tax token

silverpop

well this 1935 New Mexico 1 mill tax token is one of the odd pieces of my collection

made of aluminum , doesn't have much wear on it which amazed me

bought it at a coin shop with a mini medal and a Apothecaries weight for my collection

overall not a bad deal

Shamika

<< <i>made of aluminum , doesn't have much wear on it which amazed me >>



Aluminum does not wear well at all. However, I'm betting this token saw very little usage.

WillieBoyd2

My father saved a whole jar full of these sales tax tokens.

Davideo

So to the ignorant rube (myself), what were these used for?

Zoins

These 1 mill tax tokens are a favorite of mine given that milles were mentioned in the Coinage Act of 1792.

GrumpyEd

<< <i>So to the ignorant rube (myself), what were these used for? >>



I believe the idea was to make the correct change so you could include sales tax.

You spend 10 cents and owe 6 mills tax (at 6% sales tax).

Reminds me of my dad telling me of how in the 30s my grandma made him walk back to a store several miles away because they shorted him 1 cent in change, in that period rounding up to a cent would not have been welcomed since a cent did matter.

cladking

<< <i>So to the ignorant rube (myself), what were these used for? >>



The Secret Service eventually forced them out of use because they were for all
intents and purposes coins. People were using "12" five mill pieces to make a
six cent purchase cutting into federal profits on coin production. 1935 was a very
lucrative year for coins dince silver cost only about 24 cents an ounce and they
didn't need aluminum and cardboard so called tokens cutting into profits.

Most of these "coins" are very common but there are numerous scarce varieties
and almost every example is worse for wear. There are a few scarcer issues. The
NM issue in this thread is a little scarcer. Uncs are most uncommon and even AU's
are unusual.

silverpop

thanks for the info I knew little about the use of such a token

ricko

These tax tokens and the war time tokens (Red, blue etc) were part of numismatic history, although not 'coinage' in the usual sense. So, having some in a collection is very appropriate. Cheers, RickO

johnny9434

at least it looks decent