived 2015-06-26 at the Wayback Machine .
  3. John Blackwell, “Brother, Can You Spare Some Scrip?” Coinage Magazine, June 2009.
  4. 1 2 3 Now Accepting COVID-19 Recovery Grant Applications!! City of Tenino Washington, n.d. (Retrieved 2020-03-01.)
  5. Price, Steven (June 22, 2011). Endangered Phrases: Intriguing Idioms Dangerously Close to Extinction. Skyhorse Publishing. p. 67. ISBN   978-1616082475. Don't let yourself be cheated. This expression was first heard in the early 20th century. Although there never were any wooden nickels as legal tender, country folk going to a city were likely to be cheated by all manner of ruses, including obviously counterfeit coins. Wooden nickels did exist, however, as bank promotions during and after the Great Depression; the 'coins' were redeemable for prizes.
  6. Bruce, Elyse (January 4, 2011). "Don't Take Any Wooden Nickels". Historically Speaking. Retrieved January 9, 2017. However, the concept of wooden nickels was alive and well before the Depression Era as evidenced by an article in the Chicago Daily Tribune on February 11, 1925 reported: He was the kind of man who calls back, 'Don't take any wooden nickels' as he disappears through the door.
  7. Kipfer, Barbara Ann; Chapman, Robert L. (September 4, 2007). The Dictionary of American Slang (4 ed.). HarperCollins. ISBN   978-0061176463. Archived from the original on January 9, 2017. Retrieved January 9, 2017. Take care of yourself; good-bye, and watch yourself •Used as an amiable parting salutation (1915+)