(1837) Copper Token HT-53, Van Buren - Not One Cent

Coin Details

Auction Record

$1,200 AU Details 08-20-2019 Stack's Bowers

Description

This 1837 copper token combines a portrait or reference to Martin Van Buren on the obverse with the "NOT ONE CENT" reverse, linking the eighth president directly to the satirical message of the series. Van Buren inherited the Panic of 1837 from Jackson's policies and bore the political consequences of the ensuing depression throughout his presidency (1837-1841). Van Buren's association with the financial crisis earned him the derisive nickname "Martin Van Ruin" from Whig opponents. His response to the panic — the Independent Treasury or Sub-Treasury plan — was designed to separate government finances from private banking entirely, preventing future crises caused by government deposits in unstable banks. However, the plan was slow to implement, and Van Buren's refusal to provide direct government relief to suffering citizens and businesses made him deeply unpopular. The pairing of Van Buren's identity with "NOT ONE CENT" was both literal and figurative. Literally, the tokens proclaimed their lack of official monetary status; figuratively, they accused Van Buren's administration of providing not one cent of assistance to the American people during the worst economic crisis since independence. This dual meaning made Van Buren/Not One Cent tokens particularly potent political weapons.

Rarity Notes

Common. Copper Van Buren/Not One Cent tokens are well-represented in the marketplace.

Cross References

Low 38; Rulau HT-53