(1837) Token HT-66, Bentonian Currency

Coin Details

Auction Record

$2,412 MS63RD 06-16-2024 Heritage Auctions

Description

This 1837 copper token features the Bentonian Currency / phoenix design with "SUBSTITUTE FOR SHIN PLASTERS NOV 1837" reference. "Shin plasters" was a derisive term for the small-denomination paper notes — typically ranging from 6¼ cents to 50 cents — that flooded the market after banks suspended specie payments. These notes were issued by banks, municipalities, railroads, and merchants as emergency currency, and their reliability ranged from solid to utterly worthless. The term "shin plaster" originated from the practice of soldiers using worthless paper currency as bandages for their shins — a commentary on the only practical use to which such depreciating notes could be put. During the Panic of 1837, shin plasters proliferated as businesses and local governments attempted to maintain commerce in the absence of reliable coins. The quality of these notes was often poor — cheaply printed on flimsy paper — and counterfeiting was rampant. The November 1837 date references the meeting of bank representatives from nineteen states in New York City on November 27, 1837, where they agreed to a resumption date for specie payments. This meeting represented a cautious step toward monetary recovery, though the actual resumption of specie payments would not occur uniformly until later. The phoenix imagery on these tokens expressed the hope embodied in such recovery efforts.

Rarity Notes

Common. Well-known variety with standard availability in the Hard Times Token marketplace.

Cross References

Low 47; Rulau HT-66