During the LOTRO Anniversary Event, you will find a barter vendor who sells various things in exchange for Steel Tokens 
. These are a separate currency type to the Anniversary Tokens 
and Festivity Tokens 
. But what are Steel Tokens and how do you earn them? And, more importantly, what kind of goodies can you get your hands on for them? Let’s answer all those questions now!
How Do You Earn Steel Tokens?
Where Do Steel Tokens Come From?
Unlike all other currencies for LOTRO events, you do not earn Steel Tokens from event quests or instances. Instead, this character-bound currency drops from enemies. This means you could decide not to partake much in the LOTRO Anniversary Event and, through normal questing and completing slayer deeds, you can earn them. Which Enemies Drop Steel Tokens?
Although the official line is that these drop from harder foes, that is not actually true. Steel Tokens can fall from any mob – even grey ones. If you have the fly text shown on enemy defeat, you’ll see it flag up when one drops for you. Where is the Vendor?
A better question would be where are the vendors? This is because there are many of them, dotted around Middle-Earth! They are called Keeper of Gifts. Given the method of earning Steel Tokens is from combat, it makes a lot of sense that you can exchange them without returning to Bree. Find the full list here on the Wiki!What Can You Spend Steel Tokens On?
During the Anniversary Event, you can speak to the separate barter vendor to the default event rewards one. They have a range of cosmetics and other items to exchange for Steel Tokens. Unless something major changes in 2022, which in this case I doubt, there are no mounts (nor war-steed cosmetics) available for Steel Tokens.Newest Steel Token Rewards
(New!) Mighty Ram Fireworks × 5 (10 ) 
) Steel Token Cosmetics
You can exchange some of your combat-acquired currency for cosmetics. Though it does make you wonder why, say Orcs doing carrying festival tokens?
Fireworks
Since the 2022 Anniversary Event, you can acquire two types of fireworks consumables for Steel Tokens: Willow Fireworks × 5 (10 ) 
) Soaring Pinwheel Fireworks × 5 (10 ) 
) Simple Carrying Torch
- 10 × Steel Tokens for a stack of five.
Fireworks Recipes
The following Scholar crafting recipes can be obtained for 10 × Steel Tokens. The links go to the Wiki, by the way.Convert Steel Tokens To…
If you don’t want any of the cosmetics you can convert them- To Marks
: which can be bartered at a Skirmish Camp for armour, weapons, cosmetics – and to enhance your Skirmish Soldier.@jewahe pointed out you can visit Tad Leafcutter outside Bree Hunting Lodge all year round for this service! - To a Battle Box (10 × ) (which, if you get Marks is twice the value of directly converting them)
- To a Legendary Gift Box which helps with Legendary Items
2022 Anniversary: As the new Legendary Item system is in play, there may be changes to the Legendary Box. I’ll try to remember to check for you.
TL;DR Steel Tokens – Kill Enemies, Buy Stuff
That kind of sums it up. By defeating enemies, you can pick up Steel Tokens. You can exchange these for various items, from cosmetic clothing, to carrying torches, to Marks . I wonder what the 2022 Anniversary Event will bring in Steel Token rewards? All my content will always be freely available. However, if you'd like to support myself and my family, please consider buying us a virtual coffee. Either way, thank you for visiting, I appreciate it!
