(1837) Copper Token HT-35, Liberty - Not One Cent

Coin Details

Auction Record

$1,080 PR61BN 03-31-2021 Stack's Bowers

Description

This 1837 copper token opens the Liberty Head / Not One Cent subseries, one of the largest and most complex groups within the political Hard Times Tokens. The obverse features a Liberty head facing left, deliberately modeled after the U.S. Large Cent design but without the "E PLURIBUS UNUM" banner found on later varieties (HT-38 through HT-52). The reverse displays "NOT ONE CENT" within a wreath, surrounded by "MILLIONS FOR DEFENCE NOT ONE CENT FOR TRIBUTE." The phrase "Millions for Defence, Not One Cent for Tribute" originated during the XYZ Affair of 1797-1798, when French agents demanded bribes from American diplomats. Charles Cotesworth Pinckney reportedly refused with this declaration, and the phrase became a rallying cry for American independence and sovereignty. Its revival on Hard Times Tokens repurposed the patriotic sentiment as a protest against the financial policies of Jackson and Van Buren — the "tribute" now being the economic cost of destroying the Bank of the United States. The "NOT ONE CENT" inscription served a dual purpose: it was simultaneously a political statement against Jackson's monetary policies and a legal disclaimer asserting that the token was not intended to counterfeit official one-cent coinage. Despite this disclaimer, these tokens were routinely accepted at face value as cent substitutes during the Hard Times period, and some were reportedly altered by scraping off the word "NOT" to make them more closely resemble genuine cents.

Rarity Notes

Common. Among the most frequently produced Hard Times Token varieties. Large surviving population in all grades.

Cross References

Low 20; Rulau HT-35