Saturday, October 29, 2005
Historic Brasher Doubloons Now Labeled America’s First $15 Coins.
Following a new examination of three Brasher Doubloons, researchers have a new theory about why New York silversmith, Ephraim Brasher, moved the location of his hallmark on the first gold coins struck in the United States. The researchers now also agree with a theory initially proposed 13 years ago that these coins had a contemporary value of $15 each, not $16 as earlier assumed by many numismatists.
The three Brasher Doubloons now housed in Professional Coin Grading Service holders with the denomination of each listed as $15 are the unique 1787 punchmark-on-breast specimen; the Yale University 1787 punch-on-wing specimen; and the Lima-style dated 1742 but probably struck in the mid 1780s.
The unique specimen with the "EB" hallmark on the eagle's breast was displayed for the first time in its new PCGS holder at the American Numismatic Association Coin, Stamp & Collectibles Show in Las Vegas, October 28 - 30, 2005. The coin is owned by Steven L. Contursi, President of Rare Coin Wholesalers of Dana Point, California, and Donald Kagin, President of Kagin's of Tiburon, California.
The recent examinations of the coins led researchers to a new conclusion about why Brasher moved his "EB" hallmark from the eagle's breast to the eagle's right wing: punching his initials on the eagle's breast created a problem on the other side of the coin.
"It has been generally accepted that the punch-on-breast variety is the earlier of the two; with the proffered explanation that Brasher was made to move his counterstamp because the public felt his initials should not be located so prominently. Upon reflection, this theory is unsatisfactory. If the public was offended by Brasher's countermark at the center of the coin's obverse, would they not have found his signature on the reverse equally troubling?," said David McCarthy, numismatic researcher for The Brasher Bulletin, the newsletter of the Society for Private and Pioneer Numismatics.
"A careful examination of the punch-on-breast doubloon reveals that it is of an earlier die state than the Dupont, Gilmore, Newcomer and Yale specimens, indicating it was struck before these pieces. However, this fails to explain why Brasher changed the location of his countermark on these later pieces. The answer to the puzzle becomes quite obvious when viewing pictures of all the New York-style doubloons side-by-side," said McCarthy.
"On most of the coins, an area of flatness is found on the side opposite the EB counterstamp. On the punch-on-wing specimens, this shows up as a little weakness in the mountains to the left of the sun, while on the punch-on-breast doubloon the sun and central mountains - the focal point of the coin's design - are flattened. It seems that Brasher changed the position of his countermark for purely aesthetic reasons. If this is true, the punch-on-breast doubloon is not only unique among Brasher's New York-style pieces, it is also the earlier known specimen of this important and storied type."
The $15 designation was first suggested in a comprehensive article about Brasher Doubloons written by numismatist William Swoger and published in the June 1, 1992 issue of Coin World magazine. Additional information about weights and measures of the era was published in the 1993 book, "Money of the American Colonies and Confederation," by Phil Mossman.
McCarthy and noted numismatic researchers John Dannreuther and Ron Guth concur with the evidence.
"The coinage standards of weight and value established by the Bank of New York in 1784 indicate that doubloons weighing 17 pennyweights (approximately 26.5 grams) were valued at $15. Brasher's doubloons weigh 17 pennyweights, and therefore, would have been $15 coins," said McCarthy.
Guth, President of PCGS, stated: "The relationships between doubloons and dollars, gold and silver have always been in a state of flux, due to competitive forces and the economic needs of the marketplace. Just as such uncertainty exists today, it existed in 1787. In a vain attempt to control these relationships, the New York State legislature fixed the value of all gold coins at 89 cents per pennyweight, thus valuing the Brasher 'Doubloon' at approximately $15. PCGS accepts this as the 'official' value of the Brasher 'Doubloon,' fully realizing that the real-world value of the coin could - and did - fluctuate on a daily basis."
McCarthy says the $16 denomination attributed earlier by others to Brasher Doubloons probably was based on ignorance or erroneous assumptions.
"Some researchers simply may not have been aware of the Bank of New York standards or simply ignored them. Some researchers made what we now believe to be incorrect assumptions that the Brasher Doubloons were struck as patterns for proposed copper coinage for the State of New York. If so, why were they made in gold, and why are there no known copper specimens?"
Another theory now believed false is that the coins were intended as souvenirs for visitors to Brasher's neighbor on Cherry Street in New York City, George Washington. However, the coins were dated 1787 and Washington did not live next to Brasher until 1789.
"Why would anyone go to such extravagant expense of making an expensive gold coin for a mere souvenir?," asks McCarthy. "And why do these pieces then lack any direct reference to the first President of the United States?"
Although lighter in weight at 17 pennyweights, Brasher Doubloons contain finer gold, approximately .9089, than the slightly heavier Spanish doubloons with .9010 fineness produced after Spain debased its coinage starting in 1772.
In the 1981 catalog for the sale of the unique punch-on-breast Brasher Doubloon then owned by Johns Hopkins University as part of the Garrett Collection, Q. David Bowers describe it as "the single most important coin in American numismatics."
In a new article for The Brasher Bulletin, McCarthy wrote:
"The Brasher punch-on-breast doubloon is the first gold coin of a distinctly American design to be denominated in dollars and struck to the standard that would be adopted for all U.S. gold coins. It is the first truly American gold coin, and is the forbearer of all gold coins struck by the United States. No other U.S. Colonial or Federal coin can lay claim to such historical significance, placing Brasher's first New York-style doubloon in a class by itself. The history surrounding its origins, its distinction as the product of the first issuer of private gold coins in America and its status as the first gold coin depicting specific American themes make the Brasher punch-on-breast doubloon the single most important coin in the canon of American numismatics."