GoingDown
Sr. Member
- Jul 8, 2005
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1841 U.S. "Hard Times Token" & 1901 Indian Head
Came out of the ground of a revolutionary war 1700's home looking like a large cent ... what a surprise to find this when cleaned..... an 1841 Hard Times Token...
The neat history for those who have never see/heard of a "Hard Times Token" comes from Alan S. Fisher's website wwwhardtimestokens.com ...
"Hard Times tokens represent an unusual period in the financial history of the United States. President Jackson, in his campaign of 1832, was vehemently 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. Populist Jackson vowed to abolish it. The bank issued its own currency, which quickly became the most stable paper money in the land. It exercised considerable control over credit and interest rates throughout the country. When Jackson was reelected, he tried to abolish the bank. Finally, in 1837 he succeeded in accomplishing his goal. In the meanwhile, the president of the bank, Nicholas Biddle, tightened the money supply, which then lead to a financial panic. Other banks issued paper money with little or no gold or silver backing and quickly folded. By 1837 over 100 banks had gone under. The small change necessary for commerce began to disappear. Tokens were issued to solve the needs of the public. They were frequently political or satirical in nature. The tokens of the period 1832-1844, when Van Buren became president, are classified as the Hard Time issues."
Then later in the day at the colonial farmhouse where Bergie and I dug came among other clad .... this 1901 Indian Head.....
Enjoy & HH !!
GoingDown
Came out of the ground of a revolutionary war 1700's home looking like a large cent ... what a surprise to find this when cleaned..... an 1841 Hard Times Token...
The neat history for those who have never see/heard of a "Hard Times Token" comes from Alan S. Fisher's website wwwhardtimestokens.com ...
"Hard Times tokens represent an unusual period in the financial history of the United States. President Jackson, in his campaign of 1832, was vehemently 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. Populist Jackson vowed to abolish it. The bank issued its own currency, which quickly became the most stable paper money in the land. It exercised considerable control over credit and interest rates throughout the country. When Jackson was reelected, he tried to abolish the bank. Finally, in 1837 he succeeded in accomplishing his goal. In the meanwhile, the president of the bank, Nicholas Biddle, tightened the money supply, which then lead to a financial panic. Other banks issued paper money with little or no gold or silver backing and quickly folded. By 1837 over 100 banks had gone under. The small change necessary for commerce began to disappear. Tokens were issued to solve the needs of the public. They were frequently political or satirical in nature. The tokens of the period 1832-1844, when Van Buren became president, are classified as the Hard Time issues."
Then later in the day at the colonial farmhouse where Bergie and I dug came among other clad .... this 1901 Indian Head.....
Enjoy & HH !!
GoingDown
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