TOKEN

Starting in the 1830s, new half-penny trading tokens jingled in the pockets and purses of Islanders. A token bearing the words, “Ships, Colonies & Commerce” was introduced to help alleviate the colony’s shortage of coins. The coin’s popularity kept it in circulation for around 30 years. But there might have also been another reason why it was favoured by Islanders. By the 1860s, traders learned of an easy way to turn a quick profit off the tokens. Newfoundland had a very similar token which was thicker and heavier, giving it an increased value. Barrels of lighter and therefore, less valuable PEI tokens were being smuggled into Newfoundland where they were traded for the same value as the heavier tokens. The Newfoundland government soon caught on to the swindle and banned PEI’s tokens altogether from being traded in their colony.