Tokens & Icons was founded with the New York Transit Token Cuff Links in 1991 when Ward Wallau, the founder, was approved for a license with the New York City Transit Authority . This occurred eleven years after he first approached them in 1980 when they filled in the "Y" of the quarter-sized "Y-cut" subway token. While he understood that businesses need to find ways to save money, Ward wanted to prove to the NYCTA that by filling in the "Y," they were dispensing of something truly unique and beloved to the city and its riders. He purchased these older tokens whenever he saw them sitting on the front ledge of an operator's booth and he eventually amassed 100. Though not a cuff link aficionado, Ward thought this format might be a logical way to reincorporate the tokens into New York's daily life and, of course, prove that the "Y-cut" token had more life to it.