More support for first $1

Numismatic News
Krause Publications reports
by Greg Reynolds
Tuesday September 7, 2004

Kenneth Bressett, John W. Dannreuther and Martin A. Logies were featured speakers Aug. 21 at an American Numismatic Association convention Numismatic Theatre event.  They discussed two new research developments that lend additional support for the claim that the Carter-Contursi 1794-dated silver dollar, which was on display during the ANA convention, is the first one struck by the U.S. Mint. Donn Pearlman, a former ANA governor, was the moderator.  Steven L. Contursi also spoke.

During the spring of 2003, experts, including Dannreuther, at the Professional Coin Grading Service determined that it is the only 1794 dollar that is a prooflike presentation piece.  It was then certified Specimen-66 by PCGS.

The most recent new finding analyzed by Bressett and Dannreuther is that it is the only 1794 silver dollar that has a specially imparted, smooth edge surface that matches the edge on the one known 1794 dollar die trial in copper. 

The other new finding was presented by Martin Logies and is documented in his book.  He builds upon the past discovery that the Carter-Contursi 1794 dollar was minted from the earliest state of the dies.  Logies "positively" identifies 125 different 1794 silver dollars and he estimates that 15 others exist, for a total surviving population of 140. 

Logies’ new find is that all other known 1794 silver dollars were struck at later times after the dies had noticeable wear, clash marks, or signs of repolishing.  Logies has thus proved that the Carter-Contursi 1794 dollar was the first struck of the 125 known 1794 dollars.  If Logies’ proof is solid, and if it is reasoned that there is a low probability of an unknown or destroyed 1794 dollar having been struck before the Carter-Contursi coin, then Logies has shown that there is a high probability that it is the first silver dollar struck. 

The one known copper die trial of a 1794 dollar is in the Smithsonian.  Before dies were used to strike silver coins, they were often tested on planchets (blanks) that were made entirely of copper, which is both less expensive and softer than silver.  Curiously, it is known that at least six copper die trials of 1794 half dollars were struck. 

In early July, Richard Doty, the numismatic curator at the Smithsonian, announced that he had discovered a previously unknown example of a copper die trial of a 1794 half dollar.  It had resided at a museum in Vienna since 1920.  Moreover, Doty reported that this piece had a "squared edge" that was "unique."   Andrew P. Lustig suggested to Doty that he remove the copper die trial of the 1794 dollar from its holder and inspect its edge.  The edge of the copper dollar turned out to be very similar to the edge of the copper half dollar that was found in Austria. 

Lustig and other coin experts were already planning to assist the staff at the Smithsonian take down the last exhibit devoted to coins.  In early August, Lustig and John Dannreuther closely examined the edge of the die trial in copper of the 1794 dollar.  They were astonished.  It was smooth, prooflike and met the rims sharply.  The term "squared edge" may be applicable, though it is a little hard to explain. Later, Bressett was asked to inspect the edge. 

Bressett is a widely recognized author and editor.  He was inducted into the Numismatic Hall of Fame in 1996, and was a winner of the Farran Zerbe award, the ANA’s highest honor, in 1998.  Dannreuther is the Director of Research for the Professional Coin Grading Service, and is the primary author of the PCGS Official Guide to Coin Grading and Counterfeit Detection. 

These experts wondered how the edge on the 1794 copper die trial compared to the edge on the Carter-Contursi 1794 silver dollar.  Contursi consented to his coin being removed from its PCGS holder at the ANA convention. 

At the Numismatic Theatre event, Bressett emphasized that the copper die trial and the Carter-Contursi 1794 dollar both have "deeply incised edge letters."  Further, he and Dannreuther focused upon the smooth, sharp nature of the edge field.  In response to a question that I asked, Bressett said that he had never before seen such edge lettering nor such an edge field on any U.S. coin from the 1790s.  He added that some, specially made British coins from the 1790s do have very smooth, shiny, plain edges. 

The lettering on the edge of each 1794 dollar reads: HUNDRED CENTS ONE DOLLAR OR UNIT, with decorations between words.  During the 1790s, edge letters and/or decorative symbols were imparted to each planchet before striking, with use of a Castaing machine.  One possibility is that both the copper die trial and the Carter-Contursi silver dollar were run through the Castaing machine twice to make sharper, more pronounced impressions.  Also, it seems likely that the edges were polished before being run through the machine. At the event, it was considered that the machine itself was specially prepared.  All of the speakers concluded that the edge characteristics were the result of special treatment that further distinguishes the Carter-Contursi 1794 dollar. 

Logies’ new book, The Flowing Hair Silver Dollars of 1794, was released at the convention.  It contains historical material regarding the origins of U.S. coinage.  Logies features photographs, many in color, of almost all 125 specimens that he documented.  Near the beginning, he identifies and explains five die states, and numbers them in chronological order.  For each of the 125 coins, he specifies the die state and provides further technical information.  Importantly, pedigree information about each coin, sometimes extensive, is detailed.

The author makes it easy for beginners and intermediate collectors to understand technical information.  Even those who wish to skip the technical points are likely to learn from the historical material and enjoy viewing some very good color pictures.  It is a book that will appeal to everyone who is interested in classic U.S. coins. 

Logies’ book is published by The Cardinal Collection Educational Foundation, which has a Web site, www.earlydollars.org.   The Cardinal Collection itself was on display at the ANA convention, at the tables of Superior Galleries. 

The PCGS recognizes it as the finest of only two "100 percent complete" sets of early dollars that have ever been registered.  All coins in the set grade AU-55 or higher, and three grade MS-65.  Amazingly, it contains an example of each major die variety minted from 1794 to 1803. 

The Cardinal Collection contains two high-grade 1794 dollars, including the fourth finest known, certified as MS-64.  The other, PCGS AU-58, has pleasant natural toning.  Three of the top ten 1794 dollars were thus on display at the ANA convention.