AU50 - Holed
Ref.: HT# 42
Copper: 10.1 g. / 28 mm.
Dated 1837 AD. Obv: profile bust with date below and stars and E PLURIBUS UNUM legend on scroll. Rev: NOT / ONE / CENT / FOR TRIBUTE in four lines within wreath with MILLIONS FOR DEFENCE legend.
These "hard times" came about as a result of President Andrew Jackson’s economic policies. These policies, which included the President’s stand against the Second Bank of the United States, certainly led to the Panic of 1837 and a resulting shortage of coinage due to hoarding. The production of Hard Times tokens was a direct response to help solve this nation's coin shortage during this time.
The Merchants Exchange held the largest room in the Tontine Coffee House until it built its own building in 1827. In 1837 and again in 1857, financial crises caused loss of confidence in paper money and widespread redemption of currency in coin. Banks were soon forced to suspend specie payments, and tokens and fractional notes had to serve as smaller change.