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Pictured above is an 1820 North West Company Token, in a PCGS slab, noting VF Details and environmental damage.
This token is believed to have been struck in Birmingham, England by John Walker & Company. Its obverse depicts a laurel adorned bust of George IV facing right, with the word "Token" above. The year 1820, appearing beneath the king's profile, was also the year of his accession to the throne. The reverse features a right facing beaver surrounded by the verbiage "North West" above and "Company" below. At least 90% of these tokens were fashioned out of brass, with the remainder made from copper. The token's edges were either plain; grailed (security edge); or with diagonally incused reeding in the edge's center (not extending to the rim). All but 2 to 6 known examples exhibit a drilled hole in the 12 o'clock position, to facilitate suspension from a cord - probably as a convenient means of carrying them, or for adornment purposes.
In 1820 the Oregon Country was subject to the competing claims of Britain and the United States, until statehood was achieved in 1859. A major source of revenue for the North West Company of Britain, which operated in this region, was the beaver trade. One of many uses for beaver was in the production of hats, because of their pliability, durability, and waterproof characteristics. In 1821 the North West Company was forcibly merged with its competitor, the Hudson Bay Company founded in 1670. This corporate powerhouse was, at one time, the largest English company operating in North America, employing a large number of fur traders, and boasting an extensive network of trading outposts. Understandably, Oregon ultimately acquired the nickname "The Beaver State". The HBC Company is still in existence today, based in Toronto, and running an array of upscale retail stores.
The North West Company Tokens were created to facilitate Indian trade in the Pacific Northwest, particularly along the Columbia River valley in present day Washington State, and the Umpqua River valley in Oregon. This is known because of the extensive number of buried caches of tokens recovered along their banks. As might be expected, virtually all ground finds from these environments exhibit substantial surface oxidation, porosity, pitting, as well as extensive wear.
The tokens were likely used as compensation for the Indians, in exchange for their beaver pelts. The tokens could be redeemed for merchandise.
Because of these tokens' rarity, they are highly prized by collectors, even in their frequently environmentally challenged states. Estimates of the number of surviving specimens range from less than 100 to as many as 250.The corroded example pictured above, for all its faults, exhibits substantial detail, and is more desirable than many higher graded tokens. The finest example is one graded MS 61, with a provenance extending back to Wayte Raymond and John J. Ford, Jr.