Hard Times Tokens Reflect Bank Battle

Editor’s Note: For nearly 70 years, the feature-rich pages of Coins magazine, Numismatic News’ venerable sister publication, have tracked the history, fun and the growth of this great hobby, while also attracting new collectors to pursue what was once deemed the “hobby of kings.” Dusting off these time-aged issues, from the early 1960s and beyond, each installment of “Past Times with Coins,” written by its former longtime editor, explores what nuggets of interest they contain.

The Panic of 1837 and a shortage of coinage due to hoarding led to issuance of a colorful, collectible series known as Hard Times tokens.

Many of the pieces, generally the size of U.S. large cents, bore political messages relating to the fight over the continuance of the second Bank of the United States. The Bank of the United States had been established in 1791 on suggestion of Alexander Hamilton