When it comes to storecards, many CWT collectors collect a particular state by towns, seeking one example from each town. Others often collect by merchant, seeking an example of each merchant from a particular town. Still others seek particular stock, die varieties, die-cutting errors, occupations, etc.
Schoolcraft CWT's are paticularly rare because so few specimens are available to those who collect by town and merchant. There were but two Schoolcraft merchants who each issued three different varieties, using different reverse dies. Each of those varieties is estimated to be either an R-8 or an R-9 token. Thus, there are an estimated 25 tokens or so to satisfy CWT needs for the collectors of towns; demand driving the price up. There are many other R-8 CWT's in nice, collector grades that sell for under $100.
If a merchant issues say one R-8 variety, along with an R-2, the R-8 is, generally speaking mind you, devalued because more common examples from that merchant are available to collectors. Of course, should that particular R-8 have a rare reverse die, demand from those die collectors would increase the value of it. Many other factors, like the base metal, occupation, motif, certainly the grade, etc. can likewise influence demand and value.
Kanzinger's 2002 "Civil War Token Collectors Guide" values the MI 900A-1a at $475 in F-VF, $700 in XF and $1,000 in UNC. Steve Hayden is perhaps THE most knowledgeable dealer/collector of Michigan CWT's, particularly; and, Ernie Latter is another. Both fellows are held in high esteem among CWT enthusiasts, and they can be easily found in a web search.
One R-8 CWT in my own collection, WI 920M-1b, was issued by Thodore Racek, a saloon keeper in Watertown, Wisconsin. Saloon tokens are generally a more popular genre than hardware stores (the Schoolcraft merchant). My token, purchased for $60 in an NGC slab, is UNC and a bright brass, to boot. Yet, it was valued by Kanzinger at but $45 in 2002. Why so low? Some years prior, a hoard of these turned up. Such happenings are rare, but there's always that possibility.
As great a work as each of the Fuld books were, errors in rarity were made. There is presently an effort under way to correct and update those works. The Civil War Token Society is behind that effort.
My guess is that Kanzinger's 2002 values have increased maybe 30% or so, and even a scudzy Schoolcraft CWT could fetch $50-$100 or more, depending upon the desparation of those who might bid on one. Regardless of the condition, it's a great acquisition and could form the nucleus of a collection of Michigan CWT's ... Enjoy!
Posted 10/15/2010 10:56 am
