Crisis Symbols of the 1830s: How Hard Time Tokens Made Numismatic History

In the history of any country there are periods of difficult moments and crises, which strongly affect not only the economy of the country, but also all spheres of society. One of these most difficult periods in the history of the United States is considered to be the financial crisis of the thirties, when the financial system faced serious problems.

The period of hard times left behind not only turmoil and financial difficulties, but even material witnesses of the time - 1837 hard times tokens. However, do not consider them to be ancient coins. 

These tokens replaced coins and also became a symbol of the instability of the period, a means of popular struggle against financial challenges and problems, and a way of expressing political opinions.

Historical Note: The Leading Causes of Tokens

1837 was the beginning of a deep economic crisis in the United States, caused by financial fraud, bank panics and bankruptcies, and economic recession (due to massive failures and high unemployment). President Andrew Jackson facilitated the closing of the Second Bank of the United States. Finally, this has caused a shortage of coins and banknotes and leaves ordinary citizens and businessmen facing a severe shortage of means of payment. Of course, people were faced with a shortage of small change and a worsening economic situation, necessitating new forms of currency.

Desperate times demanded desperate measures, so hard times tokens, i.e., tokens, surrogates or analogs of real coins, began to come into circulation. Private companies, entrepreneurs and even political activists took part in issuing “their own money” to somehow stabilize the economic processes and the dire situation. Since the government could not cope with the minting of the necessary funds for circulation, these tokens were used by people instead of real money (which was in huge shortage).

Using Hard Time Tokens in Everyday Life

As you might have guessed by now, these hard times tokens were accepted in stores, markets and other places of daily commerce, as they were a real and more reliable alternative to official money. They were used to pay for small purchases and services, since small coins such as copper cents and half cents had practically disappeared from circulation. In times of economic instability, these tokens became vital, helping to keep trade flowing and the local economy functioning.

In addition to small payment transactions, these tokens were also used for other purposes. For example, traders used the tokens to attract customers and advertise their goods and services (often information about sales and discounts was stamped directly on the token). In addition, these small pieces of metal were frequently used as a means of political propaganda, demonstrating dissatisfaction with the current government.

Design, Characteristics and Symbolism

Here we will start with the characteristics of the tokens. Since hard time tokens were not issued by the government, but actually by ordinary citizens, they could have a variety of characteristics like any other coin. This data depends on the issue and purpose. They were minted by private people and firms, which created a wide range of designs, sizes, and weights.

However, it can be said that they were mostly made of copper, (as it was an available and cheap metal), which was easily workable and similar in weight to the official coins of the time.

Bright Examples of Coins Substitutes of Hard Times

Let us stipulate that most hard time tokens had almost identical characteristics (please refer to the table above) and differed mainly in their original designs that carried political and social messages. So let's turn to our little guide book of hard time tokens to look at a few specific examples.

1. Donkey Hard Times Tokens

Donkey Token is an iconic example of political satire in the crisis era of the 1830s, showing a donkey and Jackson sitting in a trunk. This one was created in response to the economic troubles and unpopular actions of President Andrew Jackson, especially in matters of financial policy.

• The front of the token depicts a donkey as a symbol of Jackson's stubbornness and intransigence, with the inscription “ROMAN FIRMNESS” and “THE CONSTITUTION AS I UNDERSTAND IT” indicating his authoritarian style of government and unbending policy.

• The reverse of the token depicts Andrew Jackson in a chest, symbolizing his control over the country's financial resources and the inscription “I TAKE THE RESPONSIBILITY” a reference to Jackson's policies toward the banking system, which he effectively collapsed.
  

  

2. Executive Experiment Token

Another prime example of a hard times token, depicting a turtle. The “Executive Experiment” token is a criticism of the financial policies of Andrew Jackson and his successor, Martin Van Buren, which exacerbated the poor economic situation.

• The obverse shows a turtle crawling with a chest on its back. The turtle symbolizes the slowness and difficulty of the economy at the time. And the inscription “REASSURE” on some tokens sarcastically correlates with the attempts of the authorities to “reassure the population”. The inscription “EXECUTIVE EXPERIMENT” characterizes the critical attitude to the politics of the time.

• The reverse features a donkey, which is the symbol of the Democratic Party, and the inscription “I FOLLOW IN THE STEPS OF MY PREDECESSOR” which also shows displeasure with the actions of Jackson and his followers.
  

  

Actually, there are many examples of tokens from that difficult time, most of them combining different designs (Jackson, donkey, turtle, etc.) and being politically satirical in nature. But there are also cases when tokens were issued for other purposes: commercial, i.e., advertising services and goods, such as Feuchtwanger tokens (with a denomination of 1 cent or 3 cents for payment in a store). Some issued tokens were used to raise the collective spirit (the design elements contained patriotic symbols and reflected the hope for the economic recovery of the state).

Today, hard time tokens are valuable collectibles that attract the attention of numismatists and historians. Their value is determined by their rarity, condition and historical significance. Political tokens or those associated with famous events or personalities can cost from a few dozen to a thousand dollars. It is important to note that tokens in good condition, especially those that have retained their original details, are valued higher.

Thus, through these small artifacts of history, collectors can clearly trace the dynamics, culture and situation of the society of the time, as the tokens have retained historical and cultural value for numismatists. And due to using the Coin ID Scanner App, collectors can easily identify coin by picture​, including these unique tokens, going deeper into U.S. history through the lens of the information, images and symbols they receive, making the collecting process even easier and more engaging.

Sources:

1. https://en.wikipedia.org/wiki/Hard_times_token

2. https://daily.jstor.org/hard-times-tokens-were-not-one-cent/