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Author Topic: Hard Times token  (Read 7601 times)
acanthite
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« on: August 28, 2008, 11:54:05 PM »

Some of you remember I posted a satirical Hard Times token long ago, in a forum far away.  Today I finally found another token, though one that is not really satirical but more informative about the history of the crisis.  I could not pass it up as I see so few of these.

This token theme is the Panic of 1837, when President Andrew Jackson's radical fiscal policies began to cause instabilities in the US banking sector and therefore the economy as a whole.  Rather than discuss the factors leading to the panic etc., I will interpret only what is written on the token, it should be fairly explanatory.

OBV:  'SUBSTITUTE FOR SHIN PLASTERS' refers to paper money.  Paper money in 1837 was being printed by many private sources in the US, and public confidence was waning in the true value of paper.  Thus the reference to shin plasters, as the saying went that it was only good to line your boots with.  The central image is a phoenix rising from the ashes, the symbolism being that paper money should be burned, and that of this destruction would come future prosperity.  Nov. 1837 refers to the month and year of a convention in New York where numerous bank representatives met to determine what to do about resolving the panic and set a date for normalizing specie payments (see below).

REV: 'SPECIE PAYMENTS SUSPENDED MAY TENTH 1837' refers to the date (specifically when it happened in New York) when banks refused to accept any more paper money being brought in by the public to be traded for coin currency or specie.  Specie payments were resumed roughly a year later, in 1838, when the banks felt the situation was more under control.



HT66A
Copper Hard Times token 1837
28mm diameter

 
« Last Edit: August 29, 2008, 12:14:13 AM by acanthite » Logged
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« Reply #1 on: August 29, 2008, 04:59:36 AM »

Very nice acanthite.  Do you know where this was made?
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acanthite
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« Reply #2 on: August 29, 2008, 07:23:05 AM »

Very nice acanthite.  Do you know where this was made?

I'm guessing, because I'm not 100% sure, that it was produced at the Scoville Mint in Waterbury, Connecticut.  This private mint has a long history of supplying planchets to the US mint, though they no longer do so today.
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AdamL
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« Reply #3 on: August 29, 2008, 10:00:01 AM »

Great token and interesting history!
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-Adam
pocketcoins
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« Reply #4 on: August 29, 2008, 05:40:45 PM »

Thats a nice piece. And the history makes it even better. I like stuff like that but don't much around here.  Smiley
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Kingpin
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« Reply #5 on: August 29, 2008, 11:06:05 PM »

Your old tokens just get me all excited
« Last Edit: August 29, 2008, 11:12:05 PM by Kingpin » Logged

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acl864
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« Reply #6 on: August 30, 2008, 05:31:21 AM »

Wow!!! That's a great token. Interesting history as well. At the time of that token I believe the printed paper moneies in question were types of bearer certificates that were redeemable for gold or silver bullion. Without a strong system to insure that the bullion actually existed there was the potential that some of the money was worthless paper. Boy I'm sure relieved that nothing like that could ever happen again! Wink
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Andy
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« Reply #7 on: December 16, 2008, 05:53:20 PM »

Brad,
  That is one very nice trader's currency token.That would have circulated as a 1c. coin,as it is about the size of a U.S. Large 1c. coin.

Aidan.
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Aidan Work.

My numismatic photos; http://www.allnumis.com , http://www.coinbrag.com ,& http://www.coinforums.com/gallery/u6-bcnumismatics.html .

Please let me know what you think both on here & on those.
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