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During the colonial period, England engaged in the costly French and Indian Wars. In 1765, parliament sought to defray its burdensome debts by imposing a system of stamp tariffs on the American colonies. The Act required that various literary materials such as newspapers, almanacs, and pamphlets be printed on paper produced in London, subject to a tax, and carrying an embrossed revenue stamp.
The colonists were predictably incensed by the passage of the Stamp Act. In addition to being financially burdensome, it was viewed as a repression of freedoms. In October of 1765 a Stamp Act Congress was convened in New York City. Certain British trading ships were boycotted, and the homes of some pro-stamp official were burned.
Fortunately, the colonists had a powerful sympathetic ear in England. William Pitt, a prominent British statesman, who ultimately became the country's Prime Minister, actively sought the repeal of the Stamp Act. He viewed the Act as an impediment to trade, and an improper exercise of Britain's powers of taxation. He was able to muster the support of several influential British manufacturers and merchants, who enthusiastically took up the cause. Benjamin Franklyn gave testimony before Parliament, and ultimately even King George III persuaded the House of Lords to repeal the Act, after it became readily apparent that the Act was costing more to administer than it was bringing in revenues. Pitt's actions in defense of the colonies elevated him to hero status. In appreciation of Pitt's efforts, statues were erected honoring him, and at least 19 places in America were named after him - i.e. Pittsburgh.
The creation of the Pitt token, dated 1766, and pictured above, was just another manifestation of the esteem in which Pitt was held. This piece, probably intended as a commemorative medalet, was issued in farthing and halfpenny sizes. The farthing sized token, fashioned in yellow bronze, may have been a prototype. A scant 27 examples are believed to exist.
The more plentiful halfpennies were predominantly struck on copper planchets, some coated with tin to give them a silvery appearance. Others were coined on planchets of brass, tin, or silver.
The obverse of the token depicts a portrait of the elder William Pitt, bedecked in a wig, with the following peripheral legend: "The Restorer Of Commerce 1766 No Stamps." The reverse features a masted ship, headed to America, with a lion figurehead on the bow. The peripheral wording reads: "Thanks To The Friends Of Liberty And Trade." These tokens are frequently found well worn, which suggests they probably circulated as money.
The major unanswered questions regarding the Pitt Token relate to their location of production, and by whom. In an early work, dated 1859, authored by Montroville Dickeson, it was suggested that the Pitt Token was designed by Paul Revere, and may have been engraved and struck by James Smither of Philadelphia. Although undoubtedly talented, Smither had a tarnished reputation. He was a British sympathizer (Tory) who, in 1778, was accused of high treason for, among other things, helping the British forge continental currency. He fled from Philadelphia under the protection of British troops. The considerable distance between where Revere and Smither resided (Boston/Philadelphia) made their collaboration on the Pitt Token unlikely.
Alternatively, the Pitt Token may have been conceived and produced in England. Among the reasons for an English connection: The technical expertise, equipment, and materials necessary to produce tokens of this quality were readily available in England. Several other medals commemorating the achievements of Pitt had already been successfully struck in England. Since many prominent merchants and manufacturers supported Pitt's efforts, there was a ready collector market in Britain for these pieces.