1837 "Hard Times" token

2026-012

1837 "Hard Times" token

Historic Artifact

An 1837 “Hard Times” token unearthed on West Street by Peter Donatelli of West Chesterfield. During the 1830s, second-term President Andrew Jackson, in an effort to help stabilize a wildly unstable economic environment, tried to manipulate the value of currency through complicated machinations involving interference with the central bank. He and his Treasury Secretary, issued a “Specie Circular” in July of 1837 requiring all public land sales (and there was massive expansion into the west at that time involving large and small scale land sales) to be conducted using gold or silver coins (otherwise known as “specie”). According to Wikipedia [slightly modified by me]: “. . . the circular . . . set into motion a panic, and the public began hoarding specie. . .and soon, as banks and businesses failed, a depression ensued.” Jackson’s vice president, Martin Van Buren, was elected to replace him, and his administration, began with the Panic of 1837, and a period known as the “Hard Times.” “Hard Times Tokens were privately minted copper coins that served as unofficial currency in the U.S. between 1833 and 1844. The 1837 tokens were created during the Panic of 1837. They feature political satire, protest slogans, and merchant advertisements due to the shortage of legal tender.”

The slow-moving turtle on the front carries carried a safe marked “SOB Treasury” on it’s back framed by the scoffing words “Executive Experiment” The jackass on the back is a symbol of stupid stubbornness with the words indicating that the new boss is the same as the old boss. BTW, this is the first association of the donkey with the Democratic Party.

Still Image

scans of the coin

unknown

1837

Peter Donatelli

2026-06-02

digital archive

Electronic

Worthington - Worthington Center

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