Hard Times Tokens

America Speaks

by Michael E. Marotta
© Copyright 1993, 1994, 1998 by Michael E. Marotta
Some material here also appeared in the Bowers and Merena Rare Coin Review.

"I take the responsibility," says Andrew Jackson, standing in an empty treasure chest. Martin Van Buren's ship of state has tattered sails on the obverse of a coin; the reverse shows Henry Clay's sails billowing. "I follow in the steps of my illustrious predecessor," says the jackass on the obverse while the reverse shows a treasure chest being borne off by a turtle. "Good for shinplasters" refers to worthless paper money used as stuffing in boots. Many, to avoid charges of counterfeiting, bear the slogan "Millions for defense NOT ONE CENT for tribute."

In 1834, an economic downturn on the English stock market brought "hard times" to both Canada and the United States. However, the event that defines the start of this era in the USA was a clash between the Bank of the United States and President Andrew Jackson in 1832.

The BUS was a semi-private institution, the invention of Alexander Hamilton, and precursor to the Federal Reserve. It was slated for renewal in 1836, but Jackson didn't wait. He withdrew US Treasury money from the BUS and deposited it in local banks. Interestingly, the Treasury had an embarrassment of riches, about $17 million in surplus gold and silver. Also, the US government was without debt. However, when the BUS closed, credit collapsed.

Political activists and merchants created these 1-cent tokens to take up the slack. They were an East Coast phenomenon, since metals, dies, etc., required industry. (Twenty five years later, Civil War tokens were issued from Michigan, Illinois and Wisconsin in the West.) The fact that most types of Hard Times Token can be found today in grades from Fine down to Good indicates that they actually circulated in trade.

The standard reference manual for this series is Hard Times Tokens 1832-1834 by Russell Rulau. His work is based on a book from the 1899 by Lyman H. Low. Rulau includes the Low numbers in his catalog. He estimates retail price. He has added many new items over the years with each new addition. The book also approximates the rarity, R1 (common) to R8 (perhaps unique).

Some of these coins are objectively rare and highly valued outside the world of numismatics. "Am I not a Woman" is the motto on an Abolitionist token. "Am I not a Man" is its companion piece. Professional Afro-Americans and full- time liberals have bid these up to about $80 in better grade and perhaps over $10,000 in uncirculated. These two are difficult to find in low grade because they have been popular with collectors for over 150 years.

You can find common Hard Times Tokens in almost any dealer's inventory. You will find them priced all over the range depending on the dealer's willingness to own them. You will have to use basic numismatic principles to grade them. Although they rate a general entry in The Red Book, not all services will slab them. Commons in low grade are no more than a $5 item, or about $15 below uncirculated.

America eventually recovered from the Panic of 1837. The Federal Debt rose. Finances moved from Chestnut Street in Philadelphia to Wall Street in New York. Hard Times Tokens retired to dressers and chests as government cents (soon smaller) circulated again. If you really love American History and really treasure the values that define our nation, you will find a wealth of pride in these artifacts.