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Sale 8
Lot 119
1792 Washington Copper Token. Eagle with stars on reverse, lettered edge. Baker-21. EF-40. The surfaces are a medium chocolate brown in color, although the coin was lightly silvered, most of which has worn away (less than fifteen percent of the surfaces show silvering) in subsequent circulation. Perhaps silvered to provide a visual aid to Congress and to demonstrate the usefulness of W. and Alex Walkers (Birmingham merchants) proposed copper, silver and gold coinage denominations, all produced by the same pair of dies. The silvering remains only in the protected areas, near the devices and lettering. Surprisingly well struck as the devices are deeply cut into the dies, even the epaulets on Washington's shoulders show complete and exacting detail, despite light wear from circulation. Further, the highest curls on Washington's wig remain crisp and complete in definition. A tiny centering dot can be seen just above Washington's collar below and slightly left of his earlobe. Similar on the reverse, the eagle retains magnificent and glorious feather separation on its wings, tail and head. Even the minute details of its knobby legs are present. This is where the genius of the engraver John Gregory Hancock, Sr. shines, the central shield received most of the wear, but rather than engrave fine pales and gules in the shield (which would offer little defense against circulation and wear), Hancock engraved wide, deep lines which would not show wear until after extensive circulation. Curiously, the reeding around the edge is very shallow, and the planchets appear to be too small for the dies. Reeding protects the central devices from wear, a problem on the 1793 half cents and cents (which used much smaller edge beading instead), without the surrounding edge reeding to protect the central design, coins tend to wear much quicker after limited circulation. Engraving devices which could receive wear (reeding, or in this case a thick central shield) while the fine details were preserved (the eagle's wing feathers and tail feathers) is the genius of the sixteen year old engraver, Hancock.
Close examination will note a faint series of scratches forming a grid pattern in the left obverse field, and more continue above Washington's head as well as a few vertical ones in the right field. The reverse also has a few, but they are very faint. The scratches are old, toned over and while present, are not too troublesome. There is a tiny planchet defect touching the outer edge of D of PRESIDENT from the rim, and this should help to trace the pedigree of this coin.
Breen reports 4-6 known with the lettered edge (Br-1229), and another 6 or 7 known with a plain edge. The only other offering of a lettered edge coin is the "nearly Fine" piece in the Garrett Sale (Bowers and Ruddy, 3/81:1712; later Stack's Roper Sale, 12/83:380) the Bowers cataloger stated "only about a half dozen are known" but offered no other information on known specimens. In the Roper Sale, Stack's estimated that 8 to 10 copper specimens are known including lettered and plain edge varieties. None have been offered in recent years, and this important issue is undoubtedly extremely rare. Neither Norweb or Eliasberg had a specimen. The copper examples apparently circulated along with other Washington pieces, as well as large cents once the Philadelphia Mint began producing coins. Survival was random, and no condition census exists that we could locate. Nevertheless, this coin is certainly one of the finest of the few known, hidden off the market for over 55 years.
The story behind the creation of this coin is fascinating. One of the most important of the series of Washington pieces is the Hancock multidenominational pattern offered here. They were designed by John Gregory Hancock, Sr., a juvenile engraving prodigy who was working for a Birmingham, England token manufacturer. Hancock became one of the finest artists in the history of 18th century British diemaking and earned his reputation well. One of Hancock's honored tasks was being chosen to make dies for cents portraying George Washington as samples for a proposed federal coinage contract. Hancock had already made a name for himself in America by designing the 1791 Washington, large eagle cents. It is believed that about 4,000 of the 1791 cents arrived in America, and these were distributed to dignitaries and officials in hopes of winning the contract to produce coinage for the new United States.
During 1791 proposals were discussed in Congress to establish a mint in America, or purchase contract coinage from the technically superior and cutting edge firm of Boulton & Watt (Birmingham, England), including negotiations with a would-be representative of Boulton, one John Hinkley Mitchell, who seems to have had in mind establishment of a subsidiary or agency of Boulton in the USA (Breen). Meanwhile Jefferson way trying to induce Swiss engraver John Pierre Droz to move to Philadelphia and become Engraver or even Director of the proposed federal mint, leaving behind his employment at Boulton & Watt. Last but not least, we have Messrs. W. and Alex. Walker, Birmingham merchants, who ordered sample cents of two designs to be struck by Obadiah Westwood's private mint in that city, with dies by Hancock. Some solution was urgently needed.
Heated words flew back and forth as Congress debated the proposals for creating much needed coinage. Thomas Paine passionately opposed private contract coinage, especially of foreign origin using foreign copper. Thomas Jefferson listened well, and helped to have Paine's arguments published in the National Gazette 10/17/1791 and in American Magazine 10/1791 (Breen). Apparently Jefferson convinced George Washington that the best solution was to establish a federal mint.
Meanwhile, Congress was debating the Morris coinage bill which would have established a federal mint and a coinage system. In addition to establishing a mint, the Morris bill proposed that the coins would "portray Pres. Washington" (Breen) and because of this section, Hancock's employers submitted these copper coins for consideration to win the coinage contract. Winning an important coinage contract would be very lucrative for the backers.
Meanwhile, President Washington reportedly saw his image on some of the 1791 Hancock coins and stated that the designs were too "monarchical" and rejected the idea of his image being placed on coins. The Morris bill was rewritten, and in its final form (which became law on April 2, 1792) the coins instead called for "an impression emblematic of Liberty". With international communications slow, Hancock did not learn of the change in the Morris bill, or of Washington's disapproval, until these new dies had been engraved and a few coins struck.
Hancock and his backers (W. and Alex Walker) believed that these dies could be used interchangeably to produce copper coins worth approximately one cent, silver coins worth approximately half a dollar, and a gold piece worth ten dollars, although no weight standard had been set at the time for denominations. A single gold example exists in the Newman Collection, less than 10 silver pieces are known, some with a lettered edge, others plain; and less than a dozen copper coins are known, some with plain edge (6-7) and lettered edge (4-6) according to Breen. This coin has the lettered edge UNITED STATES OF AMERICA .X.
When word finally reached Hancock that Washington didn't want his portrait on coins and that the Morris bill had passed establishing a federal mint, Hancock undertook an extraordinary piece of revenge. Washington's spokesman had compared the idea of presidential portraits on coins to the practices of Nero, Caligula and Cromwell, so Hancock's (and/or Westwood, his employer) idea was to portray Washington on a coin as a degenerate, effeminate Roman emperor. The "Roman Head" cents are one of Hancock's masterpieces, albeit a satirical piece. Of the Roman Head coins, approximately a dozen were made and given out very quietly to Hancock's and Westwood's friends. These remained a secret for over 40 years, lest their discovery touch off an "international incident". (Breen)
Thus, the rejection of this coin design and failure to obtain the contract coinage agreement led to creation of the "Roman Head" cent by Hancock. The coin offered here is one of the most coveted and rare of the Washington pieces, and certain to bring a runaway price from a true numismatist that understands the immense historical importance of this coin.
Estimated Value $15,000-UP.
Ex: Ira S. Reed, 11/21/45 at a then staggering cost of $125.
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| Realized $48,300 |
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