1837 Hard Times Token – “Specie Payments Suspended” 
- Sold Winning Bid: $24.99
- 20 Bid(s) View Bid History
- High Bidder: NMPecan
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1837 Hard Times Token – “Specie Payments Suspended”
This 1837 Hard Times Token reflects the economic and political tensions of the Panic of 1837, a financial crisis triggered by Andrew Jackson's Specie Circular and the subsequent suspension of specie (gold and silver) payments by banks. These tokens were privately minted to fill the void left by a scarcity of small-denomination coinage, serving both as currency and a form of political commentary.
Obverse: Features a phoenix rising from flames, symbolizing resilience, with the text “SUBSTITUTE FOR SHIN PLASTERS” and the date “NOV 1837,” referring to the replacement of paper money ("shin plasters") with token coinage.
Reverse: Displays a wreath encircling the inscription “MAY TENTH 1837,” surrounded by the text “SPECIE PAYMENTS SUSPENDED,” marking the date when banks suspended payment in gold or silver.
Condition:
In VG (Very Good) condition, this token retains legible inscriptions and detailed imagery on both sides, despite moderate wear. The copper surface exhibits a warm patina, consistent with its age and circulation.
Provenance/History:
Hard Times Tokens emerged during the financial instability of the 1830s and 1840s, a period known as the Hard Times Era. Following Jackson’s closure of the Second Bank of the United States and the implementation of the Specie Circular, banks were unable to meet the demand for gold and silver, leading to the suspension of specie payments. These tokens highlight public discontent and served as a substitute currency widely accepted in everyday transactions.
Specifications:
- Year: 1837
- Material: Copper
- Diameter: Approximately 28 mm
- Weight: 8–12 grams (varies slightly)
- Obverse Design: Phoenix rising from flames, with “SUBSTITUTE FOR SHIN PLASTERS.”
- Reverse Design: Wreath encircling the date and inscription “SPECIE PAYMENTS SUSPENDED.”
Rarity and Collectibility:
Hard Times Tokens like this are highly collectible for their historical and political significance. The phoenix design and the “Specie Payments Suspended” inscription make this token particularly symbolic of the economic challenges of the time. It is a valuable addition to any collection of U.S. tokens or 19th-century political artifacts.
This token is a compelling artifact of early American monetary struggles, capturing the political and economic upheaval of the Jacksonian era. It offers collectors a tangible connection to one of the most turbulent periods in U.S. financial history.
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Customer Guarantee
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