A glimpse at the History of Hard Times Tokens
Broadstruck
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Hard Times tokens depict the difficult period in the financial history of the United States from 1832-1844.
During which President Andrew Jackson in his campaign of 1832 opposed to the Second Bank of the United States.
This central bank in Philadelphia was said by opponents to control the money supply in favor of the wealthy merchants and populist Jackson vowed to abolish it. The bank issued its own currency, which quickly became the most stable paper money in the land. When Jackson was re-elected the tried to abolish the bank and in 1837, he was finally successful. In the meantime, the bank tightened the money supply leading to a financial panic.
On May 10th 1837, the banks of New York suspended gold and silver payments for their notes. Fear ignited bank runs throughout the United States. The young country fell into a 7 year depression. On May 10th, investors panicked and scrambled for cash. By the fall of 1837, one third of the work force was jobless, and those still fortunate to have jobs saw their wages fall 30-50% within 2 years. At the same time, prices for food and clothing soared. The number of banks fell during these years by 23 percent. By 1837, over 100 banks had gone under and small change necessary for commerce began to disappear. Hard Times Tokens therefore were issued to solve the need, and were often satirical and/or political in nature which offer a wealth of history.
During which President Andrew Jackson in his campaign of 1832 opposed to the Second Bank of the United States.
This central bank in Philadelphia was said by opponents to control the money supply in favor of the wealthy merchants and populist Jackson vowed to abolish it. The bank issued its own currency, which quickly became the most stable paper money in the land. When Jackson was re-elected the tried to abolish the bank and in 1837, he was finally successful. In the meantime, the bank tightened the money supply leading to a financial panic.
On May 10th 1837, the banks of New York suspended gold and silver payments for their notes. Fear ignited bank runs throughout the United States. The young country fell into a 7 year depression. On May 10th, investors panicked and scrambled for cash. By the fall of 1837, one third of the work force was jobless, and those still fortunate to have jobs saw their wages fall 30-50% within 2 years. At the same time, prices for food and clothing soared. The number of banks fell during these years by 23 percent. By 1837, over 100 banks had gone under and small change necessary for commerce began to disappear. Hard Times Tokens therefore were issued to solve the need, and were often satirical and/or political in nature which offer a wealth of history.
To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
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<< <i>Now people use aluminum cans to pay for stuff. >>
How do you think we pay for the donuts at the coin club meetings Joe.
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