Discussion in 'US Coins Forum' started by Heavymetal, Jan 26, 2023.
Pretty beaten but nearly free
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The color is great, but the rims are a mess. It’s still a junk box item.
And Indian Removal, just wow. These tokens were essential to commerce at the local level. This one shows the reality of Hard Times
From what I've read, the bad stuff didn't happen until Jackson's successor, Martin Van Buren, took office on March 4, 1837. It was known as the "Panic of 1837." As was repeated in 1929, the sins of the previous president were visited upon the next one who got the blame.
Of course neither Van Buren nor Hoover came up with the right ideas or public demeanor to fix the problem. So they were bounced out of office in the next presidential election.
One of the problems that Jackson created was his demand that government sales of land had to be made in gold and silver. That caused a flow of those metals from the East to West which caused a liquidity crisis.
Jackson was fool to veto the Bank of the United States renewal bill. But he hated banks and paper money and believed in hard money so it was consistent with his philosophy. The bank needed reforms, no doubt, but turning over monetary to policy to the poorly run and considerably corrupt state banks was a huge mistake.
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