EJ Marty was the trader at Indian Wells from the early 1900s to 1940.  He is also associated with other trading posts because he invested in speculation trading posts, meaning that he either built or purchased trading posts to sell to prospective traders.  He partnered with JH McAdams on several stores including Sunrise Trading which prompted a lawsuit from Lorenzo Hubbell for trade territory infringement.  Marty bailed before the lawsuit became contentious. $5 tokens are not common.  Most transactions in those days were less than $15.  In 1990, a sheep was worth $4.  Ironically, when the government settled with the Navajos after the Livestock Reduction Act in the 30s, it paid the Navajos $1 per head and then destroyed over 1 million sheep by fire or gunfire at a time when many in our country were living from bread lines.  I was It was a forced redistribution of wealth and the second time within 60 years that the Navajos lost over a million sheep.  Not many traders had $5 tokens because most transactions were less than $20.

Navajo trade tokens history & pricing conditions

      Navajo trade tokens date from the late 1800s - mid-1940s which means that they can be ~80 to ~100+ years old.  Some show more wear than others and some are cleaner than others.  To clean a trade token, use an eraser of any kind.  Some appear to be nearly new.  It all depends upon how they were handled and for how long.  

     Navajo trade tokens came about from the government issuing them to Navajo refugees in exile at Bosque Redondo in the mid-1960s.

     In the early trading years, the Navajos spoke no English and had no jobs = no money.  Trading posts revolved around credit.  When a trader made a deal for livestock, crafts, etc., a transaction often had a balance which the trader listed in a ledger and issued a credit slip.  However, most of the Navajo people could not read or write and were not comfortable with a slip of paper.  The people suggested to traders that the use of tokens would be more understandable.  Tokens were historically popular throughout the US with saloons, clubs, etc. so traders could source token manufacturers.  They were immediately accepted in Navajo country because they were tangible and physical representations of money.  Many Navajos wanted to keep their tokens after they were redeemed so they traded devised means of cancellation, usually by punching the token.

     They were banned in the 30s after the US Government banned their use by claiming that traders were making economic prisoners of their clientele.  So, what had been right for the goose was no longer right for the gander as the government ravaged the Navajo culture and economy with arbitrary regulations.  The Navajos could object because they were not a voting constituency until the 40s when they elected their first leader.  The traders objected but had no individual clout, so the bureaucracy ran roughshod with their regulations.  Similarly, the government banned trading, credit, and pawn.  Every attempt to penalize traders ultimately had equal or greater impact on the Navajos.

     I say all of those as a third-generation trader in my family spanning 100+ years of trading.  In 1913 my grandfather built Salina Springs Trading.  He was among the early traders.  By 1950 there were 250 trading posts.  My dad and I were the only two people that traded with every trading post because of Navajo rugs and pinon nuts.

Trade token pricing is relative to availability.  Simply put – there are no more.  They quit using them by the early 50s after ceasing production in the 40s.  Thirty years ago, $15 for a trade token was considered high because there was still an adequate supply.  Now, many of the tokens are not only in short supply or scarce and prices have at least quadrupled; higher on some.  So, how much is too much when there are no more?  What this means is that the value of Navajo trade tokens will definitely hold and likely increase with time.