P. Scott Rubin:
The New Jersey copper with WM above Plow was unknown by Maris when he wrote his book on New Jersey Coppers in the 1880’s. A new number was created for this variety after it was discovered, it is known as M 62 ½ - r. It was given this number because it so closely resembles the M 62-r variety. In fact some M 62-r coins show the remnants of the MW within the sprigs in its design.
This variety is one of the most important discoveries in the States coinage series, only known to the numismatic community after its discovery in March, 1994. It was during the Bay State Coin Show in Boston that month that coin dealer John Higgins, Jr. displayed this currently unique coin to dealers at this coin show.
Michael Hodder, the colonial coin expert, examined the coin and determined it to be real. This is the first coin officially issued by a State or the Federal Government to have the engraver’s initials on the coin. The next coin to do this was the 1864 Indian Head Cent with Longacre’s L appearing on the ribbon, as per an article describing this coin that appeared in Coin World’s May 2, 1994 issue written by Hodder.
The WM stands for Walter Mould and proves which types of New Jersey Coppers were made by him in Morristown, New Jersey, in the late 1780’s. This coin was graded VF25 by PCGS and placed in a slab calling it the Higgins-Maroskos Specimen.
Higgins stated that the coin was owned by a client of his who said he had owned the coin for over forty years and that before that the coin came from this Grandfather to his father and the family lived in Massachusetts.
This unique specimen has a obvious die break on the obverse from the bottom rim to the lower Plow handle. This die break may help explain why the die saw little use and its current rarity. This coin has only sold once as lot 2 in the August, 1996, Bowers and Merena Rarities Sale. It realized $143,000 at this sale and is now in a New York private collection.
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