This week's JR Newsletter starts off with a personal
invitation to a Pogue auction get-together!
Barry Sunshine wrote:
Wine
and cheese reception before the Pogue auction on May 19th in New York City
In honor of the Pogue auction in May, I would like to have a
reception for all JRCS members and JR Newsletter readers before the auction. My New York City office
is near Sothebys, so I was thinking about having a JRCS wine and cheese
reception at my office before the auction. All JRCS members and guests are
invited.
Time to be determined.
I will be having a lot of JRCS related surprises at this wine and cheese
reception!
Anyone interested please email me at BSunshine(at)optonline.net
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Jeff Tryka wrote
regarding E and L counterstamped bust quarters.
I was interested to see
Mr. Hamling's reference to bust quarters with E and L counterstamps. I am
not a bust quarter collector, but I do collect bust halves and recently bought
an 1830 half dollar with an L counterstamp on the obverse. I'd be
interested to learn a little more about these stamps on both quarters and
halves of the period. I recall reading an article several years ago about
a hoard of early coins with counterstamps of the hoard owner's initials done as
a way to detect if someone had discovered and absconded with the hoard (i.e.
you know your treasure's been stolen if you get a coin in change with your
initials stamped on it). I don't recall the details of the article, just
the basic premise. In any case, below is a photo of the 1830 that I
recently bought with the L.
Jeff Tryka
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Next, David Perkins
wrote with information on his table assignment at the upcoming Baltimore coin show and an announcement of his next
sealed bid and fixed price sale for half dimes:
W. David Perkins – See us at Tables 1054
& 1056 at the Whitman-Baltimore Expo
We have Table numbers 1054 & 1056 at
the Whitman-Baltimore next week. I am sharing two tables with Gerry
Fortin. We will be set up Thursday-Saturday (mid afternoon), March 26-28, 2015. If you forget
the table numbers, please note that Table 1054 is listed in the directory under
“W.” for W. David Perkins, Numismatist (One of the pitfalls of going by your
middle name!). I will have a nice selection of Bust Dollars, FH & CB
Half Dollars, early quarters, CB Half Dimes, along with a large number of
Gobrecht & Seated Dollars. Gerry will also have a large selection of
Bust Coinage with him at the show. Table 1056 is listed under Gerry
Fortin Rare Coins.
I plan to hold another Early and Capped Bust Half
Dime sale at the ANA Convention in
August. If you are not on my
e-mail list for these half dime sales please let me know via e-mail or stop by
the table at Baltimore. As in the previous sales, I will have a
combination of Fixed Price List offerings and Sealed Bid Sale lots. The
sealed bid sale lots tend to be the rarer die marriages and die states, plate
coins from the LM Book, and half dimes with better pedigrees. I have a
few rarities already consigned…. There is still room for a few select
consignments.
I believe I have most of the early dollar
census data from early dollar collectors for the next issue of the John
Reich Journal. If you have changes or additions, you are welcome to
drop them off at the table.
Please stop by and see us! Thanks.
W. David Perkins
Centennial, CO
Centennial, CO
wdperki(at)attglobal.net
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Winston Zack wrote in response to Lance
Boiselle's discussion of a counterfeit bust dime.
Lance, thanks for sharing the cast counterfeit bust dime you
recently acquired. I was hoping you could provide me/us some more details on
this piece if you can. Specifically I would like to know if the piece has a
reeded or plain edge, and what is the weight? If you can also provide details
on length and thickness measurements I would appreciate that information for my
records as well.
Personally, when I saw that piece I was not totally
convinced it was a cast counterfeit. It appeared like it was, but it also
looked like it could have been post-mint damage which caused the surfaces to
look the way they do.
Thanks,
Winston
stoneman101(at)gmail.com
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Winston
stoneman101(at)gmail.com
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David Finkelstein
wrote with another original contribution.
This one is entitled, "The Copper, Silver & Gold Account
Books and Coins Reserved For Assaying." David's article, including
a number of photographs, is below.
The Copper, Silver & Gold Account Books and Coins Reserved For Assaying
By David Finkelstein
By David Finkelstein
The Waste Book and Bullion Journal were used to log the deposits of silver and gold bullion, the transfer of silver and gold bullion/coins between the officers of the Mint, and the return of coins to depositors. There were three additional ledgers that recorded the transfer of copper, silver and gold coins from the Chief Coiner to the Treasurer of the Mint; the Copper Account Book, the Silver Account Book, and the Gold Account Book.
The Silver Account Book
To date, the Silver Account Book has not been located within the Mint holdings at the National Archives and Records Administration (NARA). It is unclear if the Silver Account Book was ever part of the NARA holdings. We know that it existed because the Copper Account Book (Figure 1) and the Gold Account Book (Figure 3) exist.
The Copper Account Book
The Copper Account Book identifies the number of copper coins, by delivery warrant number, by delivery date, and by denomination, that were delivered from the Chief Coiner to the Treasurer of the Mint. Each page is for a 3 month period. See Figure 2. The Copper Coinage Act of May 8, 1792 gave the Director of the Mint the authority to purchase up to 150 tons of copper and strike Half Cents and Cents. Whereas the Mint & Coinage Act of April 2, 1792 defined a high level workflow for converting silver and gold bullion into money, the Copper Coinage Act did not. The copper workflow, as well as the events that triggered the movement of copper and copper coins within the Mint was left up to the discretion of the Director of the Mint. Mint ledgers indicate that copper and copper coin movement between the officers of the Mint through March, 1796 may not have been triggered by Director warrants. This changed on March 31, 1796, when the first Director copper delivery warrant was issued.
The Gold Account Book
The Gold Account Book identifies the number of gold coins, by delivery warrant number, by delivery date, and by denomination, that were delivered from the Chief Coiner to the Treasurer of the Mint. Each page is for a 3 month period. Figures 4, 5, 6 and 7 are pages from the Gold Account Book for 1798 Q1, Q2, Q3 and Q4. Note delivery warrant 6, dated February 12, 1798 in Figure 4. The gold coins delivered per this warrant (1 Quarter Eagle, 3 Half Eagles, and 11 Eagles) are listed after delivery warrant 106 and before delivery warrant 109. This delivery warrant was not for coins to be returned to a depositor, but for coins to be reserved for assaying. In this case, the 6 in the “No” column stands for assay delivery warrant 6.
The Gold Account Book identifies the number of gold coins, by delivery warrant number, by delivery date, and by denomination, that were delivered from the Chief Coiner to the Treasurer of the Mint. Each page is for a 3 month period. Figures 4, 5, 6 and 7 are pages from the Gold Account Book for 1798 Q1, Q2, Q3 and Q4. Note delivery warrant 6, dated February 12, 1798 in Figure 4. The gold coins delivered per this warrant (1 Quarter Eagle, 3 Half Eagles, and 11 Eagles) are listed after delivery warrant 106 and before delivery warrant 109. This delivery warrant was not for coins to be returned to a depositor, but for coins to be reserved for assaying. In this case, the 6 in the “No” column stands for assay delivery warrant 6.
Coins Reserved For Assaying
The Mint and Coinage Act of April 2, 1792 required samples of the silver and gold coins made by the Mint over the preceding 12 months to be assayed on the last Monday in July of each year. The Act Regulating Foreign Coins of February 9, 1793 changed the assay date to the second Monday in February. Coins reserved for assaying were pulled from regular coinage production at various times, as specified on assay warrants issued by the Director. The coins were assayed at the Mint in the presence of the Director of the Mint, the Assayer, and the Chief Coiner, and under the inspection of at least 3 of the following: the Chief Justice of the United States, the Secretary and Comptroller of the Treasury, the Secretary for the department of State, and the Attorney General of the United States. Mint ledgers referred to this group of people as “commissioners appointed by law” or what we refer to today as the Assay Commission.
Since the Gold Account Book recorded the gold assay delivery warrants, it is logical to conclude that the Silver Account Book recorded the silver assay delivery warrants.
The Mint and Coinage Act of April 2, 1792 required samples of the silver and gold coins made by the Mint over the preceding 12 months to be assayed on the last Monday in July of each year. The Act Regulating Foreign Coins of February 9, 1793 changed the assay date to the second Monday in February. Coins reserved for assaying were pulled from regular coinage production at various times, as specified on assay warrants issued by the Director. The coins were assayed at the Mint in the presence of the Director of the Mint, the Assayer, and the Chief Coiner, and under the inspection of at least 3 of the following: the Chief Justice of the United States, the Secretary and Comptroller of the Treasury, the Secretary for the department of State, and the Attorney General of the United States. Mint ledgers referred to this group of people as “commissioners appointed by law” or what we refer to today as the Assay Commission.
Since the Gold Account Book recorded the gold assay delivery warrants, it is logical to conclude that the Silver Account Book recorded the silver assay delivery warrants.
Director of the Mint Reports
The Director of the Mint issued a yearly report concerning the state of the Mint. This report was presented to Congress. It included the yearly totals of the copper, silver and gold coins issued by the Mint (see Figure 8).
The Director of the Mint issued a yearly report concerning the state of the Mint. This report was presented to Congress. It included the yearly totals of the copper, silver and gold coins issued by the Mint (see Figure 8).
Observations
Analysis of the Waste Book, Bullion Journal, Gold Account Book, and Director of the Mint yearly reports has resulted in the following observations:
1. The silver and gold assay warrants were logged in both the Waste Book and Bullion Journal. These entries specified the standard weight (in troy ounces, pennyweights and grains) and value of the coins reserved for assaying. The entries did not specify the number of coins reversed for assaying.
2. The specific number of coins, by denomination, that were reserved for assaying were only logged in the Gold Account Book, and by deduction, the Silver Account Book.
3. When a Director assay delivery warrant was issued, the specified number of silver or gold coins that were to be reserved for assaying were transferred from the custody of the Chief Coiner to the custody of the Treasurer of the Mint.
4. Entries in the Waste Book and Bullion Journal confirm that on the date of the annual assaying (the second Monday in February), two Director’s warrants were issued to transfer the silver and gold coins reserved for assaying from the custody of the Treasurer of the Mint to the custody of the Chief Coiner.
5. The coins reserved for assaying were not included in the coinage figures in the Director of the Mint’s yearly reports. For example: The gold coinage totals for calendar year 1798 in Figure 8 do not include the coins identified in assay warrants 6, 8 and 10 (see Figures 4, 5 and 6). The number of Quarter Eagles delivered from the Chief Coiner to the Treasurer of the Mint during calendar year 1798 were 256 + 1 + 298 + 1 + 60 + 2 or 618. The Director of the Mint’s yearly report for 1798 specified that the Quarter Eagle coinage was 614. The coinage figure did not include the 4 Quarter Eagles that were reserved for assaying.
Analysis of the Waste Book, Bullion Journal, Gold Account Book, and Director of the Mint yearly reports has resulted in the following observations:
1. The silver and gold assay warrants were logged in both the Waste Book and Bullion Journal. These entries specified the standard weight (in troy ounces, pennyweights and grains) and value of the coins reserved for assaying. The entries did not specify the number of coins reversed for assaying.
2. The specific number of coins, by denomination, that were reserved for assaying were only logged in the Gold Account Book, and by deduction, the Silver Account Book.
3. When a Director assay delivery warrant was issued, the specified number of silver or gold coins that were to be reserved for assaying were transferred from the custody of the Chief Coiner to the custody of the Treasurer of the Mint.
4. Entries in the Waste Book and Bullion Journal confirm that on the date of the annual assaying (the second Monday in February), two Director’s warrants were issued to transfer the silver and gold coins reserved for assaying from the custody of the Treasurer of the Mint to the custody of the Chief Coiner.
5. The coins reserved for assaying were not included in the coinage figures in the Director of the Mint’s yearly reports. For example: The gold coinage totals for calendar year 1798 in Figure 8 do not include the coins identified in assay warrants 6, 8 and 10 (see Figures 4, 5 and 6). The number of Quarter Eagles delivered from the Chief Coiner to the Treasurer of the Mint during calendar year 1798 were 256 + 1 + 298 + 1 + 60 + 2 or 618. The Director of the Mint’s yearly report for 1798 specified that the Quarter Eagle coinage was 614. The coinage figure did not include the 4 Quarter Eagles that were reserved for assaying.
Conclusions
The silver and gold coins reserved for assaying originated from multiple silver and gold bullion deposits that resulted in the minting of hundreds, thousands, and possibly tens of thousands of coins. These bullion deposits were received by the Treasurer of the Mint, assayed by the Assayer, melted and refined into ingots by the Melter & Refiner, then transferred to the custody of the Chief Coiner so they could be rolled into sheets, cut into planchets, and struck into coins. When the Director of the Mint issued an assay delivery warrant, a few coins were transferred to the custody of the Treasurer of the Mint so they could be reserved for assaying. The value of the coins were credited to the Treasurer of the Mint’s silver or gold assay coin account (not to be confused with his silver or gold coin account).
The silver and gold coins reserved for assaying originated from multiple silver and gold bullion deposits that resulted in the minting of hundreds, thousands, and possibly tens of thousands of coins. These bullion deposits were received by the Treasurer of the Mint, assayed by the Assayer, melted and refined into ingots by the Melter & Refiner, then transferred to the custody of the Chief Coiner so they could be rolled into sheets, cut into planchets, and struck into coins. When the Director of the Mint issued an assay delivery warrant, a few coins were transferred to the custody of the Treasurer of the Mint so they could be reserved for assaying. The value of the coins were credited to the Treasurer of the Mint’s silver or gold assay coin account (not to be confused with his silver or gold coin account).
On the second Monday in February, the assay coins were transferred from the custody of the Treasurer of the Mint to the custody of the Chief Coiner in preparation of the assaying that would take place at the Mint with the “commissioners appointed by law”. This was done because the Treasurer of the Mint was not a member of the Assay Commission. The value of the silver and gold coins was debited from the Treasurer of the Mint’s silver and gold assay coin accounts and credited to the Chief Coiner’s silver and gold accounts.
It seems logical to conclude that if any coins were significantly damaged or destroyed during the assaying, they or their remains would be transferred to the custody of the Melter and Refiner so their precious metal content could be recycled into ingots and reprocessed through the normal channels to be rolled into sheets, cut into
planchets, and struck into coins.
It also seems logical to conclude that if some of the coins were not assayed, they could be transferred from the custody of the Chief Coiner to the custody of the Treasurer of the Mint as part of a future Director delivery warrant, and eventually returned to depositors.
To be continued…
To be continued…
Figure 1 – Copper Account Book
Figure 2 – Copper Account Book – Q3 1796
Figure 3 – Gold Account Book
Figure 4 – Gold Account Book – Q1 1798
Figure 5 – Gold Account Book – Q2 1798
Figure 6 – Gold Account Book – Q3 1798
Figure 7 – Gold Account Book – Q4 1798
Figure 8 – Extract From Director of the Mint Report For Calendar Year 1798, Attested to by Treasurer of the Mint Dr. Benjamin Rush
