A toy launcher apparatus having inner and outer concentric tubes forming a chamber between the tubes. Within the inner tube in a piston and an attached rod, the piston being movable between front and rear positions by a user of the launcher apparatus. The other end of the rod is attached to a handle and upon being pulled rearward, compressed air causes discharge of a projectile. The inner tube has a closed front end portion and an open rear end portion with vents. An end cap is connected to the tubes to prevent relative movement between the tubes and to provide an air path from a region in the inner tube rearward of the piston, through the vents and into the chamber. A front cap is attached to the outer tube, a projectile restraining seal is mounted to the front cap, and a perforated cup is mounted rearward of the seal. A spring is positioned in the chamber between the inner tube and the perforated cup to bias the cup and a loaded ball toward the seal.