Hey, Philly .... That medal's a beauty. I see that the recipient, Roswell L. Colt, was listed in the 1837 NY City Directory. He was a wool dealer at 9 Burling-slip, then residing at 25 Park Place - a somewhat prestigious location. He appears briefly in many 19th century books, being active in civic matters and a variety of other pursuits. It appears that he may have had a farm in Patterson, NJ, where his cattle, possibly sheep, too, were raised.
The great fun of this hobby, exonumia in particular, is attaching history to the tokens and medals, be it a company/organization or an individual. One can find volumes of info on the American Institute. I wonder if the Hard Times tokens were given out in change at their events? To my experience, these typically appear to have been well-circulated ... I've yet to see one that's a full red, BU.