|
Sale 7
|
|
press UP arrow key to increase the zoom ratio.
press DOWN arrow key to decrease the zoom ratio.
press RIGHT arrow key to increase the zoom window size.
press LEFT arrow key to decrease the zoom window size.
|
|
Lot 1386
1776 CONTINENTAL CURRENCY DOLLAR, PCGS GRADED MINT STATE 62. PCGS graded MS-62. One of our most famous colonial coins, this one has the prominent date of 1776 on the obverse, the year of the Declaration of Independence. These were struck in anticipation of Congress managing to obtain a loan of silver bullion from France which could be coined into a circulating medium to help support the rapidly inflating paper Continental Currency. Unknown intermediaries sought out Freehold, New Jersey engraver Elisha Gallaudet who prepared the dies. It was hoped that these coins could not only show off our national sovereignty, but also prop up the paper Continental notes, which were supposed to be redeemable in coin (but were not truly backed by precious metal coins, as Congress had not gotten around to making any provisions for coins at the time this was struck).
Once the hoped for silver bullion arrived, the circulating notes could be replaced with silver coins. For devices the coins employed the linked chain as sketched by Benjamin Franklin, also employing the sundial rebus with CONTINENTAL CURRENCY around, the reverse with AMERICAN CONGRESS on a label enclosing WE ARE ONE with glory rays and 13 chain links naming each state of the United Colonies.
Unfortunately, the French bullion hoped for did not arrive, and the paper currency depreciated rapidly. The first printed discussion of these coins is in Bishop Watson, in 1789 (Breen). Watson wrongly estimated the coins weight and composition as being pewter, but they are in fact tin. Crosby quoted Watson, and PCGS has quoted Crosby, so these are still being called "pewter". As to the denomination, some research has been done to see if these might have been intended as cents, but Breen believes they were more likely intended as a pattern pence, at least for the tin, copper and brass strikings. The silver examples of these would have been approximately the size and value of a dollar, and for this reason, it has long been assumed that these pattern issues were intended as dollars.
This particular coin has light gray color and almost no signs of the usual "tin pesting" which often plagues this issue. The strike is sharp, and all the details can be easily discerned. We note a faint line running down the central planchet on the obverse, it was probably there prior to striking. Not many are known in Mint State, and most of these show signs of wear or mishandling. If you've been looking for a really nice example for your collection, then view this coin to see if it will fill your needs.
Estimated Value $20,000 - 25,000.
|
| |
| Realized $21,850 |
|
