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<p>[QUOTE="TheNickelGuy, post: 8191111, member: 20201"]<font size="6"><b>1838 Loco Foco</b></font></p><p><font size="6"><b>Hard Times Token</b></font></p><p><br /></p><p><br /></p><p>[ATTACH=full]1434114[/ATTACH]</p><p><br /></p><p> </p><p>In 1834, an economic downturn on the English stock market brought "hard times" to both Canada and the United States. However, the event that defines the start of this era in the USA was a clash between the Bank of the United States and President Andrew Jackson in 1832.</p><p>The Bank of the United States was a semi-private institution, the invention of Alexander Hamilton, and precursor to the Federal Reserve. </p><p>It was slated for renewal in 1836, but Jackson didn't wait. He withdrew US Treasury money from the Bank of the United States and deposited it in local banks. </p><p>The Treasury had an embarrassment of riches, about $17 million in surplus gold and silver. Also, the US government was without debt. However, when the Bank of the United States closed, credit collapsed.</p><p><br /></p><p>Coinage was scarce and hoarded, political activists and merchants created these 1-cent tokens to take up the slack. </p><p>The fact that most types of Hard Times Tokens can be found today in grades from Fine down to Good indicates that they circulated in trade.</p><p>The 'Mint Drop' drop reverse on Hard Times Tokens refers to the US Mint. Thomas Hart Benton was a southern pro-hard-currency senator who talked about the virtues of hard currency so much they used to call him "Old Bullion"</p><p><br /></p><p>The name "Locofoco" derives from locofoco, a kind of friction match or self lighting cigar. </p><p>It originated when a group of New York Jacksonians used such matches to light candles to continue a political meeting after Tammany men tried to break up the meeting by turning off the gaslights. </p><p><br /></p><p>Never a national party, the Locofocos reached their peak in 1840, when President Martin Van Buren and Congress passed the Independent Treasury Act, which fulfilled a primary Locofoco aim: complete separation of the federal government from banking.</p><p><br /></p><p>In the 1840 election, the term "Locofoco" was applied to the entire Democratic Party by its Whig opponents, both because Democratic President Martin Van Buren had incorporated many Locofoco ideas into his economic policy, and because Whigs considered the term to be derogatory. </p><p>In general, Locofocos supported Andrew Jackson and Van Buren.</p><p>The use of "Locofoco" as a name for the Democratic party continued well into the 1850s, even following the dissolution of the Whigs and their reformation as the Republican Party.[/QUOTE]</p><p><br /></p>
[QUOTE="TheNickelGuy, post: 8191111, member: 20201"][SIZE=6][B]1838 Loco Foco[/B] [B]Hard Times Token[/B][/SIZE] [ATTACH=full]1434114[/ATTACH] In 1834, an economic downturn on the English stock market brought "hard times" to both Canada and the United States. However, the event that defines the start of this era in the USA was a clash between the Bank of the United States and President Andrew Jackson in 1832. The Bank of the United States was a semi-private institution, the invention of Alexander Hamilton, and precursor to the Federal Reserve. It was slated for renewal in 1836, but Jackson didn't wait. He withdrew US Treasury money from the Bank of the United States and deposited it in local banks. The Treasury had an embarrassment of riches, about $17 million in surplus gold and silver. Also, the US government was without debt. However, when the Bank of the United States closed, credit collapsed. Coinage was scarce and hoarded, political activists and merchants created these 1-cent tokens to take up the slack. The fact that most types of Hard Times Tokens can be found today in grades from Fine down to Good indicates that they circulated in trade. The 'Mint Drop' drop reverse on Hard Times Tokens refers to the US Mint. Thomas Hart Benton was a southern pro-hard-currency senator who talked about the virtues of hard currency so much they used to call him "Old Bullion" The name "Locofoco" derives from locofoco, a kind of friction match or self lighting cigar. It originated when a group of New York Jacksonians used such matches to light candles to continue a political meeting after Tammany men tried to break up the meeting by turning off the gaslights. Never a national party, the Locofocos reached their peak in 1840, when President Martin Van Buren and Congress passed the Independent Treasury Act, which fulfilled a primary Locofoco aim: complete separation of the federal government from banking. In the 1840 election, the term "Locofoco" was applied to the entire Democratic Party by its Whig opponents, both because Democratic President Martin Van Buren had incorporated many Locofoco ideas into his economic policy, and because Whigs considered the term to be derogatory. In general, Locofocos supported Andrew Jackson and Van Buren. The use of "Locofoco" as a name for the Democratic party continued well into the 1850s, even following the dissolution of the Whigs and their reformation as the Republican Party.[/QUOTE]
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