Hard Times token: Specie Payments suspended, May 10, 1837
Overall: 1 1/8 in. ( 2.9 cm )
Tokens; metal; depiction of Lady Liberty's profile on obverse; obverse "E PLURIBUS UNUM / 1841" reverse "SPECIE PAYMENTS SUSPENDED / MAY / TENTH / 1837"
In 1837 and again in 1857, financial crises caused loss of confidence in paper money and widespread redemption of currency in coin. Banks were soon forced to suspend specie payments, and tokens and fractional notes had to serve as smaller change.
Due to ongoing research, information about this object is subject to change.