To help us understand the numismatic phrase "Hard Times Token" let us look up the definition of the term in an on-line dictionary. Here's the listing in Merrian-Webster: Main Entry: hard-times token Function: noun Date: 1922 : any of the tokens issued during the controversy between the Jackson administration and the bank of the United States Wikipedia the online Encyclopedia offers this: Hard-times tokens are large-cent-sized copper tokens , struck from about 1833 through 1843, serving as unofficial currency. These privately made pieces, comprising merchant, political and satirical pieces, were used during a time of political and financial crisis in the United States. What crisis caused the need to produce "Hard Times Tokens"? In 1832, President Andrew Jackson, a great military leader, but lacking in economic principles, ran for re-election and called for the abolition of the Second Bank of the United States. While he won the election, he worked to weaken the bank before its charter expired in 1836. Without the Bank of the United States, state banks attempted to fill the paper money gap and issued a large number of bank notes, which fueled inflation. Hoping to halt the inflation and speculation in public lands, Jackson and his Treasury secretary, Levi Woodbury, issued the Specie Circular on July 11, 1836. The circular simply stated that as of August 15, 1836, banks and others who received public money were required to accept only gold and silver coins in payment for public lands. Instead of helping President Jackson's intentions, the circular set into motion a panic, and the public began hoarding coins. Lacking proper numbers of coins to pay out, banks and merchants fell into financial woes. It wasn't long before the effects of Jackson's decision were felt across the nation as banks and businesses failed, and a depression ensued. By this time, Jackson's vice president, Martin Van Buren, was elected president. The period of economic hardship during Van Buren's presidency came to be known as the "Hard Times." Already counterfeiting laws and laws against private coinage estopped anyone from producing coins bearing U.S. denominations (Cent, Cents, ect.) on them. Therefore, "Hard Times Tokens" are not denominated nor do they bear the legend "UNITED STATES OF AMERICA" on them. However, some clever (educated) businessmen overcame this obstacle by placing the words "NOT ONE CENT FOR TRIBUTE" on the reverse of the token. They (the learned) remembered their history lessons. In 1797, France was goverened by a group of five men known as The Directory. The Directory wanted the United States to be an ally of theirs in a war against Great Britain. George Washington, on the other hand, wanted the United States to stay neutral. In 1794, the United States signed Jay’s Treaty with Great Britain which angered France. The French, in turn, unleashed their navy and privateers on American shipping. It was these events that led Pinckney and the others to travel to France to try to address the French grievances. When they got to France they were kept waiting by the French Foreign Minister Talleyrand. During this time, they were approached by three individuals, later identified as X, Y, and Z in documents. Messengers X, Y, and Z informed the American party that before any negotiations could begin, the United States would have to pay the five members of The Directory $50,000 each and pay tribute to France in the form of a $10,000,000 loan. These demands are what prompted Pinckney’s response, "No, no, not a sixpence, sir!" The history regarding the origin of the "not one cent for tribute" phrase has been somewhat controversial over the years. From shortly after Pinckney’s trip to France, until fairly recently, Pinckney was given credit for giving this "not one cent" reply to the French. Pinckney himself is said to have denied ever uttering the phrase in place of his "not a sixpence" response. In an October 1797 letter from Pinckney to Timothy Pickering, Pinckney wrote that he had replied to the French with the "not a sixpence" phrase. So where did the phrase "not one cent for tribute" come from? Shortly after returning from France, John Marshall, who would eventually become the 4th Chief Justice of the U.S. Supreme Court, was honored at a dinner in Philadelphia on the night of June 18, 1798. Representative Robert Goodloe Harper of South Carolina, Chairman of the Ways and Means Committee, was one of those present at the dinner. Charles Pinckney was also present. The next day a newspaper recorded the toasts that were given to John Marshall at the dinner the night before. The toast from Robert Goodloe Harper was stated as "Millions for defense, but not a cent for tribute!" It wasn’t long before people, and later historians, had taken these words and placed them in the mouth of Charles Pinckney for his reply to the French. Just a few years later, President Thomas Jefferson again took up the cry "Millions for defense, but not one cent for tribute" in regard to the Barbary States of Tripoli, Algiers, and Tunis. These Barbary "pirates" demanded tribute from the United States in order to keep them from attacking American shipping. The capture and enslavement of the crew of the USS Philadelphia by Tripoli appalled most Americans. A newspaper known to be a strong supporter of Thomas Jefferson ran an article with the headline "Millions for Defense, but not a Cent for Tribute" thus picking up the rallying cry once again. By 1837 the first year of the Hard Times crisis, there were still many Americans that remembered the cry "Millions for defense, but not one cent for tribute". So it is not surprising that this would end up on many Hard Times tokens. Here's a photo: http://i99.photobucket.com/albums/l..._Photos/1837token_notonecent_liberty_rev2.jpg Thought you might like stopping at the scenic view overlook to experience the panoramic nuances of "Hard Times Tokens" and their unique phrase, "NOT ONE CENT FOR TRIBUTE." Clinker
Great write up with explanation Its great to see other HTT collectors I am putting together a few albums for HTT's, CWT's and Merchant Cards here is a link for what have so far and will be adding soon http://coinsarefun.com/forum/index.php?action=mgallery;sa=album&id=11
To coinsarefun: Thanks for sharing your token holdings. I don't collect tokens. My forte is 1935 (my birthyear) silver coins from around the world plus series 1935 USA $1 Silver Certificates. However, My collection includes hundreds of other silver coins that appeal to me like, Canadian silver Dollars and $5 silver Mapleleafs, Mexican 8 Reales, Pesos, Onzas and Libertads, Chinese Silver Dollars, Bhutan Ngultrums, Israeli Shekels and Lurots, USA silver Dollars plus Philippines Silver Pesos (USA possession and Independent issues), etc. Mind you, some tokens do tempt me and in a future time I may add some to my collection. Clinker
Ahhhh. it that case you may also like my Photo Gallery here. You will find some Onza's, Canada and Mexico coins you may like. There are 4 pages http://coinsarefun.com/forum/index.php?action=mgallery;sa=album&id=16;nw;start=0 Stefanie
To coinsarefun: Nice pics...nice coins...Stefanie. Were they toned when purchased or after? I can't display pics of my coins because of a stroke. I only have use of my right side from the top of my head to the soles of my feet. All my research, writing and posting is done with my right hand. I only have use of one eye, but somehow get to read my coin subscriptions, visit Coin Talk, find interesting (to me) numismatic subjects to share with Coin Talk members. Most of my pleasure derives from my article posts and the correspondence afterwards. Clinker :thumb:
