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HERITAGE SELLS SCHUMAN HARD TIMES TOKENSHeritage Auctions recently sold the Robert Schulman Collection of Hard Times Tokens. Some selections are discussed below. -Garrett 
1837 American Silver 25 Cents, Low-50, HT-74, W-NY-480-80j, R.8, MS62 NGC. Feuchtwanger's composition (German silver), plain edge. Ex: Bushnell-Low-Ryder-Raymond-Boyd-Ford. The Schuman plate coin (page 89) in The True Hard Times Tokens. The Bowers plate coin in A Guide Book of Hard Times Tokens (page 204). The Rulau plate coin in Standard Catalog of United States Tokens 1700-1900 (page 120). Charles Ira Bushnell described this piece in his 1858 study, An Arrangement of the Tradesmen's Cards, Political Tokens and Election Medals. The phrase "American Silver Composition" was Dr. Feuchtwanger's name for his alloy that is often called "German Silver." The present offering is the fifth auction appearance of the legendary Low-50 token. This example was previously offered in 1882 and 2004, while the other example appeared in 1990 and 2020. For several decades, the variety was believed to be unique since its discovery in 1858. When we brought the Partrick collection to auction in 2020, we recorded the provenance of that example originating with Virgil M. Brand. However, John J. Ford once claimed that he found that piece and sold it to Mr. Zeddies in the 1960s. Ford's claim is unverifiable today. Lyman Low, who purchased the present example from the Bushnell auction as agent for Hillyer Ryder, mistakenly included this token among his "Bushnell Fantasy" tokens, although it is now considered an emission of 1837. Analysis of the present piece indicates that it is a true Hard Times Token as Dr. Schuman reports: "Wayte Raymond, John Ford, George Fuld, Dave Bowers, Russ Rulau, and the author (RAS) all feel that this piece is Dr. Feuchtwanger's Neutral Specie 25 cent pattern for his American Silver composition, a phrase used by Dr. Feuchtwanger on his merchant tokens a 2 Cortland St. and 377 Broadway. The eagle and shield with arrows and leaves are quite typical of and consistent with the 1837 time frame and are remarkably similar to that seen on Low 49 and Low 14, as well as other tokens of that era." The present American Silver token is sharply struck and free of disturbances. The light gray surfaces show a few splashes of dark patina. Both sides of this lovely rarity present excellent eye appeal. Many of the great token collectors in American numismatics never owned an example of Low-50.
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(1835) Carpenter & Mosher, Troy, NY, Low-146, HT-359, W-NY-1680-10a, High R.7, AU55 NGC. Copper, plain edge. Ex: Boyd-Ford. The Rulau plate coin. The Bowers plate coin (page 243). This is the finest of just four known examples of the variety, according to Dr. Schuman's research. He was fortunate to acquire this golden-brown example from the 2004 Ford auction.
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1838 Am I Not a Man & a Brother, Low-54A, HT-82, W-11-725a, High R.7, XF45 NGC. Copper, plain edge. Ex: Ryder-Boyd-Ford. The Schuman plate coin (page 98). The Bowers plate coin (page 117). A kneeling male slave in chains asks AM I NOT A MAN & A BROTHER on this 1838-dated token that borrows its obverse design from an earlier, undated British token. Similar and plentiful 1838-dated tokens depict a female slave in chains. The late Eric P. Newman researched these pieces, locating contemporary evidence that the American Anti-Slavery Society (AASS) commissioned a New Jersey firm, Gibbs Gardner & Co., to strike the female slave tokens, and advertised these male slave tokens. Some modern researchers consider these to be pattern issues based on their rarity, although there is no contemporary evidence for such a label. This example is the second finest of four known based on NGC grading, although it has been called the finest known at other times.
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(1834) Andrew Jackson, Low-2, HT-4, W-09-30b, R.8, VF35 NGC. Brass, plain edge. Ex: Raymond-Brand-Boyd-Ford. The Schuman plate coin (page 21). The Rulau plate coin (page 110). The Bowers plate coin (page 93). There are just two examples known of this variety that commemorates the achievements of Andrew Jackson in times of war and in times of peace as noted on the reverse inscription. The obverse displays a civilian bust of Andrew Jackson facing right with the inscription ANDREW JACKSON PRESIDENT OF THE U.S. The reverse has WE COMMEMOat THE GLORIOUS VICTORIES OF OUR HERO IN WAR & IN PEACE, with ELECTED A.D. 1828 REELECTED A.D. 1832. The unusual appearance of the word "Commemorate" was the result of poor planning on the part of the die engraver. The word "Salute" might have been a better choice given Jackson's military service. Dr. Schuman records just two examples in his 2010 book The True Hard Times Tokens. This example is complete, and the other known piece has a hole at 12 o'clock. The census will show the rarity of this important token variety. The present piece from the Schuman collection has just one auction appearance 20 years ago. While both sides show minuscule handling marks and trivial surface roughness, this piece presents great eye appeal with a well-centered strike and lovely beige and golden-tan surfaces.
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1837 Illustrious Predecessor, Low-19A, HT-33A, W-11-530f, High R.7, MS65 NGC. Silver, plain edge. Ex: Miller-Ford. The Schuman plate coin (page 50). Lyman Low reported in his reference: "This piece was also struck in silver, it is said, for 'Capt. Davenport,' in 1837, concerning whom I have not been able to learn anything." Henry Davenport (1811-1898) was an early American numismatist and a founder of the Boston Numismatic Society. Q. David Bowers provides a biographical sketch of Davenport in A Guide Book of Hard Times Tokens. This beautiful Gem may be the finest known example despite the Ford duplicate receiving a higher numerical grade. Dr. Schuman purchased both Ford examples in 2004 and chose to retain this example for his collection based on his opinion of its higher quality. Both sides exhibit original iridescent toning on lustrous silver surfaces. While NGC shows the certification of five examples that grade MS66, MS65, MS63 (2), and MS62. Dr. Schuman records four examples that are known of this silver token variety.
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1834 Whig Victory, Low-6C, HT-14C, W-10-10f, R.8, MS61 NGC. Silver, reeded edge. Ex: Ford. The Schuman plate coin (page 28) as Low-6b. Numbering inconsistencies exist: Dr. Schuman labels the brass pieces as Low-6a, this variety in silver as Low-6b, and a reported German silver example as Low-6c. Bowers follows the lead of Rulau who labels those varieties as Low-6, Low-6C, and Low-6B respectively. Regardless of its label, there are just three known examples in silver. This is the finest of the three known silver examples, and at least two of those are struck over early U.S. quarters. While we are uncertain, we believe that this example is struck over an 1831 Small Letters quarter, possibly B-1 or B-4. This lustrous piece exhibits antique gray surfaces with blue, violet, and gold toning. It presents a high degree of aesthetic appeal and will prove to be a centerpiece of any advanced Hard Times token collection.
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1837 Millions for Defence, Bushnell Fantasy, Low-43A, HT-55A, W-X-700f, R.8, MS61 NGC. Silver, plain edge. Silver examples of the Bushnell Fantasy tokens are extremely rare, and the present variety is possibly unique. There was no example in the Ford collection, nor in the Charles Litman collection. Lyman Low wrote in 1899 that he believed just one silver example was produced for each of these fantasy tokens. Just five different varieties are listed in A Guide Book of Hard Times Tokens, struck from the dies of Low-41, 42, 43 (offered here), 70, and 71. A detailed census of silver Bushnell pieces, indeed of all silver Hard Times tokens, should be compiled. This lovely Mint State example has delicate gold and iridescent toning on antique-silver surfaces. Slight central weakness is noted on this imperfectly centered token. Ex: Massachusetts Historical Society (Bowers and Merena, 11/1994), lot 3008; Dice-Hicks Collections (Stack's, 7/2008), lot 3057.
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1837 Feuchtwanger Three Cents, Low-118, HT-263, W-NY-480-65j, R.4, MS65 NGC. Feuchtwanger's composition (German silver), reeded edge. Ex: Boyd-Ford. This example and another from the Ford Collection are likely the two finest known examples of the variety, and the cataloger of the Ford tokens wrote: "There will be spirited debate as to whether this or the one above is really the finest known." The two tokens brought identical prices in the Ford auction; thus, we conclude that they are tied for the best in existence. All design elements are boldly rendered, with brilliant luster that accompanies lovely light gold and iridescent toning. The surfaces of this Gem are virtually flawless. Ex: F.C.C. Boyd; John J. Ford, Jr. (Stack's, 6/2004), lot 212.
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1837 Millions for Defence, Low-170, HT-43, W-11-90a, R.8 -- Cleaned -- NGC Details. Unc. Copper, plain edge. Ex: Ford. The Schuman Plate Coin (page 62). Glossy brown surfaces show hints of light blue overtones with traces of artificial red luster in the protected areas. A few trivial marks and faint scratches are evident on both sides. The present piece is the finest of three known, and while cleaned, it is the only undamaged example.
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1837 Feuchtwanger One Cent, Low-120, HT-268, W-NY-480, Dies 3-C, Low R.8, AU58 NGC. Feuchtwanger's composition (German silver), reeded edge. The Bowers plate coin (page 199). This impressive Choice AU example has golden-brown surfaces with a dark toning spot at the left reverse that identifies the coin as the Bowers plate coin. The strike is nearly complete, showing the usual softness on the highest points of the eagle and opposing central reverse. We are aware of just two other examples of this die combination that Bowers describes as one of the "Holy Grail" varieties among circulation strike Feuchtwanger cents. The other two examples are low grade pieces. Purchased from a descendant of Dr. Lewis Feuchtwanger.
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1837 Feuchtwanger Three Cents, Low-119, HT-265A, W-NY-480-70j, Low R.7, MS64 NGC. Feuchtwanger's composition (German silver), reeded edge. Cataloged here as HT-265A. The listings for HT-265 and HT-265A are for the same extremely rare token variety that is offered here, the difference being designations of prooflike Mint State for HT-265 and proof for HT-265A. When this example was offered in 2008, the cataloger for Stack's identified six examples, relying on earlier research that was presented when two examples were offered from the John J. Ford, Jr. Collection in 2004. Today, we have records of 10 different examples that are recorded in our census below. The present piece is the Rulau plate coin. This example features a bold strike with no evidence of weakness on either side, save for indistinct leaves at the top of the right branch. Both sides are brilliant and fully mirrored with a hint of amber and blue toning. The fields and devices provide a high degree of contrast. The late C. Douglas Smith, a well-known large cent collector and friend of Dr. Schuman, had a favorite term to describe the appearance of pieces like this: "Bottomless Pool Effect."
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