1860 Canadian 1/2 Penny Speed the Plough Coin - Hook Reverse Variation, PE-5B2 - Prince Edward Island Coin -

Prince Edward Island was prolific about issuing a token series for 30 years beginning in 1830. The pieces include types with legends such as SHIPS, COLONIES AND COMMERCE, SUCCESS TO THE FISHERIES and SELF GOVERNMENT AND FREE TRADE. Some, such as this token, carried no value marking so that consumers and merchants could ascribe the value needed in the areas where the tokens circulated. The cod and the inscription on the reverse refers to the fishing industry that was essential to the islands' economy.

After 1870, Canada was issuing legal tender, leading to laws that restricted token usage. However, tokens would return. From 1890 to about 1940, for example, some Canadian merchants issued tokens for common goods like bread and milk and services such as haircuts.

These interesting tokens circulated on Prince Edward Island during the US Civil War period. They are difficult to find in great condition, so the value goes up steeply with condition. Typical catalog values are shown below for the two major varieties, hook and clevis. While it has been said that the token was little used by the islanders, the tokens were clearly well-circulated as few examples are available in higher grades. Evidently many of the hook variety were shipped to Newfoundland, as contemporary newspaper articles from that time mention them as circulating among the merchants there.

Clift, Wood & Co. of Charlottetown are credited with 1st importing this token into Prince Edward Island.

Issuer Prince Edward Island (Canadian provinces)
Queen Victoria (1855-1901)
Type Token
Years 1859-1860
Value ½ Penny (1⁄480)
Currency Pound (1790-1871)
Composition Copper
Weight 5.6 g
Diameter 26.0 mm
Shape Round
Technique Milled