1837 USA C.D. Peacock Hard Times Token, Chicago, IL

1837 USA C.D. Peacock Hard Times Token, Chicago, Illinois

In the 1830s, U.S. President Andrew Jackson's financial policies weakened the Bank of the United States to the point of financial crisis. The ensuing depression was the worst that the young country had experienced, lasting until the mid-1840s and seeing drops in profits and wages, a rise in unemployment, and a general stalling of westward expansion.

Throughout Jackson's presidency, and that of his successor, Martin van Buren, tokens now referred to as "hard times tokens" began to circulate. Minted privately, their designs can broadly be described as political satire, propaganda, or criticism, or else may advertise a store or a service.