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Message:: [QUOTE="johnmilton, post: 24479441, member: 101855"]The Panic of 1837 began soon after President Martin Van Buren took the Oath of Office on March 4, 1837. It would last until 1842 and could accurately be called an economic depression. One of the most general designs features a Liberty type head on the obverse and the motto, "Millions for defense, not one cent for tribute." The "One Cent" is in the center of the wreath, which makes it resemble a genuine cent. This piece, which has been listed as Low 21 and HT 35. It is rated as an R-2, which is fairly common, but I think that it's tougher than that. I have not seen a large number of these pieces. I owned one in the early 1980s and regretted selling it. I bid on a couple in auctions but was outbid in both cases. This is believed to be one of the first Hard Times Tokens. The execution is fairly crude, and I believe that all example have the big die break on the obverse. PCGS graded this one EF-45. [ATTACH=full]1548835[/ATTACH] [ATTACH=full]1548836[/ATTACH][/QUOTE]