What The Experts Say...

HT 434, Low 176.
The dies for this token are so crude this has been the subject of comment just about every time the token has been offered at auction. Stacks called the Oechsner example “Extremely Fine for this wretchedly struck issue, on a porous planchet” and B&M referred to the Brand-Zeddies piece as, “From extremely crude dies, among the most primitive in the series.”

Because the dies are so crude, it is difficult to grade these tokens using normal abbreviated descriptive grading. Generally speaking, the top half of each side of Low 176 is struck much more strongly than the bottom half, and the lettering around the periphery is always weak.

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