Fast Hitch is a quick-attach style of hitch. There's a yoke with two sockets on the tractor and two prongs mounted on the implement. You're supposed to be able to back into the implement, lift, and drive away.
Three point hitch consists of two lower arms with holes in the ends of them, and a third "top link." You back up to the implement, get off, and wrestle the holes in the lower arms over pins mounted on the implement. Most of the time you also install the top link to keep the implement from tipping over backwards, and adjust its length to level the implement out.
There are advantages and disadvantages to each. For example, you can't always back into a fast hitch implement and drive away. Factory three point hitch systems have better draft (load sensing) control than fast hitch.
All the other tractor and implement manufacturers went with three point hitch, so IH eventually ended up going to three point too.
If you want the tractor to be useful, get one with a factory three point hitch. Fast hitch is more of a novelty for collectors and people who "play" with their tractors, and the implements are more difficult to find.
You can get various adapters to use three point implements with fast hitch, but none work as good as a factory three point hitch.
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Today's Featured Article - A Lifetime of David Brown - by Samuel Kennedy. I was born in 1950 and reared on my family’s 100 acre farm. It was a fairly typical Northern Ireland farm where the main enterprise was dairying but some pigs, poultry and sheep were also kept. Potatoes were grown for sale and oats were grown to be used for cattle and horse feeding. Up to about 1958 the dairy cows were fed hay with some turnips and after that grass silage was the main winter feed. That same year was the last in which flax was grown on the farm. Flax provided the fibre which w
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