1 Penny - Caro, J. and Co. Christchurch

J. Caro & Co. operated as a general merchant in Christchurch during the 1870s token period, when the chronic shortage of small British regal coinage in New Zealand forced retailers to commission their own copper pieces. These merchant tokens filled a genuine transactional gap — the nearest Royal Mint supply was months away by sea, and colonial commerce could not wait.

The Roth numbers R#62 and R#74 indicate two distinct varieties exist for this issuer, likely differing in die detail or edge treatment — worth cross-referencing against Gray#41 before attributing.