In their original village life, communities were to a great extent self-supporting, and the bulk of local trade was carried out by barter, the miller taking a part of the farmer's corn as his fee for grinding it, and the bootmaker receiving a sack of potatoes for his services etc.
    But, in the factories, labour was bought for cash, and the labourer had to buy the necessities of life with cash likewise. This great upsurge in money trade led to an embarrassing shortage of currency, particularly of smaller coins. This was aggravated by the demands for metal by the munitions industry to supply the needs of the recent war of American Independence.
    The Government of the day was quite unable, or too inept, to organise the money supply to meet the needs of the people. The Master of the Royal Mint was paid commission on the value of the Mint's output, so it was more profitable to produce gold and silver coins of higher denominations, even though the shortage of small change made local trading almost impossible.
    The upper classes also thought it demeaning to have the effigy of the monarch on base metal coins such as bronze or tin. So, in 1787, one Thomas Williams began minting his own token pennies and halfpennies from the copper he produced in his own mines in Anglesey.
    Soon, others imitated him, and subsequently even small traders and institutions were designing and producing their own token coins. More than 10,000 different designs appeared between 1787 and 1817, some in vast quantities.
    Among the many traders issuing tokens was James Sketchley, a bookseller and a Mason of Birmingham, who designed and issued the coin illustrated, the Masonic halfpenny.
    These were issued in 1794, probably as "Pocket Pieces" or curios, but it is certain that they were circulated widely and accepted as money in the same way as all the other token coins.
    It is not recorded how many were made, but experts have recognised three different dies for one face, two for the other and 13 edge inscriptions, so it is fair to assume that very many were produced.
    After a short time, the manufacture was taken over by William Lutwyche, another Mason.
    The top illustration of the coin is depicted what may be termed its historical face. It carries the Mason's Arms, the insignia of the Premier Grand Lodge, which Brother Sketchley's Lodge, St Paul's, now No. 43, had adopted as its crest in 1786.
    There are several noteworthy points. First, the escutcheon or shield is divided by a chevron, on which is engraved wide-open compasses.
    Second, the shield is supported by two beavers, traditionally famed for their industry. Third, above the shield is a globe surmounted by the Dove of Peace, and finally, the legend Amor, Honor et Justitia – Love, Honour and Justice.
    Around the circumference is an inscription commemorating the election in 1790 of HRH the Prince of Wales as Grand Master of the Premier Grand Lodge, referred to as "The Moderns". The Prince of Wales subsequently became Prince Regent, and later King George IV.
    The bottom illustration I deem the symbolic or allegorical face of the coin. First, the Latin legend Sit Lux et Lux fuit – Let there be light and there was Light. Also, observe around a triangle the names of those three great pillars that symbolically support a Lodge: wisdom, strength and beauty.
    Finally, observe the shape of this coin, a perfect circle, a line with no beginning and no end, signifying Charity, reminding us that the Great Architect has ruled, is ruling now, and will continue to rule till time shall be no more.
    This Masonic Token is a coin of small value, and yet as an object on which to moralise is of inestimable worth. It provides a direct link with our brethren of over 200 years ago, and illustrates the stability and unchanging nature of our peculiar system of morality that is amply illustrated by such symbols.

This article is based on a lecture delivered by the late W Bro Fred Finedon to his own lodge, Babergh Lodge No 8122 and to the Lodge of Perfect Friendship No 376.