Hard Times Tokens

[Robert]

Eric von Klinger wrote a good article (p. 62) on the original purpose of Hard Times Tokens.

Basically, he says that Andrew Jackson vetoed the charter of the Second Bank of the US in 1832. Nicholas Biddle, proponent of the idea of a Bank of the US, had previously tried to control the money supply with the BotUS. Jackson and many Westerners thought the BotUS was keeping them from buying land while at hte same time profiting Easterners. Jackson withdrew the charter and put the BotUS money into small, poitically chosen banks. Inflation and easy credit appeared, so Jackson tried to rein them in by issuing the "Specie Circular of 1836", which required land to be paid for by gold and silver only. Banks responded by suspending gold and silver payments to account holders on May 10, 1837. A depression and many bank failures resulted.

So these tokens were made partly out of necessity (gold and silver were long gone, and copper was disappearing too in the depression) and partly out of caustic satire at the expense of Jackson and his supporters.

The article says that Low has cataloged 183 varieties. Rulau has over 500 HT varieties.

I wonder if anyone has all 183 Low varieties? That would be quite a sight.