Hard Times Tokens are American large cent or half-cent-sized

copper Copper is a chemical element; it has symbol Cu (from Latin ) 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 pinkish-orang ...

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

currency A currency 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 definition is that a currency is a ''system of money'' in common use within a specific envi ...

. 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 collected as

coin A coin is a small object, usually round and flat, 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 to facilitate trade. They are most often issued by ...

s and as political history.

Background

In 1832, President

Andrew Jackson Andrew Jackson (March 15, 1767 – June 8, 1845) was the seventh president of the United States from 1829 to 1837. Before Presidency of Andrew Jackson, his presidency, he rose to fame as a general in the U.S. Army and served in both houses ...

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 Second Report on Public Credit, Hamiltonian national bank in the United States. Located in Philadelphia, Pennsylvania, the bank was chartered from February 1816 to January ...

. 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 average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of curre ...

. 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 (Commonwealth realms). The system of tenure of public land, and the terminology used, varies between countries. ...

s, 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 Gold is a chemical element; it has chemical symbol Au (from Latin ) and atomic number 79. In its pure form, it is a brightness, bright, slightly orange-yellow, dense, soft, malleable, and ductile metal. Chemically, gold is a transition metal ...

and

silver coin Silver coins are one of 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 612–330 B ...

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. 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 ( ; ; December 5, 1782 – July 24, 1862) was the eighth president of the United States, serving from 1837 to 1841. A primary founder of the Democratic Party (United States), Democratic Party, he served as Attorney General o ...

, was the elected president in office. The period of economic hardship, the

Panic of 1837 The Panic of 1837 was a financial crisis in the United States that began a major depression (economics), depression which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pes ...

, during Van Buren's presidency came to be known as the "Hard Times".

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: * Political tokens referring to the Second Bank of the United States controversy. * Political tokens with slogans and images. One shows a kneeling slave with the legend "Am I Not a Woman and a Sister 1838" borrowed from an earlier Wedgewood medallion, "Am I Not a Man and a Brother". * Tokens resembling large US cents with Liberty head, wreath and eagle motifs and legends similar to federal coins such as "NOT ONE CENT". The Feuchtwanger Cent was made with German silver, a copper alloy, intended as a cheaper alternative to copper. * Store cards or advertising pieces. * Mules (obverse and reverse die combinations.)

References

Sources

* Starck, Jeff, "Attack on Second Bank, fiscal policies bring 'Hard Times'", '' Coin World'', 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

Designs

See also

References

Sources