Excerpt Red Book 2017:

"Hard Times tokens, as they are called, are mostly the size of a contemporary large cent. Privately minted from 1832 to 1844, they display diverse motifs reflecting political campaigns and satire of the era as well as carrying advertisements for merchants, products and services."
A large percentage of these tokens revolve around the Panic of 1837, President Jackson's actions, Van Buren and the controversy the governments involvement in private banking.

The Panic of 1837:

The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time. The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame. On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value. Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales. The years 1837 to 1844 were, generally speaking, years of deflation in wages and prices.

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