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Lot 3038


Image Information

Type Coin
Title Lot 3038
Date 1776
Side reverse
Grade 62
Service NGC
Service Catalog # 791
Denomination $1
Description 1776 $1 Continental Dollar, CURENCY, Pewter MS62 NGC. CAC. Newman 1-C, Breen-1089, W-8445, R.3. 279.4 grains, 85% tin, 11% lead, 2% antimony per NGC metallurgical tests. The obverse of this piece is plated in Eric P. Newman's 1952 reference on the Continental dollars. Newman points to evidence that suggests the Continental dollars were coined in New York City in the summer of 1776, likely July and August: {blockquote}"Beginning in July 1776 there is convincing evidence that a one dollar coin was planned. A study of the denominations of the various issues of paper currency authorized by the Continental Congress shows that $1 notes began with the first issue of May 10, 1775, continued in the November 29, 1775, February 17, 1776 and May 9, 1776 issues, but thereafter were discontinued in the next six issues from July 22, 1776 through September 26, 1778. In the final issue of January 14, 1779, the $1 notes reappeared."{/blockquote} The conclusion drawn from that observation is: A substitute for the one dollar notes was planned, and these coins are considered to be their replacement. As New York was the center of the Federal government at the time, these pieces are tentatively attributed to that city. In his analysis of the coinage presented in the Ford catalog, Michael Hodder stated that there were two groups of Continental dollars produced at different times. The first group consisted of the combinations of obverse dies 1 and 2, and reverse dies A, B, and C. The second group consisted of obverse dies 3, 4, and 5, mated with reverse die D. Hodder notes that distinctions between the two groups suggest two different die sinkers. Then he writes that "it is also likely that they were struck in two different mints." He continues to suggest that the first group was struck before the British captured New York City in September 1776, and that the dies and machinery were carried out of the city, with the second group struck in Pennsylvania, suggesting Philadelphia or Lancaster as possible sites. Hodder presents no facts for his observations that must be considered only as speculation. Scattered planchet flakes appear on both sides of this lustrous pewter-gray example, with brilliant luster throughout, showing areas of slightly deeper gray toning, and a small ebony toning spot on the Massachusetts ring of the reverse. The die alignment is 90 degrees, with the reverse turned sideways in relation to the obverse. A short die crack connects the upper serif of the G to the top of the I in FUGIO. Ex: Eric P. Newman Numismatic Education Society. Realized $94000.00. Description courtesy of Heritage Auctions.

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