Hard-Times-Token-HT-56
Hard-Times-Token-HT-56-Reverse

Hard Times Token, 1837. HT 56, Low-45, May Tenth

$50.00

Hard Times Token,  HT 56, Low-45, May Tenth. Chocolate brown surfaces. AU.

Out of stock

Product Description

Obverse: a phoenix rising from flames, SUBSTITUE FOR SHIN PLASTERS around, NOVr 1837 below.

Reverse: wreath, MILLIONS FOR DEFENCE around, NOT ONE CENT FOR TRIBUTE within.

Chocolate brown surfaces – very attractive. Plain edge. Coin turn.

Interesting Facts: May Tenth 1837 was the date that NYC banks suspended payments for withdrawal in specie.  Soon after other banks in Boston, Baltimore and Philadelphia followed.  This ushered in the Panic of 1837 and Van Buren’s misguided sub-treasury scheme.

The recession that followed last until 1842.  Consider this – in NYC one out three people lost their jobs and the wages of the other two would be cut by 30%

 

 

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