The Secret of Charge Coins

Charge coins are one of the best kept secrets in the credit card collecting hobby today. Everyone who learns to recognize charge coins has the possibility of duplicating or even surpassing the opportunity.

Spotting collectible charge coins

Credit card collector, Walt Mach, wrote:

“While scanning some ‘maverick’ tokens at a local coin show, I spotted an oval shaped coin with a hole in it that I knew immediately had to be a charge coin. The dealer had no idea what it was and I purchased it for $50. It turned out to be a charge coin issued by the Smith and Kasson Company of Cincinnati, probably in the 20s or 30s – very beautiful and made of white metal.”

Dealers unfamiliar with charge coins

If the dealer had known the Smith and Kasson piece was a charge coin, he could have asked for more and gotten it.

It’s common to find that most dealers don’t know what charge coins are. The few dealers who do know seem to price common coins they can identify from $5.00 to $8.00 (for undamaged coins).

Some charge coins were issued without the name of the store on them. These coins have either the store’s initials or monogram. Any charge coin found in a dealer’s inventory that only has initials or a monogram is generally priced around a couple of dollars. That’s because most dealers can’t identify the initials or monograms. As soon as the dealer can identify the coin the price immediately goes up.

Learn how to identify charge coins

If you aren’t able to identify a charge coin, it could be to your benefit to learn. It’s one of the few times you may have the upper hand when buying from a dealer.

Here’s a brief explanation:

Charge coins, the first credit pieces, started being issued in the 1860s. They were still in use as late as 1959.

Most charge coins are the size of a quarter or half dollar. Because of their size, they were often carried with change. This is why they are commonly referred to as coins.

Characteristics of charge coins

Ed Dence, another credit card collector, wrote:

“Charge coins come in various shapes, sizes, and materials. Most are rectangular, round, or oval. Some are in the shapes of shirts, socks, or hats. They’re made from various materials such as fiber, German silver, celluloid, steel, and copper. The issuing store had its name, monogram, or initials on the coin. Each coin has a customer’s identification number. The coins never carried the customer’s name.”

Variety of uses

“The use of the coins varied. In your local haberdashery, you could purchase anything from a necktie to a pair of shoes. At the drugstore, it was used to purchase a bottle of cough syrup or a box of candy. Even a washing machine or a sofa could be bought from your favorite department store – as long as the coin was issued by these stores.”

Acquiring charge coins

“To acquire a charge coin, you had to have the means of guaranteeing payment at a later date, usually the end of the month when the bills came due. You also had to have a responsible job or position. Never in those days did the stores solicit you as they do today with their colorful charge cards of plastic money. You had to apply to the store or stores that issued these charge coins. After filling out an application and they run a background and financial check on you, then you might qualify for your charge coin.”

Using a charge coin

“When making a purchase, the salesperson, without tendering the goods to the buyer, would check a master list for the name of the customer against the number on the coin. If they didn’t match or the customer didn’t give the correct name, he didn’t get the merchandise. So if a lost coin was found by someone other than the person to whom it was issued, it did not do them any good. In a case like this, the salesperson would keep the coin so it could be returned to the rightful owner.”

“Coins were usually holed so they could be put on a keychain for safety. Many women wore them on chains around their necks to keep them from being mislaid or lost.”

Building a charge coin collection

Charge coins are still plentiful enough to make it possible to build a significant collection. They’re also scarce enough to have a bright future.

Seldom do collectors have the opportunity to acquire important pieces of Americana at affordable prices, particularly when the pieces are so essential to a hobby and carry such historical meaning.

Whether you buy a charge coin for .50c or a rare and much sought-after piece for $20+, it should be a satisfying experience. That’s because of the enjoyment received from owning such an artistically beautiful piece. Charge coins have a rich and romantic history. This makes them an exciting collector’s item.

Copyright 1987 by Greg Tunks

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Frequently asked questions

You can find out the value of old credit cards by checking how much similar cards sell for. There are several ways to do this.

The simplest way to determine the value of old credit cards is to ask an experienced collector. If you submit an inquiry via our contact form, we can connect you with an expert who can assist you and point out if there is anything rare or unusual in your collection.

Alternatively, you can become a member of the American Credit Card Collectors Society. Membership in our credit card collecting club provides access to resources and knowledgeable members who can help. Benefits of membership include access to a gallery containing thousands of cards with historical pricing information, and access to our entire collection of newsletters, from 1994 through the present day.

You can look at recent sales on auction sites, however, there are some considerations to keep in mind when doing this. Firstly, it’s important to look at selling prices, rather than asking prices. Selling prices are the prices people actually paid, while asking prices can be very different. Secondly, historical sales on some sites are only saved for 3 months, so you may not find something that exactly matches what you have. Thirdly, it is sometimes possible to see rare or unusual cards sell for lower prices than they should have because people do not understand their worth, the ads don't do justice to the card, they're listed in the wrong category, or any combination thereof.

There are always people in our club who are actively buying cards. Collectors tend to focus on a niche, like gas cards or retail cards, or they might focus on a slightly broader area, like bank cards or travel and entertainment cards. Many of the rarest or most unusual cards will exchange hands in private sales. Please contact us if you are thinking of selling your collection.

You can also sell your old credit cards on online marketplaces. You will get the highest price if you sell each of your cards individually, although this approach requires the most effort. At the opposite end of the effort scale would be selling all cards as a job lot, an approach which typically results in the lowest price on a per-card basis. Halfway between these two approaches would be to group cards into different categories and to sell these individual groups, e.g., BankAmericard, Master Charge, oil and gas, retail, and so on.

To join the club, visit the membership section and complete the registration form. You can pay by check or PayPal. We offer annual or lifetime memberships. If you have any questions please contact us via the form on our website.

Credit cards are more worthwhile collecting if they are rare, in good condition, have historical significance, or are associated with famous personalities or events. Valuable modern cards might include those that are difficult to obtain, such as American Express Centurion (a.k.a. ‘black’) cards, while older credit cards might include early independent bank cards, American Express, Diners Club, or BankAmericard (Visa) cards from the 50s/early 60s, or Master Charge (MasterCard) cards from the late 60s. Rare or unusual cards can also be sought after, such as those issued in small numbers, like small independent department stores or gas stations, or cards with appealing aesthetics.

Consulting with other collectors or experts in the club can provide valuable insights. Contact us for more information via the form on our website.

We do not offer an appraisal service in a traditional sense (such services are normally a paid service) but we can connect you with an expert who should be able to assist for free and point out anything rare or unusual in your collection. The simplest way to do this is to submit an inquiry via our contact form.

The American Credit Card Collectors Society accepts donations and is most grateful for any we receive. When donations happen, we strive to find good homes for cards where they will be looked after, matching cards with collectors who will appreciate them. The club may charge members a nominal fee for donated cards, and the proceeds are offset against the running costs of our club. We are a non-profit organization. Running costs include expenses like our convention and website hosting. Donations are most popular for people getting out of the hobby, or when someone has inherited a collection and doesn’t know what to do with it.

If you wish to donate your collection, please contact us via the contact form above.

American Credit Card Collectors Society