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It is estimated that by 1864, there were 25,000,000 Civil War tokens (nearly all redeemable for one cent) in circulation, consisting of approximately 7,000–8,000 varieties. [2] Lindenmueller token, 1863. Lindenmueller tokens are one of the best-known and commonly struck types.
Cent-sized Civil War token, issued privately as all federal coinage was hoarded. On March 2, 1864, Pollock wrote urgently to Chase, warning him that the Mint was running out of nickel and that demand for cents was at an all-time high.
Hard times token from the panic of 1837, with Andrew Jackson in a trunk. Hard Times Tokens are American large cent or half-cent-sized copper or brass tokens, struck from about 1833 through 1843, serving as unofficial currency. These privately made pieces, comprising merchant, political and satirical pieces, were used during a time of political ...
The widespread use of the tokens was a result of the scarcity of government-issued cents during the Civil War. Civil War tokens became illegal after the United States Congress passed a law on April 22, 1864 prohibiting the issue of any one or two-cent coins, tokens or devices for use as currency. On June 8, 1864 an additional law was passed ...
During the Civil War, there was a shortage in the supply of coins. At the time, they were still made of silver and gold, so people were holding on to them because the metals were valuable.
Civil War tokens of this denomination exist. Three-cent bronze 3¢ 10.89 g 28.57 mm 95% Cu 5% Zn plain 1863 Ring nickel 5¢ plain 1884–1885 [5] [6] Gold ring half dollar 50¢ 1852 [7] Gold ring dollar $1 1849, 1852 [8] [9] Two dollar piece $2 unknown unknown unknown unknown never minted Proposed but not minted. [10] Some privately struck ...
It was not backed by hard assets, but simply by a promise to pay the bearer after the war, on the prospect of Southern victory and independence. As the Civil War progressed and victory for the South seemed less and less likely, its value declined. After the Confederacy's defeat, its money had no value, and individuals and banks lost large sums.
On Nov. 19, 1863, President Abraham Lincoln delivered his historic Gettysburg Address at the dedication of the Soldiers' National Cemetery in Pennsylvania. ... Now we are engaged in a great civil ...