In the mid-1790s, Americans were building a new monetary system while still trying to conduct everyday trade. Even after the United States Mint opened in Philadelphia and began striking federal half cents and large cents, small change remained scarce. That shortage created an opening for private firms to supply copper pieces that could pass in commerce, especially when they matched the familiar size and weight of widely used British halfpennies. Among the better-documented of these early commercial issues are the Talbot, Allum, & Lee tokens of 1794 and 1795, pieces that blur the line between storecard, trade token, and practical substitute for official coinage.
Why Merchants Needed Their Own Cents
By the end of 1794, the federal output of minor copper coinage still did not meet the needs of a growing marketplace. With only limited quantities of half cents and cents available for the entire country, merchants and customers were had to improvise. Talbot, Allum & Lee, a New York trading firm (T A & L), commissioned a large supply of copper tokens for daily transactions. Their tokens functioned as convenient change and as an advertisement of the firm’s name, location, and credibility.
To accomplish this, T A & L commissioned a substantial mintage in England. The copper was struck in Birmingham by Peter Kempson, and the dies were likely prepared by Thomas Wyon. The resulting pieces carried the dates 1794 and 1795, but their practical aim was consistent across both years: create a token that merchants and customers would accept without hesitation because it felt like the copper already circulating.
Design, Varieties, and a Second Life at the U.S. Mint
The design choices for the Talbot, Allum & Lee tokens were intentional. On the obverse, an allegorical Liberty stands holding a pole topped by a Liberty cap, a symbol that fit the post-Revolution political mood. Behind sits a large bale, a clear reference to trade and shipping. Around the rim appears the legend “LIBERTY & COMMERCE”, while the date “1794” or “1795” is placed below Liberty in exergue.
The reverse shows a ship with the firm’s name around it, but edge legends vary: many 1794 pieces read “PAYABLE AT THE STORE OF”, while many 1795 pieces read “WE PROMISE TO PAY THE BEARER ONE CENT” (and plain-edge varieties are also known).
Collectors often group the major formats by date and reverse style: 1794 pieces commonly show “TALBOT, ALLUM & LEE / NEW YORK / ONE CENT” (with “PAYABLE AT THE STORE OF” on many lettered edges), while many 1795 pieces read “AT THE STORE OF TALBOT ALLUM & LEE NEW YORK” and carry the promise-to-pay language on the edge (‘WE PROMISE TO PAY THE BEARER ONE CENT’).
Another notable chapter in the T A & L story concerns what happened after the tokens were made. The company ended up with more pieces than it could readily distribute, while the United States Mint faced chronic pressure for copper planchets. Roughly 52,000 Talbot, Allum & Lee tokens were sold to the Mint and cut down into planchets for 1795 and 1797 half cents. On some of these federal coins, traces of the underlying T A & L design remain faintly visible. These “undertypes” are prized by collectors because they connect private commerce to early federal production.
By 1796, Lee had retired and the firm dissolved, but the tokens still had value. Remaining pieces were sold off, and many ultimately became more half cent planchets in 1797, giving these tokens an unusual legacy: many first circulated as merchant-issued coppers, and later some were cut down and overstruck at the U.S. Mint, leaving faint TAL undertypes visible on certain early federal half cents.
