(1837) Token HT-294, Merchants Exchange NY

Coin Details

Auction Record

$312 MS64BN 03-05-2019 Stack's Bowers

Description

This 1837 copper Merchants Exchange token features the phoenix design on the obverse rather than the building depiction used on HT-291 through HT-293. The phoenix rising from flames symbolizes the rebuilding of the Exchange from the ashes of the 1835 fire — a powerful metaphor that resonated with New Yorkers who had witnessed the destruction and were actively engaged in reconstruction. The reverse carries the standard "NOT ONE CENT FOR TRIBUTE" motto. The choice of the phoenix as an alternative obverse design reflects the spirit of resilience and renewal that characterized New York's response to the Great Fire. Within months of the disaster, plans were underway for a new and even grander Merchants Exchange, designed by Isaiah Rogers in a monumental Greek Revival style with massive Corinthian columns. Construction began in 1836 and was completed in 1842, producing a building that still stands today at 55 Wall Street. HT-294 with its phoenix obverse is the most symbolically rich of the Merchants Exchange tokens, combining the themes of destruction, rebirth, and financial resistance that defined the Hard Times era. The phoenix was a commonly used symbol in American commercial iconography of the period, appearing on fire insurance company logos, business signs, and other contexts where resilience and recovery were emphasized.

Rarity Notes

Common. The phoenix variety is one of the more frequently encountered Merchants Exchange tokens. Rarity R-1.

Cross References

Low 98; Rulau HT-294