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Sale 8
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Lot 152
1792 Copper Disme. Reeded edge. Judd-10, Pollock-11, High Rarity-6. . J-10. PCGS graded EF-45. Here is one of the most desirable of the 1792 pattern issues. Approximately 15 are known in all grades of this important trial piece. This is one of the finer ones known, behind the stunning example from the Garrett collection. Better than EF coin from the Norweb sale, and similar to the Stack's 1976 ANA sale specimen. It doesn't appear to be the Crosby plate coin either from our check of available reference works.
Medium to dark brown in color and very well preserved. The surfaces show only the slightest trace of porosity, mostly in the lettering. Quickly identifiable by a minor planchet lamination near the bust tip through the B of LIBERTY, and this feature will allow the next owner to quickly trace the specimen from the few known in this grade from the roster below. No circulation marks or other problems, clearly this coin was cherished soon after it was struck and carefully preserved by generations of numismatists. Only 3 pieces graded by PCGS, one the MS-65, the other two both EF-45. No others reported by that service.
Here is a list of those known, taken from the Bowers and Merena Norweb Sale, November 1988, lot 3391:
1). Garrett: 2352 as Choice AU, now graded Specimen MS-65 by PCGS
2). Norweb, 11-88:3391 as EF, prior to that Ex. Ellsworth
3). Lauder: 237 as "AU", ex Jackman:224
4). Stack's ANA 1976:131. "EF" Ex: NERCA, November 1975:383
5). Byron Reed Collection "Fine"
6). Robison: 968 "VF", Ex: Park:203, Stack's June 1973:879, weakly struck lower right obverse
7). Stack's January 1987:515 "AG", Bowers and Ruddy, November 1976:937
8). Crosby Plate X, 18, EF? (probably not this coin)
9). Bushnell:1761, EF?
10). National Collection, ex Mint "AU."
11). Eric P. Newman Collection
12). Ten Eyck:566-A, "VF"
13). Jess Peters, ANA, 1973:1088, "AU-Unc."
14). Another, whereabouts unknown
Of the above, we checked several but were unable to trace this specimen from our available library reference material (time is also a factor too, of course). It could be the Lauder coin, or the Bushnell, maybe even the Ten Eyck or Jess Peters piece noted, or even one not even listed above.
The story of the 1792 pattern issues is filled with mystery and guesswork. We know the founding fathers were very interested in the founding of the Philadelphia Mint, and Washington was a frequent visitor. The foundation for our coinage had been laid by Robert Morris, Superintendent of Finance in the 1780s. The results of these early efforts resulted in the Nova Constellation coinage and pattern issues. The establishment of a mint would have to wait a few more years. In 1790 Congress instructed Alexander Hamilton, the Secretary of the Treasury, to prepare a plan to establish a Mint. In July of 1791 a report was submitted to Congress by Hamilton, and on March 3, 1792 Washington approved a joint resolution of Congress to establish a mint. The original legislation, prior to the April 2 passage read as follows:
"Upon each of the said coins there shall be an impression or representation of the head of the President of the United States for the time being, with an inscription which shall express the initial or first letter of the Christian or first name and his surname at length, the succession of the presidency numerically, and the year of the coinage; the reverse of the gold and silver coins to bear…an eagle with the inscription UNITED STATES OF AMERICA"
Well, President Washington did not find favor with this (see the 1791 and 1792 contract coinage patterns elsewhere in this sale for examples!). Washington did not want to be represented on our coinage, and had the section changed to read "…an impression emblematic of Liberty, and the year of coinage…" dropping the President from coinage.
While the Mint was still an idea, a New Jersey sawmaker named John Harper used his Philadelphia facilities and small coining press to make contract coinage. Research has confirmed that the first half dimes, using George Washington's own silver dinnerware, were coined in his cellar located at the corner of Sixth and Cherry Streets, Philadelphia, in early 1792.
On July 1, 1792 David Rittenhouse was selected by Washington to be the first Director of the Mint, A lot was purchased on Seventh Street in Philadelphia, and the lot was cleared. A cornerstone was laid July 31, 1792 by Rittenhouse. By September 7, 1792 operations began. On September 11, six pounds of copper were purchased for coinage. Coinage presses ordered from England arrived September 21, 1792. Congress had required the onerous bond of $10,000 for the Mint employees in order for them to coin either silver or gold. The cost of the bond could not be met initially, and for this reason, no silver or gold was coined in 1792-93 at the Philadelphia Mint. Washington referred to the Half Dismes in his fourth annual address on November 6, 1792.
The first copper coins struck at the Mint were in December of 1792, coiner Henry Voigt's account includes the notation "Struck off a few pieces of copper coin" under the date of December 18, 1792. Perhaps this reference is to this coin, or the various cents produced, silver center, fusible alloy, or large cents of 1792 to show the powers that be. Decades later, when the original Mint building was demolished, Frank H. Stewart found two planchets for making the 1792 silver center cents, thus verifying that these were almost certainly struck at the Mint.
As to this 1792 Disme, the dies are thought to have been engraved by Joseph Wright, the famed engraver of the 1793 half cent and Liberty Cap cent. Wright died of Yellow Fever in September 1793, just after completing a few dies. Wright's artistic talents far exceeded those of Robert Scot, who was hired to replace him as the defacto chief engraver. Our thanks to the cataloguers of the Norweb collection for the above information, and for further reading on the subject, see Breen's Encyclopedia, U.S. Mint and Coinage by Taxay, and Frank Stewart's History of the United States Mint.
Estimated Value $35,000-UP.
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| Realized $109,250 |
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