Good Times For Hard Times Tokens: Robert Schuman Collection Tops $1.1 Million At Heritage

The finer of just two examples of a rare 1837 Silver 25 cents token sold for $120,000 to lead Heritage’s Robert A. Schuman, MD Collection of Hard Times Tokens Showcase Auction to $1,130,999 October 28.

The 1837 American Silver 25 Cents, Low-50, HT-74, W-NY-480-80j, R.8, MS62 NGC was produced in the alloy that Dr. Feuchtwanger referred to as “American Silver Composition.”

“The Robert A. Schuman, M.D. Collection of Hard Times Tokens included the most complete die variety collection of tokens that Dr. Lewis Feuchtwanger produced,” says Heritage Senior Numismatist Mark Borckardt. “Among those tokens was the finer of just two known examples of Low-50, the famous 1837 American Silver 25 Cents Token that realized $120,000 in just its third auction appearance since 1882.”

The finest of just four examples of a Low-146 Carpenter & Mosher Token, AU55 NGC brought a winning bid of $48,000. This important Troy, New York rarity was sold previously in the 2004 Ford Auction.

Also reaching $48,000 was an 1838 Am I Not a Man & a Brother, Low-54A, HT-82, W-11-725a, High R.7, XF45 NGC that borrows its obverse design, with a kneeling male slave in chains, from an earlier, undated British token; similar 1838-dated tokens that depict a female slave also were offered. Some modern researchers consider the male slave tokens 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.

An Andrew Jackson Token, HT-4, VF35 NGC ended at $43,200. This important token is one of just two examples known of this variety that commemorates the achievements of the seventh American president in times of war and in times of peace as noted on the reverse inscription. The obverse displays a civilian bust of 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.

An 1837 Low-19A Silver Token, MS65 NGC drew more than a dozen bids before landing in a new collection after it sold for $36,000. This 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 kept this example based on his opinion of its higher quality.

Also ending at $36,000 was an 1834 Whig Victory, Low-6C, HT-14C, Silver Token, MS61 NGC that is the finest of just three known examples in silver, at least two of which were struck over early U.S. quarters. This example is believed to have been struck over an 1831 Small Letters quarter.

Other top lots in the auction included, but were not limited to:

  • An 1837 Low-43A Bushnell Fantasy, MS61 NGC: $28,800
  • An 1837 Feuchtwanger Three Cent Token, Low-118, MS65 NGC that is tied for the finest of its kind: $26,400
  • The finest of three known examples of an 1837 Low-170, HT-43 Not One Cent Token, Unc Details: $24,000
  • An 1837 Feuchtwanger Cent, AU58 NGC that is one of just three examples of the 3-C die combination: $21,000
  • An 1837 Feuchtwanger Three Cent Token, Low-119, MS65: $20,400

Images and information about all lots in the auction can be found at HA.com/63304.