Hard-times tokens are American

large Large means of great size. Large may also refer to: Mathematics * Arbitrarily large, a phrase in mathematics * Large cardinal, a property of certain transfinite numbers * Large category, a category with a proper class of objects and morphisms ( ...

half cent The half cent was the smallest denomination of United States coin ever minted. It was first minted in 1793 and last minted in 1857. It was minted with five different designs. History First authorized by the Coinage Act of 1792 on April 2, 1792, ...

-sized

copper Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...

tokens, struck from about 1833 through 1843, serving as unofficial

currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general ...

. These privately made pieces, comprising merchant, political and satirical pieces, were used during a time of political and financial crisis in the United States. Today, hard-times tokens are collectible and usually very affordable as

coin A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order t ...

s or as political history.

Background

1837_Merchant's_Exchange_Hard_Times_Token_HT-293

In 1832, President

Andrew Jackson Andrew Jackson (March 15, 1767 – June 8, 1845) was an American lawyer, planter, general, and statesman who served as the seventh president of the United States from 1829 to 1837. Before being elected to the presidency, he gained fame as ...

ran for re-election and called for the abolition of the

Second Bank of the United States The Second Bank of the United States was the second federally authorized Hamiltonian national bank in the United States. Located in Philadelphia, Pennsylvania, the bank was chartered from February 1816 to January 1836.. The Bank's formal name, ...

. 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 In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduct ...

. Hoping to halt the inflation and speculation in

public land In all modern states, a portion of land is held by central or local governments. This is called public land, state land, or Crown land (Australia, and Canada). The system of tenure of public land, and the terminology used, varies between countrie ...

s, Jackson and his Treasury secretary,

Levi Woodbury Levi Woodbury (December 22, 1789September 4, 1851) was an American attorney, jurist, and Democratic politician from New Hampshire. During a four-decade career in public office, Woodbury served as Associate Justice of the Supreme Court of the U ...

, issued the

Specie Circular The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act. It required payment for government land to be in gold and silver. History The Specie Circular was a rea ...

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 Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile me ...

and

silver coin Silver coins are considered the oldest mass-produced form of coinage. Silver has been used as a coinage metal since the times of the Greeks; their silver drachmas were popular trade coins. The ancient Persians used silver coins between 612–33 ...

s in payment for public lands. 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 Specie may refer to: * Coins or other metal money in mass circulation * Bullion coins * Hard money (policy) * Commodity money Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects ...

. 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. By this time, Jackson's vice president,

Martin Van Buren Martin Van Buren ( ; nl, Maarten van Buren; ; December 5, 1782 – July 24, 1862) was an American lawyer and statesman who served as the eighth president of the United States from 1837 to 1841. A primary founder of the Democratic Party, he ...

, 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".

References

Sources

* Stark, Jeff, "Attack on Second Bank, fiscal policies bring 'Hard Times'", ''

Coin World ''Coin World'' is an American numismatic magazine, with weekly and monthly issues. It is among the world’s most popular non-academic publications for coin collectors and is covering the entire numismatic field, including coins, paper money, me ...

'', January 3, 2006 {{Commonscat, Hard times tokens Historical currencies of the United States Token coins Presidency of Andrew Jackson Presidency of Martin Van Buren

Background

See also

References

Sources