What The Experts Say...

HT 309, Low 128.
The eagle obverse is from the same die as Low 120, Obverse 6. The feathers on the body of the eagle are not stuck up – a situation which is present even on Uncirculated examples of this piece (For example, see 1989 Steinberg Sale, # 341.) The reverse bears the card of R.E Russell and has the inscription IOU 12 ½ cents – the amount equal to a Spanish silver real, a common coin in circulation in New York City at the time. It is because of this, and the fact that his token was struck in Feuchtwanger metal, that Russell is assumed to have had his place of business in New York City. However, this fact has never been proved.

(H. Joseph Levine, PCAC, The Charles Litman Collection, December 6, 2003)

The amount promised on the token is the same value as the Spanish real, at the time a common coin in circulation in New York City.

(Stacks, the John J. Ford Collection, Part IV, June 23rd, 2004)