A token coin has a narrower utility and is issued by a private entity.

Ī legal tender coin is issued by a governmental authority and is freely exchangeable for goods. They are often made of cheaper metals like copper, pewter, aluminium, brass and tin, or non-metals like bakelite, leather and porcelain. Their denomination is shown or implied by size, color or shape.

The field of token coins is part of exonumia and token coins are token money. In numismatics, token coins or trade tokens are coin-like objects used instead of coins.