(1837) Token HT-291, Merchants Exchange Merchants Exchange NY

Coin Details

Auction Record

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

Description

This 1837 copper Merchants Exchange token is the first variety in the building series, depicting the original Exchange on Wall Street that was destroyed in the Great Fire of 1835. The obverse inscription "MERCHANTS EXCHANGE, WALL ST. N. YORK, BUILT 1827, BURNT 1835" serves as both a memorial to the lost building and a political commentary linking physical destruction to financial ruin. The reverse features the "MILLIONS FOR DEFENCE NOT ONE CENT FOR TRIBUTE" motto — a phrase originally attributed to Charles C. Pinckney during the XYZ Affair of 1797-98. HT-291 is distinguished from HT-292 and HT-293 by the specific arrangement of berries in the reverse wreath and by minor die differences in the building depiction. The building shown on all three varieties features the massive Ionic columns that characterized the original Exchange, designed by architects Martin E. Thompson and Josiah R. Brady in the Greek Revival style. The original Merchants Exchange had cost approximately $1.8 million to construct and contained the trading floor, the Post Office, and the offices of numerous mercantile firms. Its destruction in the Great Fire, along with 674 other buildings, caused an estimated $20 million in property losses and disrupted the commercial infrastructure of what was already America's largest city.

Rarity Notes

Scarce. HT-291 appears somewhat less frequently than HT-293. Rarity R-2.

Cross References

Low 95; Rulau HT-291