1837 LIBERTY SEATED 10C, NO STARS PR67
NO STARS. ONLY 30 STRUCK. SOLE HIGHEST GRADED!
NGC Graded Higher:
The Panic of 1837 and the following years was the worst economic period the 61 year old United States had seen. The Second Bank of America was defunded by Andrew Jackson in 1834 and the money and ability to produce bank notes was transferred to hundreds of smaller state banks. For the next few years, the American economy prospered and state surpluses were reinvested into the state in the form or railroads and other infrastructure. It wasn’t until Jackson issued the Specie Circular that the state of the economy took a downturn. The Specie Circular made it so that public lands, which had been rapidly bought up using the bank notes issued by the newly empowered small banks, must be purchased by either gold or silver coins. The banks then called in their loans, which revealed their reckless credit policies as little turned up. Those who had deposited their money rushed to their banks to withdraw their savings. This financial panic led to widespread unemployment and a depression lasting six years. In 1837 this 1837 silver dime would be much more comfortable to own than any paper bank note issued by the struggling banking system.