Hard Times token collectors might enjoy this
RogerB
Posts: 8,852 ✭✭✭✭✭
This December 1837 letter is very clear about Mint Director Patterson's dislike for what are now collected as "hard times tokens." For him, they were not only spurious coins or counterfeits, but threatened the mint's only line of profit.
Also attached are two illustration of items mentioned in the letter.
"Mint of the United States
Philadelphia Pa
December 2, 1837
Hon. Levi Woodbury,
Secretary of the Treasury
Washington City
Sir,
An attempt was made here some time ago to put spurious copper coins in circulation, and they were actually advertised for sale by one of our Merchants. The unlawful proceeding was, however, promptly put a stop to; by the interference and our District Attorney, Mr. [John Meredith] Read, brought the matter before the Grand Jury of the U.S. District Court, who, after attending to the representations made by Mr. Read and myself, made a pronouncement upon the subject, which was published in some of the Philadelphia papers.
I find that the same offense has been committed at Baltimore, and that you have caused measures to be taken to right the evil there.
I must write for the purpose of calling your attention to the great extent to which, as I have [come] to believe, these spurious copper coins are circulated at New York. A gentleman has recently brought me from there then different variations, some of the same imitations of the legal coins that I think they might be brought under the law of March 3rd 1835, against counterfeiting. All of them come within the terms of the Act of May 8th, 1792, Section 2.
The greater part of these spurious coins are evidently made at the same establishment, as they have the same face or the same reverse.
Most of them are very light, some not exceeding three-quarters of the weight of the cent, for which they are passed.
The circulators of some of these spurious coppers may be easily found, since they have had their addresses marked on the reverse of the coins. One is Ezra B. Sweet, No. 200 Canal Street, N.Y. Another is Smith’s Clock establishment, No. 7-1/2 Bowery, N.Y. Another is Robinson, Jones & Co. Another, New York Joint Stock Exchange Company, No. 6 Tontine Building, Wall St.
I have just had brought to me the New York Observer of this day, in which it is stated that “immense numbers of spurious cents are in circulation in that city. The Jour” is the following statement: “immense numbers of spurious cents are in circulation in this city. The Journal of Commerce says that they are generally light, and sold by the bushel at 62 cents a hundred, and that the market movers make a regular business of buying light cents, and “no cents” by the quantity at a discount, and peddling them off in place of real cents.” The Emancipation of the last week advertises a new emission, “similar in appearance to new cents – nearly as heavy, and made of pure copper,” for sale at the Anti-Slavery office at [144] Nassau Street. They have anti-slavery devices on them.
I am told that spurious copper coins are also largely in circulation in Boston, but I have no exact information on this point.
The coinage of copper is the only operation of the Mint by which any profit is made; and if this illegal interference with our functions is [not] arrested, the losses will be so considerable as may appreciably to reduce the expenses of the establishment.
R.M.P.,
Director"
This illustration is from the December 1837 advertisement mentioned by Patterson.
[Courtesy heritage Auctions, HA.com]
Comments
OK...Kind of a token response, too.
I'll take stock in the subject matter before posting more "stuff."
Well, I liked it and would like to see more.
Great thread. Thank you for the transcription.
It is interesting the mint took such offense to the tokens.
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
I love your posts they are always full of great information.
Thanks
If people accepted light-weight tokens as small change, it would ruin the mint's only profit line. That was important - the place was still on the "critical list" for survival. (Mint and Treasury officers also should have realized that the public was open to a lighter one cent coin.)
+1
POST NUBILA PHOEBUS / AFTER CLOUDS, SUN
Love for Music / Collector of Dreck
My comment (2nd post) was not about soliciting readers -- It was because sometimes posts drop so fast that members who might be interested in the subject, never see it. Personally, I'm not overly fond of this kind of "bumping" - yet in the past some folks have asked about subjects that were covered just a week or two earlier.
Thoughts on this are welcome.
Thanks for posting as I'm just seeing this now.
The "Panic of 1837" caused the need for most to be struck as when nearly 400 banks failed Federal Mint struck coinage was held onto for years to come and not spent. Therefore Hard Times tokens had been struck on Large Cent sized planchets during the 1830's to 1840's as a need for commerce. It's been noted that during this period HTT's made up for 26% of large cents circulating.
1834 Ezra B. Sweet New York, NY, Low-140 / HT-334
This is the only store card in the Hard Times Token series with a true cent like obverse tiara with the words "LIBERTY".
Please post more as I just saw this now and agree with your statement.
‘mint and Treasury officers also should have realized that the public was open to a lighter one cent coin.”
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I like collecting stuff that was despised by the mint and others
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CoinsAreFun Toned Silver Eagle Proof Album
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Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
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More CoinsAreFun Pictorials NGC FOR SALE
Great info Roger!
Thanks for your post, Roger!
Cool, it’s also a post your HT’s too
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CoinsAreFun Toned Silver Eagle Proof Album
.
Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
.
More CoinsAreFun Pictorials NGC FOR SALE
Any thoughts on this quote from the Mint letter? Was there only one manufacturer, or several?
"The greater part of these spurious coins are evidently made at the same establishment, as they have the same face or the same reverse."
When this letter was written tokens had been produced by several smaller die-sinkers and button manufacturers using steam powered presses such as Bale & Smith - NY, Charles Cushing Wright - NY, Lovett - NY, Gibbs, Gardner, Stevens, Thomas, & Fuller - NJ, Benedict & Burnham -CT, Scovill - CT, and Robinson - MA.
Thanks @RogerB...this expands on your earlier post that interested me.... Cheers, RickO