(1835-8) Copper Token HT-301, NY & Harlaem & Railroad Co. NY

Coin Details

Auction Record

$1,560 AU55 08-20-2019 Stack's Bowers

Description

This copper New York & Harlem Railroad token variety completes the main series of NY & Harlem issues, featuring the horse-drawn rail car design that identifies the series. The copper composition and cent-like size suggest this piece circulated alongside standard copper cents in everyday commercial transactions, serving double duty as a cent substitute during the coin shortage and as an advertisement or fare token for the railroad. The NY & Harlem Railroad's importance to Hard Times Token numismatics extends beyond its role as a token issuer. The railroad's expansion during the 1830s — from a single horse-car route on Fourth Avenue to a steam-powered suburban railroad reaching White Plains — exemplified the speculative investment boom that preceded the Panic of 1837. Railroad securities were among the most actively traded investments of the period, and the collapse of railroad stock values during the panic contributed significantly to the broader financial crisis. The railroad ultimately survived the Hard Times period and went on to become one of the most important transportation properties in American history. Cornelius Vanderbilt acquired control of the NY & Harlem in the 1860s, using it as the foundation for his railroad empire that eventually encompassed the New York Central and most of the major trunk lines between New York and Chicago.

Rarity Notes

Scarce. Copper variety with moderate availability. Rarity R-2 to R-3.

Cross References

Rulau HT-301