(1837) Token HT-85, Webster Credit Currency

Coin Details

Description

This variant of the Webster Credit Currency token continues the political series defending Daniel Webster's advocacy for the Bank of the United States and a credit-based monetary system. The different HT number indicates a distinct die combination, edge type, or metallic composition from HT-84, though both tokens carry the same essential political message. The "Credit Currency" concept at the heart of these tokens represented a fundamental disagreement about the nature of money in a democratic republic. Jackson's supporters believed that only gold and silver coins had intrinsic value and that paper money issued by banks was inherently dishonest. Webster and the Whigs countered that credit-based currency, properly regulated, was essential for economic growth and that Jackson's hard-money policies served the interests of southern planters at the expense of northern commerce and industry. These tokens circulated during the worst of the Hard Times, when the consequences of Jackson's monetary policies were being felt by millions of Americans. The tokens' political message was reinforced by the very circumstances of their use—people handled them because genuine coins had disappeared from circulation, a tangible demonstration of the monetary crisis that Webster had predicted and his opponents had caused.

Rarity Notes

Common to scarce. Variant of the Webster Credit Currency political token.

Cross References

Rulau HT-85