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Message:: [QUOTE="johnmilton, post: 5220823, member: 101855"]I have been looking for an upgrade to my Low #1 Hard Times Token for a long time. I purchased my first one in the 1980s at a local coin show. It has Fine sharpness and the color of the copper is generally quite good with smooth surfaces. All of that is a big plus for these tokens which are scarce to rare, depending on the sub variety, because most of them have extensive cleaning or corrosion. The only negative to my first Low 1 is that it has some light graffiti in the obverse fields. Before you scoff at this piece, Stacks’ once auctioned it for $3,000 more than 30 years ago. I was not the buyer, but someone took a hit on the piece at some point because I paid quite a bit less than that. When Lyman Low wrote his guide to Hard Times Tokens in the early 1900s, he assigned variety #1 to this piece. Subsequent authors, including Doyle DeWitt and Russel Rulau, have also given this variety the honored #1 spot. The reason is that this piece covers two of the major issues that Andrew Jackson faced during his presidency and more specifically during the presidential election of 1832. “The bank must perish” slogan, on the reverse, refers to Jackson’s “bank war” with the federally charted Bank of the United States. The Federal Government and private investors shared ownership in the bank. Jackson believed that it had too much power and that it provided excessive benefits to the wealthier classes. He vowed “to kill the monster” and vetoed a re-charter bill that Congress passed in 1832. After Congress failed to override Jackson’s veto, the renewal of the bank’s charter became the major issue in the 1832 presidential election. Whig candidate Henry Clay supported the bank; Jackson vehemently opposed it. The issue worked out well for Jackson. He won the election by a comfortable margin. An 1832 Henry Clay Campaign Token [ATTACH=full]1216155[/ATTACH] “The Union must and shall be preserved,” reverse slogan cites and issue that was historically even more important. Before the personal and corporate income taxes became major revenue sources for the Federal Government, the government was mostly funded by tariffs on imported goods. These tariffs did not just fund the government. They also protected domestic companies from foreign competition. The protective tariffs also allowed domestic companies to charge higher prices for their goods. Since there were few manufacturing plants in the South, the southern states consumed far more imported goods. Therefore, they had to pay higher prices for those goods and also provided much of the funding for the Federal Government. This was a legitimate complaint. Led by South Carolina senator, John C. Calhoun, southern politicians claimed that their legislatures had the right to nullify any Federal law that went against their interests. Andrew Jackson strongly opposed this position and threatened to send federal troops, if necessary, to enforce the law. At a Jefferson Day dinner, which was annual meeting of members of the Democratic Party, it was customary for members of the party to offer toasts at the end of the meal. Andrew Jackson rose from his seat, looked Calhoun in the eye, raised his glass and said, “Our Federal Union, it must and shall be preserved.” Never one to back down from a fight, John C. Calhoun rose from his seat and said, “The Union, next to our liberty most dear! May we always remember that it can be only preserved by distributing evenly the benefits and the burdens of the Union.” Some have said that Calhoun message would have resonated better if he had stopped at the first sentence. At any rate the battle lines were drawn. Some astute observers noted that the tariff issue was only the first shot in an impending war. Behind that lay the issue of slavery, which would ultimately be the issue that would break up the Union and start the Civil War. Ultimately Clay and “the nullifiers” backed down, and an armed conflict was averted. Subsequently Jackson pushed for legislation to lowered the tariffs, but the issue was only set aside, not totally resolved. Low #1 is the only Hard Times Token that mentions the nullification issue. That fact, combined with its unambiguous statement on Jackson’s position on the bank make it a highly desirable piece. There are three sub varieties of Low #1, the Small Head, the Aged Head and the Scowling Head. The Small Head, which is the variety I most recently purchased is the most common variety. It is rated as an R-5 with an estimated 31 to 75 examples known. The aged head is slightly rarer as an R-6 with an estimated 13 to 30 examples known. The Scowling Head is the rarest with three examples known and copper and five more known in white metal. Here is the piece that I recently purchased. It is an example of the Small Head variety, Low #1a. [ATTACH=full]1216154[/ATTACH] Here is the piece that had been in my collection for many years. It is an example of the Aged Head variety, Low #1b. [ATTACH=full]1216152[/ATTACH] And here are the two varieties side by side. You will note that there are subtle differences with respect to the size of the portrait and the treatment of the hair on the top of Jackson’s head. [ATTACH=full]1216156[/ATTACH] For those who might be interested, the Scowling Head variety is not in my future. There was an example of it in the auction where I purchased the Low #1a in white metal. It was graded Mint State, but it had a hole. Since there are only five known examples in white metal and three others in copper, you can't be too picky. Still, one only has so much money to spend, and collecting these tokens is an expensive game.[/QUOTE]

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