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Over the past 3 years I have been an avid collector and seller of love tokens and coin jewelry. I have found that love tokens are a mix of artwork, history, and personal value. Many people ask me how much are love tokens worth. Well there isn't a guide where you can find the price of a love token as they are unique items but there are some rules you can follow to estimate a sale price. This guide will share information love token collectors use when they buy specific love tokens from eBay or coin dealers.
(Above) : example of bent love token
I should start with a history of love tokens. In the late 18th century to the early 19th century love token began to become popular. They were originally a coin that was bent twice at opposite directions so that it could not be spent, but was to be kept as a token. It was a symbol of sharing wealth between two people or as good luck gifts to family and friends. Later on in the mid to later 19th century carving the coins became popular with names and initials. Companies started up specifically in making love tokens to patrons. This is why you often come upon unfinished love tokens. Later in the nineteenth century enameling love tokens became a popular event. This was about the same time the meaning of the love token shifted from being a symbol to a simple piece of jewelry. Carved love token earrings, pins and buttons became popular in the community and people would wear many different initialed love tokens in keeping with the style. This is the period where the love tokens necklaces, bracelets, and fobs begun to appear. Soon afterward in the early 20th century the fad died out for good.
(below) : Example of an enameled Love token
#1) A love token is a damaged coin. No it is not worth catalogue value. On rare coins for example a 1948 Canadian Silver dollar (trend value $1000.00) the rarity of the coin may increase the love tokens value, but it is usually under 1/5 catalogue price. The reason for this, is that carving a love token is the same as drilling a hole through the coin, it is now damaged and you can never get full book price for a damaged coin.
The picture above is a 10 ORE dated 1878. Catalogue Value on the coin is $60.00 but retail is $15.00
#2) the artwork on the coin is the most important factor in determining value. A good background field that is absents of scratches and wear is desirable for eye appeal. A carved border is a huge benefit as it gives a sharp decorative edge to the coin. Even a simple border such as triangles improves the look and increases the value of the token. However unfinished love tokens with only a border still command a premium although lower than one that is completed. The engraving is also important. Initials do not hold as much value as full names because initials are hard to match up to modern names, as there are thousands of combinations. Names however are quite easy to match up, like Mary, Bob, Jack, Roger, Louise, Stephanie. The named tokens are often demanded as love tokens and gifts today in the market place. Fewer commons names like Gaylord, or Brutis hold lesser value, as they are not easily matched to modern names. Carving over top of a coin, and counter stamping a coin is not too desirable in the love token market and these coins hold little value. Interesting designs or out of the normal designs like advertising or landscape scenes are quite valuable. Listed below are many examples of the above items and their approximate values.
This is a common type of love token where the initials are carved right into the coin. Because this coin has the necklace loop it will sell for around $5 however if it did not have the loop but only the carving it would be worth around $2.00
This is an example of a well worn love token. But because it was carved with imperfect fields (un flattened surface) it gives this token a poor looking appearance and is worth around $2-$4
Name tokens are more popular than initial tokens. However the token to the left has a name not easily matched to anyone today and would sell for around $12.00 while Jack on the right is a common name today and would sell for $18.00
This is an example of how a border helps the eye appeal of the coin. The coin on the left has no border and looks plain. It would sell for $10.00 while the coin on the right would sell for $14-$18.00
This is an interesting piece. It appears to be an advertising piece or a souvenir from a ranch in Mexico. Because this item is interesting and is quite different from normal love tokens it would sell for $28-$35
Above is an example of Hangings. Most collectors prefer the hanging on the left where a loop has been soldered to the coin instead of having one drilled into the coin. The token on the left with the plain design but with the soldered loop would sell for around $15. The one on the left with the drilled hole would sell for around $12.00
#3) Metal content is another important factor when looking at the value of a token. Silver is the most commonly used coin in the making of tokens as it represented value without going overboard in price. Silver is also one of the cheapest love tokens to buy as there are so many out there. Copper and Nickel love tokens are much scarcer to find well carved. Nickel and copper seen on the lower denominations was seen as poor mans metal and was rarely used. It was also harder to carve than gold or silver and the designs were often weak or poorly done. That is why a nicely carved cent or nickel is more valuable than a dime with the same carving. Gold is a tricky substance to value. With that that is what these tokens are worth. Gold tokens sell for about 5-10% above spot value. About two years ago when spot value was at about $400 it was not uncommon to get double spot value on these coins but unlike the coin market the price on these coins has not increased with the price of gold.
#4) The Size of the coin effects the value of the coin. A given rule that the larger the love token, the more it is worth. However I have found that this idea has been exploded out of proportion. Dimes are the most common sized love token and averaged carved dime is worth around $6-$8 at its size. Quarters a step up tend to sell on and off eBay for $10-$15. 50 cent coins sell for around $20-$30 for an averaged carved love token. And following this trend Morgan dollars should sell for around $40-$50. But for some reason they have been selling for around $100-$120. I am curious why this is occurring. Over the past year I have sold 3 Morgan dollars for all under $50US including the one below that I had sold for $35 US. The fact is that these coins are not rare. At any given time there are up to 4 different dollars on eBay. With the present market the amount of these coins available verses the amount of collectors will soon be thrown out of balance and the Morgan market will settle back down to what it was 14 months ago. Of course the larger the coin the more design you can put on it and the elaborate carved are worth up to $60 but a common plain design like the one below is worth about $35. On the opposite side the smaller the coin, such as a 3 cent piece, 3 pence, or a Canadian 5 cent tends to be worth around $10 as they are harder to carve with their size.
#5) the fifth factor is market demand. If there are 2 people who want a particular love token for the name or design the value of the coin can be increased greatly. This factors usually only take effect on eBay where you have bidders jousting each other for the item. And even a cheap love token (estimated value) may sell for double or triple the estimated value.
#6) Love token Jewelry holds a small premium of value over the love tokens them. Anyone can take their existing holed love tokens and place them on an old chain or connect them into a bracelet. This market is purely the design aspect of the necklace and these items sell for around 10% more than the estimated value of the love tokens.
I hope this Guide was helpful, if you have anything to add, any questions, comments, or would like me to value your love token(s), please email me at rcmcc@telus.net
Question and Answer Section
Questions recieved through email.
Q: I have purchased a US trade dollar that has a toilet carved under the seated liberty. What are these coins worth and do they hold a premium in the market place?
A: I have seen this type of coin before, however i do not believe it holds any value. Trade dollars are a scarce item if they are authentic. There is a huge market of fakes flowing out of chinese reproduction shops out east. An authentic dollar should be worth AG price as it is a damaged coin ($35-$55). I do Not believe that there is a market for these sort of items and have not seen anyone buy one for that specific reason.
Q: I read your guide about Love Tokens. It was informative and enjoyable. The end question about the potty dollar missed the mark. These are highly collectable like hobo nickels and considered a form of folk art. You dont often see them but I have seen beautiful carved examples.
A: To some people these coins may be collectable however most of the examples I have seen are crude and not well done, no doubt that a good example may sell for more money. But on ebay the crude examples tend to sell from 30 to 60 on auctions starting at 1 cent. however once these coins cross from numismatics to folk art the chances of fakes turining up is increased, just like the hobo nickels people are making modern examples and trying to pass them off as real pieces. This switch brings in the need authentication and brings the fun out of collecting these pieces.
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