1776
$1 Continental Dollar, CURENCY, Pewter NGC AU-58
Bold PQ No denomination is specified on either
side of the Continental dollar, but the diameter
is similar to that of the Spanish Pillar dollar,
upon which the U.S. dollar was eventually based.
The designs are clearly based upon the February
17, 1776 issues of Continental Congress currency,
which uses the same sundial and linked chains
motifs, and the same legends FUGIO (Latin for
"time flies"), MIND YOUR BUSINESS, AMERICAN
CONGRESS, and WE ARE ONE.
The
names of the 13 colonies are inscribed, sometimes
in abbreviated form, within individual rings.
Perhaps, the Continental dollars are prototypes
for a silver dollar currency, which if produced,
would redeem the unbacked Continental paper money
issued in quantity to fund the Revolutionary War.
Most
known examples are struck in white metal, which
gives them the general appearance of silver, particularly
when unworn. Many pieces are in VF and lower grades,
which indicates they circulated. Probably, silver
examples were intended to be coined in sufficient
numbers to redeem the pewter pieces actually struck.
A few silver pieces are known, but these are likely
patterns for the circulating issue that never
materialized. A lack of silver bullion condemned
the Continental government to a fiat currency.
Silver dollars were not struck by the United States
until 1794, nearly twenty years later.
For the Continental dollars that do exist, five
obverse dies and four reverse dies were used.
None suggest a denomination, aside from the legend
CONTINENTAL CURRENCY (or CURRENCEY, or CURENCY,
as on the present piece.) Yet their historical
significance is obvious, since the pieces were
issued by the Revolutionary government, contemporary
with the signing of the Declaration of Independence.
Benjamin Franklin is often credited with the designs.
Elisha Gallaudet, whose initials are on Newman
3-D, was the engraver. Gallaudet also engraved
the February 17, 1776 Continental Currency fractional
notes.
The present specimen displays fields and devices
which are in our opinion not only uncirculated
but even a tad better. Certainly better than choice
AU which is shown on the holder from NGC. Perhaps
the compromise is that we can safely say this
prize of American Numismatics is genuinely and
ultimately graded by NGC quite conservatively.
Near razor sharpness on some of the high points
of the devices with near gem fields. Certainly
a worthy candidate for the cabinets of exemplar
condition and of true Americana.
Significant
examples:
In the February 2005 issue of
NUMISMATIST (page 63), William Anton offered a
1776 Brass Continental Dollar for $375,000.00,
describing it as follows: "Breathtaking Gem
Uncirculated. Finest known."
PCGS MS-65 (illustrated above).
Ex - Heritage Numismatic Auctions, Inc.'s "Long
Beach Signature Sale", September 23-24, 1999,
Lot 5389, "Pewter...Newman 3-D"
Recent
appearances:
PCGS MS-64 (illustrated below).
Ex - Superior Galleries' "Pre-Long Beach
Coin Sale", May 27-29, 2001, Lot 1008, plated,
where it was described as follows: "1776
Continental Dollar in Pewter Breen-1095 PCGS graded
Mint State-64. CURRENCY. Frosty bright light silvery
gray. Absolutely choice except for a speck of
tin pest on the base of the sundial, another on
the ring under F in FUGIO, one on the face of
the sun, and one on the line over R in YOUR. All
of these are tiny and very shallow and do not
detract for the outstanding eye appeal of this
popular pattern for our earliest coinage. Usual
die state with a crack meandering through most
of the links on the reverse. The reverse is rotated
140 degrees CCW from normal coin orientation (head-to-foot)
PCGS MS-61 (illustrated below).
Ex - Paul Arthur Norris - Ira & Larry Goldberg
Coins & Collectibles, Inc.'s "Pre-Long
Beach Sale", September 23 & 24, 2002,
Lot 49, illustrated, where it was described as
follows: "Newman 2-C. PCGS graded MS-61 Currency,
Pewter. Light steel gray in color with the obverse
very clean for the grade, on the reverse the color
is also well matched, and we note a couple of
trivial marks on some of the chain links. As expected,
the strike is sharp throughout, with no weakness
whatsoever. There are scattered lumps of tin pesting
on both sides, but primarily on the reverse, as
often seen on coins of this metallic content.
For more than the last century, these were thought
to have been struck in pewter, but they are actually
tin, although similar, not quite the same alloys.
Keeping with this numismatic tradition, PCGS notes
on their insert "Pewter". PCGS has graded
only one as such, with a dozen graded higher.
Most are found in circulated grades.
The American Continental Congress anticipated
a loan of silver for coinage from their friends
in France, and hence unknown intermediaries contacted
New Jersey engraver Elisha Gallaudet to make dies,
employing his popular renderings of the sundial
and chain with each state engraved one to a link.
Coinage began in secret, pending the hoped for
loan of silver from France, these were struck
primarily in tin, a few in brass, copper and even
a silver example or two are known. As a new nation,
the United States needed to exercise its sovereign
right to coin money, and further it was hoped
that these coins would help prop up the rapidly
deflating Continental Currency then in circulation.
In theory, the Continental notes would then be
redeemable in silver coin, supporting the notes
stated value.
Many tin coins circulated, and their popularity
remains high with the date 1776 emblazoned on
the obverse, and the strong chain of the 13 original
colonies linked on the reverse, with the bold
statement WE ARE ONE at the center. The design
elements had been sketched by Benjamin Franklin,
and were seen on a few Continental currency notes
attributed to Elisha Gallaudet by Eric Newman
(see the Continental Currency chapter, issue of
February 17, 1776 Resolution fractional notes).
These notes were clearly copied for the coin herein,
and misspellings of "currencey" are
seen on both the notes as well as a few of the
coins!
The true denomination is not known, although they
are approximately the size of later dollars, and
hence that name has stuck. Perhaps they were meant
to be Pence, or something closer to a cent in
circulating value when struck in tin. Highly popular
with collectors, the design elements employ the
medieval symbols of the Sun with Face (God or
Time personified), while the sundial with FUGIO
refers to Time or the Sun which is fleeing, so
one must use Time or daylight hours, wisely. The
motto, MIND YOUR BUSINESS means just that. On
the reverse, each state is noted or abbreviated
on a chain link, thirteen of which encircle the
reverse, with the center circle surrounded by
glory rays with AMERICAN CONGRESS surrounding
WE ARE ONE at the very center. The original dies
were modified from beaded links (2 examples known
in brass), and this variety is thought to have
been the first large group struck, and most show
evidence of circulation. Apparently struck using
medal turn (flip side to side, not top to bottom),
the reverse had rotated about 40 degrees clockwise
when this one was struck." - unsold - Ira
& Larry Goldberg Coins & Collectibles,
Inc. "The Benson Collection, Part III",
February 24-25, 2003, Lot 15, illustrated, sold
for $24,150.00
PCGS AU-58. Ex - Superior Galleries' "Pre-Long
Beach Coin Sale", May 27-29, 2001, Lot 1009,
plated, where it was described as follows: "1776
Continental Dollar in Pewter Breen-1095 PCGS graded
About Uncirculated-58. CURRENCY. Glossy medium
gray with lighter silvery gray toning in protected
areas. No tin pest or other spots. Nicely struck
with excellent eye appeal. Usual die state with
the reverse crack clear and the reverse rotated
140 degrees CCW from normal coin orientation."
PCGS AU-58. Bowers and Merena
Galleries "The Robert W. Schwan Collection,"
October 26-27, 2000, Lot 8, "Newman-3D, Breen-1095,
EG FECIT variety. Rarity-3...Pewter...fairly early
state of the reverse die...Die alignment:70°,"
unsold
PCGS VF-30. Ex - Stack's 65th
Anniversary Sale, October 17-19, 2000, Lot 8,
where it was described (in part) as follows: "Pewter,
CURRENCY. Newman 2-C...a hint of weakness at obverse
as seen on the Norweb example of this important
variety, reverse rotated dramatically", sold
for $7,475.00
"Net F-12". Ex - Bowers
and Merena Galleries' "The Lake Geneva Sale",
June 28-29, 2001, Lot 5, illustrated, "246.4
grains...38.1 mm. Die alignment: 360°, unsold
PCGS VG-10. Ex - Ira & Larry
Goldberg Coins & Collectibles, Inc.'s "Pre-Long
Beach Sale", September 23 & 24, 2002,
Lot 48, illustrated.
