1783-95 EB/FG Regulated Gold US$8 9DWT. EPHRAIM BRASHER, F&G Portugal 1739 PECA, NGC VF35. EB-F&G (Ephraim Brasher - F&G Portugal) (KM # 221). This unusual and outstanding Regulated Gold piece is an exceptionally rare double-regulated coin bearing the mark of the celebrated Ephraim Brasher. It was first regulated by the Royalist firm of F&G in 1783 ( occupied NY ) and then re-regulated after the American Revolution by Brasher in 1795. The host coin is a 1739 one peca from Portugal and made at the Lisbon Mint. It is also known as a 6400 Reis or “Half Joe.” It shows light overall wear more in keeping with an AU50 grade than with the VF35 grade assigned by NGC.

The coin is plugged EB for Ephraim Brasher and F&G for Lewis Feuter and a partner whose initial was G. The F&G plug is at the center of the reverse. The hallmark on the plug is strongly impressed, covering the entire plug. On the obverse the Brasher hallmark is oval shaped and is the same mark used on the famous doubloons. It is placed horizontally near the base of the bust. Brasher also neatly clipped the coin horizontally below the date. The plug and the clip on the coin done by Brasher regulated its value at $8.00. The weight is correct for the 1784 New York 9 dwt. standard used at the time by the Bank of New York, and hence by Brasher. In the United States during the Confederation era, gold from Europe and South America circulated and was accepted for commerce. Since the coins varied in fineness and weight, certain jewelers were authorized to correct the coin weights to ensure equity.

Among the various regulators were Ephraim Brasher, John Burger, Robert Cruikshank, Myer Myers, Joseph Richardson, and Daniel Van Voorhis. To raise the weight or gold content of the foreign coins, they applied gold plugs with punches. They clipped coins to reduce their weight. Coins came from Brazil , Chile , England , France , Portugal , Spain and other countries. The use of marked or plugged coins became commonplace throughout the new country and in the West Indies as well.

Thomas Jefferson spoke about regulated gold being like architecture where “putting up and pulling down is a favorite amusement.” Jefferson meant that gold coins’ values based on their weights and finenesses changed over time. For example a coin might lose some weight from honest wear. It would also lose weight from the unscrupulous practices of clipping and “sweating.” Sweating was shaking a bag of coins to gather the chips and dust that resulted. Consequently, it was necessary to adjust or “regulate” these coins by adding gold in the form of a plug. If the plug was too heavy, the regulator would then clip a portion of the coin. Sometimes coins had to be regulated more than once because of the ravages of time or man. The present coin is such an example.

The host coin’s obverse shows a right facing portrait of King John V of Portugal, who was also known as Fidelissimus (in Portuguese Joao V) the Magnanimous, king of Portugal and the Algarves. He reigned from 1706 to 1750. Inscribed around the portrait are his name and title with the date below. The reverse shows the crowned coat of arms.

The usual numismatic rules do not apply to these unusual and historic pieces. Under normal circumstances, a coin’s value is considerably diminished by counter stamping, drilling, and plugging. However, in the case of Regulated Coins, their value is greatly enhanced. Typically Regulated Coins were found only in the famous and advanced collections of Garrett, Eliasberg, Ten Eyck, Ford, Roper, Brand, Jackman, and Newcomer.

Lewis Fueter and unknown partner (“G”) was an old Tory firm that regulated coinage in occupied New York during the Revolutionary War period. Edward Roehrs wrote a brief biography of Fueter in the December 2005 issue of The Numismatist. Fueter’s father, Daniel, was a well known silversmith in New York who worked for the British making peace medals. Father and son worked together in 1769, but the son soon began running the business alone. According to Roehrs, Lewis Fueter died in Jamaica in 1784 at the age of 38, just months after the end of the British occupation New York . He had left New York for Halifax , like many Loyalist evacuees, before ending up in Jamaica and meeting his early death.

Ephraim Brasher (1744-1810) lived his whole life as a resident of New York City . He married Anne Gilbert on November 8, 1766. She was a sister of a New York silversmith, William Gilbert. Some researchers believe that Brasher and Anne as well as Mary Austin, his second wife whom he married in 1797, had no children. Others suggest that he did since a great-great-great granddaughter named Deborah is mentioned in the literature. Ephraim and his brother Abraham both served as apprentices with a silversmith whose name is not know today. Beautiful silverware survives today with Ephraim’s hallmark on it. Little is known about Abraham or his work.

Ephraim Brasher was a respected and valued member of the community. In a Coinage magazine article, March 1978, “The Bicentennial,” David T. Alexander said: “In the late 1700’s, silversmiths and goldsmiths were particularly respected members of the community, often acting as bankers, assayers, and authenticators of the Babel of gold and silver coins of the world which circulated in the bullion-starved colonies and the new republic.”

President Washington lived a next door to Brasher at Cherry Street in New York City . Cherry Hill was a fashionable section of New York in the 18th century. It is on the Manhattan side of the present day Brooklyn Bridge . Not only were they neighbors and friends, but Washington was a customer of Brasher. Many of Brasher’s silver pieces were used by Washington at state dinners to make a positive impression on his guests.

Brasher served in the New York Provincial Army from 1775 to 1776. He served as a grenadier and later as a major. He also was involved in local politics in New York , which were the equivalent to national posts at the time. Brasher was on the New York Evacuation Committee in 1783, which saw to the departure of British troops from New York City . In addition at different times, he was the Sanitary Commissioner, the Coroner, Assistant Justice, Election Inspector, and Commissioner of Excise. Along with his private business as a silversmith and goldsmith, he served the United States Mint doing assay work.

Brasher’s stamp on a coin was taken as proof that the item was of the proper weight and fineness as seen on the present coin. In numismatic circles, Brasher is probably most famous for a few pattern gold doubloons. One dated 1742 but made in 1786 is called the Lima Style. It has his hallmark in the center of the reverse. The second type, the New York gold doubloon of 1787, shows an eagle on one side and the arms of New York on the other. On one of the coins, the EB hallmark is on the eagle’s breast and the other it is on its right wing. Researchers are not certain why Brasher produced these patterns. The present coin is unique.