Description:One penny copper token issued by Samuel Fereday. Born in 1758, Fereday was a successful Black Country industrialist who owned coal mines and ironworks, including the Priestfield Works at Bradley, near Bilston. He lived at Ettingshall Park. His businesses flourished during the Napoleonic Wars and at the height of his success his companies employed 5,000 people. However, after the wars depression came and the partnership of Fereday, Smith and Fisher was declared bankrupt in 1816. In 1821 he emigrated to France and died at Capelle, near Boulogne-sur-Mer in 1839.
Token coins such as this were issued by businesses and other organisations when official coinage was in short supply. In theory, tokens would circulate only where their issuer was known or trusted, but in practice trade tokens were circulated widely and used in exactly the same way as official coinage. The latter years of the Napoleonic Wars affected the economy and led to further issues of tokens between 1811 and 1815. Token coinage from this period is usually of a high quality.
Bilston penny token.
Obverse: 'PRIEST FIELD FURNACES 1811'. View of furnaces.
Reverse: 'BRADLEY, BILSTON & PRIESTFIELD COLLIERIES & IRON WORKS. ONE PENNY PAYABLE AT BILSTON. S. FEREDAY'.
Edge milled. Diameter 33mm.