No, I'm not referring to today's situation ...
The early 1830's was a very prosperous time for America but that all changed quickly in 1837. Rising interest rates, decreasing demand for cotton, one of America's most lucrative exports at the time, and banking policies introduced by President Andrew Jackson, were among the contributing factors to the "Panic of 1837". The ensuing recession lasted until 1844.
During this period some of the more successful businesses and organizations minted their own tokens that were the same size as the U.S. large one cent piece. Some of these were minted for advertising purposes and others were of a more political/satirical theme. When the "panic" was in full swing, the availability of real coins was greatly reduced and these "Hard Times Tokens" found their way into circulation and used interchangeably with real currency.
Samuel Maycock and John Hague were partners in the company, which was founded around 1835. According to the research done by collector Jonathan Veley, John Hague was one of the earliest American pencilcase makers. His first patent, filed in 1833, was the third mechanical pencil patent filed in the U.S., and he filed a second mechanical pencil patent in 1839.
I have yet to see an example of Hague's 1833 pencil patent, and even examples of the 1839 patent are extremely rare. However, the pencil gods smiled upon me one day several years ago and I was able to acquire both the above token, and an example of the 1839 pencil, on the same day, from two separate sellers.
This particular example of a Hague pencil is really just in fair condition as it has some flaws, but I happily overlook them all given the pencil's rarity, and the detailed imprint of the patent information on the barrel.