Lot 9
1786 Immunis Columbia Pattern. Eagle reverse. PCGS graded AU-55. One of the finest graded of this rare pattern issue, PCGS notes that this coin is alone as the sole AU-55 graded, with 4 coins graded higher by that service. Designed and coined by James F. Atlee prior to his joining the Mint at Machin's Mills, these were patterns for contract coinage for the Confederation, either with the Rahway Mills Mint or on his own.
The proposal was made by Gen. Ogden, the bondholder for the Rahway Mills Mint, who had copper mines and the ability to meet the coinage demands of the new Confederation of States. Ogden's proposal no doubt included several examples of this 1787 Immunis Columbia pattern, and these were turned over to the Confederation Board of Treasury's nefarious chief, Col. William Duer. Unbeknownst to Ogden, the contract had already been awarded to James Jarvis, in consideration of a $10,000 bribe to Duer (Breen's Encyclopedia). In short order, Jarvis had to flee the country as he could not meet the demands of the contract, as he had no source for the copper, and Jarvis stayed in Europe to avoid the $10,842 judgment against him. Before Ogden received the bad news of the contract award to his competitor (the bribing Jarvis), Ogden had Atlee strike a large number of the 1787 Immunis Columbia coppers. These coins circulated at 14 to the shilling, when they were accepted, and many circulated for many years.
A most important offering for the Colonial specialist.
Estimated Value $5,000 - 7,500.
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| Realized $4,830 |
