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This Hard Times token was made in the 1840s and depicts the Second Merchants Exchange at 55 Wall Street which was the home of the NYSE from 1842 until they moved into their present location in 1865. It was issued by the New York Joint Stock Exchange Company located at the No 6 Tontine Building on Wall Street. The Second Merchants Exchange Building still exists today, doubled in height, it is now the Citibank Building at 55 Wall Street.
The NYSE was originally called the The New York Stock & Exchange Board or NYS&EB. During these early years, they rented rooms in a couple of different buildings. Then in 1827, the NYS&EB moved into what was supposed to be their permanent home, The Merchants' Exchange Building at Wall and Hanover Streets.
In 1835, The Great Fire destroyed over 700 buildings in lower Manhattan, including the Merchants' Exchange. After the building burned, they rented a temporary facility until the The Second Merchants' Exchange building was complete in 1842 which is depicted on this coin. The NYS&EB would change their name to the New York Stock Exchange (NYSE) in 1863 and move into their present building in 1901.
Hard-time tokens:
These penny-like coins were generally minted in the late 1830s to early 1840s. They were minted as result of the Panic of 1837 and the general poor economic conditions that ensued. They were minted with various caricatures or "Not One Cent" to avoid counterfeiting charges but they acted like unofficial currency nonetheless. Andrew Jackson's monetary policies led to a shortage of coins which were needed for everyday life. Adding to the problem as well, Banks were no longer allowed to print money below a certain value. Businesses and banks created these "Hard-Times" tokens to bridge the gap to facilitate everyday trade.
Merchants' Exchange of Wall Street New York - Hard-times Token
- Copper
- Size: 1 1/8" diameter
- Age: 1840s
- Condition - VG, typical age & wear
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