“Don't take any wooden nickels” That adage or similar ones dates back to the
1800s when dishonest sellers of nutmeg would mix a wood piece made to look like
nutmeg in a bag of real nutmegs which cost more than 15 times as much.
Also, as a nickel bought more then, some people did try to cheat an
inattentive seller by “paying” with a wood disk the size of a nickel painted
silver. “Wooden” then became associate with fake. The adage was included in dictionaries by the
1920s.
It was in the state of Washington in 1933 that wooden money
made its first real appearance. The bank in Tenino failed as did many others at
that time. With the bank closed, merchants could not get change, making it
difficult to conduct what little business they had. Only by taking a long trip could they find an
open bank and get the cash for their till. They banded together to issue scrip
printed on thin slices of shingles. They
noted that “Confidence is essential if money is to circulate. When money flows
freely, prosperity will return.” The wooden certificates could be redeemed for
US currency but as long as people were confident that when they received one
they could in turn used it to purchase items from other sellers in their
community, there was no need to exchange them so these “coins” did indeed serve
as money.
Other cities in the Northwest copied this idea and issued
similar scrip in various denominations. The coins below came from the city of
North Bend, Oregon and were signed by the mayor and city treasurer.
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South Bend Oregon wooden coins |
Later in the decade, promoters of civic events began issuing
souvenir wooden nickels. These could also be used in exchange for merchandise
or redeemed at a local bank but only for the duration of the event.
This wooden nickel was created for the New York State Fair's
100th Anniversary, August 25 to September 2, 1938. It could be used
in trade in Syracuse New York or exchanged for a US nickel at any Syracuse Bank
until noon of Saturday, August 31, 1938.
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New York State Fair Wooden Nickel |
Some stores also began issuing wooden nickels such as this
one from Flowerland in Corvallis.
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Corvallis, Oregon wooden nickel |
Many of these wooden nickels were never used to buy things
or turned in for regular US coins as people saved them as souvenirs and/or
collected them. The ones shown above are only a few from
many in Benton County Historical Museum's large collection.
HOW MANY?
By
Martha Fraundorf, Volunteer for Benton County Historical Society, Philomath,
Oregon