(1834) Brass Token HT-5, Andrew Jackson

Coin Details

Auction Record

$960 AU58 09-29-2021 Heritage Auctions

Description

This 1834 brass token depicts Andrew Jackson and relates to his ongoing battle with the Second Bank of the United States and its president Nicholas Biddle. The token's design and inscriptions reflect the intense partisan atmosphere of the Bank War period, when Jackson's supporters and opponents engaged in a propaganda campaign unprecedented in American political history. Jackson's opposition to the Bank was rooted in both constitutional and populist principles. He argued that the Bank's federal charter granted monopoly privileges that benefited northeastern financial interests at the expense of western and southern agrarian communities. His supporters celebrated the Bank's decline, while opponents — Whigs, led by Clay and Webster — warned of economic catastrophe if the nation's primary financial institution was destroyed. The prophecy of economic disaster proved partially correct: the Panic of 1837, which erupted shortly after Jackson left office, brought severe depression, bank failures, and widespread unemployment. However, Jackson's defenders attributed the panic to speculative excess and the Bank's own retaliatory contraction of credit rather than to the deposit removal itself. This token captures the moment of partisan confidence before the full economic consequences of the Bank War became apparent.

Rarity Notes

Scarce. Available in brass, with moderate survival rate from the original mintage.

Cross References

Low 5; Rulau HT-5