The end of the series was already destined on June 1, 1786 when the law passed for the coinage of these pieces. The law that passed on that date gave authorization to three English emigrants (Walter Mould, Thomas Goadsby, and Albion Cox) to mint a total of three million coppers, weighing 150 grains each before June 1, 1788.

All New Jersey coppers struck before this variety had the horses head to the right. The exact reasons for this issue are unclear. These have long been believed being struck by Goadsby, in Rahway very early in 1788. However, recent research has proved that there was no coin press available at Rahway in early 1788 so that situation can be dismissed. One fact, that is confirmed, is that this issue only had three different die varieties minted. All of these pieces are very scarce in any grade.

The present piece, while only graded VG-10 by NGC is much finer. This coin last sold in the 1/07 Stack’s sale, lot 6612, where it was graded as F-15. We totally agree with the grade assigned to it by Stacks. Problem-free surfaces show all the design elements very well. Struck on a choice planchet, this is the perfect coin for anyone seeking a choice circulated example of this scarce red book variety.