Hard times token explained

Hard Times Tokens are American large or half cent-sized copper or brass tokens, struck from about 1833 through 1843, serving as unofficial currency. These privately made pieces, comprising merchant, political and satirical pieces, were used during a time of political and financial crisis in the United States.[1]

Today, hard-times tokens are collectible and usually very affordable as coins and as political history.[2]

Background

In 1832, President Andrew Jackson ran for re-election and called for the abolition of the Second Bank of the United States. While he won the election, he worked to weaken the bank before the charter expired in 1836. Without the Bank of the United States, state banks attempted to fill the paper money gap and issued a large number of bank notes, which fueled inflation. Hoping to halt the inflation and speculation in public lands, Jackson and his Treasury secretary, Levi Woodbury, issued the Specie Circular on July 11, 1836. The circular simply stated that as of August 15, 1836, banks and others who received public money were required to accept only gold and silver coins in payment for public lands.[3]

Instead of the intended results, the circular spelled the end of a time of economic prosperity. The circular set into motion a panic, and the public began hoarding specie. Without specie to pay out, banks and merchants began having financial troubles. It wasn't too long before the effects of Jackson's decision were felt across the nation as banks and businesses failed, and a depression ensued.[3]

By this time, Jackson's vice president, Martin Van Buren, was the elected president in office. The period of economic hardship, the Panic of 1837, during Van Buren's presidency came to be known as the "Hard Times".[3]

Designs

Hard times tokens have been cataloged by Russell Rulau, based on earlier work by Lyman H. Low, and his numbering of types is the standard. Rulau classifies tokens broadly into:[4]

See also

Sources

Notes and References

  1. Web site: Token . nhhistory.org . New Hampshire Historical Society . 26 December 2021.
  2. Web site: Getting Started with Hard Times Tokens . coinagemag.com . 13 December 2018 . COINage Magazine . 26 December 2021.
  3. Web site: Corrigan . David . Hard Times Tokens . museumofcthistory.org . Museum of Connecticut History . 2 January 2022.
  4. Book: Rulau, Russell. Hard Times tokens: A complete revision and enlargement of Lyman H. Low's 1899 classic reference. 1 January 1981.
  5. Web site: Political Hard Times Tokens. Mansfield Numismatic Society . 26 August 2023.