(1837) Copper Token HT-51, Liberty - Not One Cent

Coin Details

Auction Record

$312 MS62BN 08-20-2019 Stack's Bowers

Description

This 1837 copper Liberty / Not One Cent token is a die variety within the E PLURIBUS UNUM subgroup, continuing the series of cent-sized political tokens that dominated private coinage production during the Panic of 1837. The standard obverse shows Liberty facing left with the E PLURIBUS UNUM motto, while the reverse declares "NOT ONE CENT" within a wreath of leaves and berries. The production of Liberty/Not One Cent tokens in 1837 coincided with the most severe phase of the financial panic. On May 10, 1837, New York City banks suspended specie payments — refusing to redeem their banknotes in gold or silver coin. Banks across the country followed within weeks, and the resulting crisis destroyed public confidence in paper currency. Hard Times Tokens offered a tangible, metallic alternative that people could hold and evaluate by weight and appearance rather than trusting the promise of a potentially insolvent bank. The psychological value of metallic tokens during a period of paper money crisis should not be underestimated. Even though a Hard Times Token had no more legal authority than a banknote, its physical substance — copper that could be weighed, measured, and verified — provided a sense of security that paper currency could not match in the climate of fear and distrust that characterized the Panic of 1837.

Rarity Notes

Common. Standard die variety with substantial surviving population.

Cross References

Low 36; Rulau HT-51