1841 HARD TIMES TOKEN E PLURIBUS UNUM SPECIE PAYMENTS SUSPENDED MAY TENTH 1837

Description

1841 – 1837 HARD TIMES COPPER COIN
OBVERSE:
LIBERTY HEAD circled by E PLURIBUS UNUM 1841
REVERSE:
SPECIE PAYMENTS SUSPENDED MAY TENTH 1837
President Andrew Jackson tried desperately to do away with the “Second Bank of the United States” because it was a privately held financial institution.
As president, he announced 9/10/1833 the country would no longer use them and removed all Federal Funds. He issued his famous
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 silver and gold in payment for public lands.
Instead of the intended results, the circular spelled the end of a time of economic prosperity. The circular set into motion a panic, and the public began hoarding specie (gold and silver coins). Without specie to pay out, banks and merchants began having financial troubles. It wasn't too 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 the elected president and in office. The period of economic hardship, the
Panic of 1837
, during Van Buren's presidency came to be known as the "Hard Times".
My copper coin measures 28.20 mm diameter and 2.08 mm thick, smooth edge.
OFFERS are ALWAYS WELCOMED, and ALWAYS ACKNOWLEDGED, but NOT ALWAYS ACCEPTED
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