THE ECONOMY SIGHS
I found this coin with my metal detector and would like to know more about it. It is a little smaller than a half dollar and made of copper. On one side is a turtle carrying a strongbox labeled "Sub Treasury" on its back, with the words "Executive Experiment, Fiscal Agent" and the date 1837. On the other side is a running horse or mule and, "I Follow in the Steps of My Illustrious Predecessor."
When President Andrew Jackson issued the Specie Circular, which required silver or gold, rather than often worthless bank notes, to be used in the sale of public land, cries of outrage and sighs of dismay ran through the financial world. Shortly thereafter, Jackson was succeeded by Martin Van Buren, who continued these "hard money" policies and declared in his inaugural address, "I follow in the steps of my illustrious predecessor." The result was a run on the banks, rampant hoarding, a sudden scarcity of cash, and an unpleasant little phenomenon known as the Panic of 1837. To cope with the shortage of coinage, many merchants and entrepreneurs began issuing what came to known as "Hard Times" tokens, most of which were the same size and traded at the same value as the large cents formerly in circulation. Some tokens carried advertising; others, like yours, were political or satirical in nature. It is said that the burdened tortoise symbolizes the slowly struggling economy, and that the long-eared, braying galloper on the reverse represents Van Buren. Several varieties exist, and this one is in the $10-20 range in Fine to Very Fine condition.
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