Hard Times tokens (2)
Overall: 1 1/8 in. ( 2.9 cm )
Tokens; copper; depiction of shoes and boots on obverse, ring of garland on reverse; obverse "ABRAHAM RIKER / No 131 / DIVISION ST / NEW YORK" reverse "MILLIONS FOR DEFENCE / NOT / ONE / CENT / FOR TRIBUTE"
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.