(1837) Copper Token HT-37, Liberty - Not One Cent

Coin Details

Auction Record

$787 AU50BN 11-11-2018 Heritage Auctions

Description

This 1837 copper token completes the Liberty Head / Not One Cent subgroup without E PLURIBUS UNUM (HT-35 through HT-37). The three varieties in this subgroup are distinguished by specific die characteristics including the size and position of the date, the treatment of Liberty's hair curls, and details of the wreath on the reverse. The "Millions for Defence" motto that appears on the reverse of these tokens had particular resonance during the Panic of 1837. As banks suspended specie payments and businesses failed across the country, many Americans felt that the government's monetary policies had betrayed the nation's economic interests. The martial language of "defence" and "tribute" cast the economic crisis in patriotic terms, indicating that sound money and fiscal responsibility were matters of national security rather than mere policy preference. These tokens were produced in enormous quantities — aggregate production across all Liberty Head / Not One Cent varieties numbered in the hundreds of thousands. Their ubiquity in everyday commerce ensured that the anti-Jackson political message reached every level of society, from wealthy merchants to day laborers receiving their wages in a mixture of official cents and private tokens.

Rarity Notes

Common. Robust survival rate reflecting substantial original mintage.

Cross References

Low 22; Rulau HT-37