Created first ETH token on test-net how does a monetary value get decided?
If it's on the testnet, then it won't be worth anything. Testnets are for testing, and should be seen as only temporary. They can be shut down without notice (as has happened in the past).
For example they are being used as a test service on a website but how
does coincap or coinmarketcap put a value to them?
There are 2 main ways.
- The crowdsale (ICO).
- The market.
When you initially offer your token to the community, you can sell it at a set price, like the $0.01 / token you mention above. Your market cap can then be determined from this.
But how would coinmarketcap or coincap know what they're worth.
At least for the ICO, as long as they know how many you have sold, and what you sold them for, they can work out your market cap. Note that you don't need to sell all your tokens. You could sell 1% of them at $0.01, but the other 99% that you still hold would still contribute to the market cap total.
Once the token is on the market, you have no control over its value (unless you peg it to something, but that's a different question). It's in a market, and it will be worth whatever supply and demand, and speculation, say it's worth. If people don't want your token, it will be worth nothing.