`PAYABLE IN MERCHANDISE ONLY` and `NOT TRANSFERABLE` in outer circle, encircling `10 ORCO / REG. U.S. PAT. OFF. / THE CO. / OSBORNE REGISTER / CIN, O. U.S.A.` with `M` cutout at bottom-center
Reverse lettering
PAYABLE IN MERCHANDISE ONLY
10
ORCO
REG. U.S. PAT. OFF.
THE CO.
OSBORNE REGISTER
CIN, O. U.S.A.
NOT TRANSFERABLE
Reverse script
Latin
Mint
Osborne Coinage, Cincinnati, Ohio, United States (1835)