U.S. Coin Highlights At The British Museum

Although the British Museum is known for such famous items as the Elgin Marbles, the Rosetta stone, and their Egyptian collection, few numismatists have noted the important United States coins at that institution. Although the American collection is rather incomplete, it does contain some real stunners. There are early Federal examples that are among the finest known of their date and type, including several coins that were donated near their time of issuance. Sarah Sophia Banks is one of the significant early donors and she (or someone she knew) evidently visited the United States in the 1790s, as her donations contain several coins that are either very early strikes or Master coins.

This is a digression, but some recent discoveries (which shall soon be published) make this diversion germane to some of the coins in the British Museum. Recent research indicates that 1820 is the delineation year between "master-coins" (Mint spelling) and "Proofs." The coins struck from 1792-1819 do not have the same qualities as those struck in 1820 and later. The early Mint used the term "master-coin" (the Mint's spelling, as noted, but the author prefers "Master Coin") for what modern-day numismatists call Proofs. In fact, the term Proof is not found in Mint usage until around 1854 and the term "master-coin" was used from the beginning of the Mint and was still used as late as December 20, 1859. In a Mint circular of that date, it is noted that the previous practice of master-coins being "given out at their intrinsic value" was stopped and a premium would now be charged for them. Prior to that time, Proofs were either called "master-coins," "specimens," or "patterns" (certainly a different usage for that term than our modern definition of that term). The Philadelphia Mint produced these special master-coins as early as 1792. In 1820 and later, the coins specially struck can be easily recognized as "Proofs." In that year, the Mint struck Proof coins (even though they called them master-coins) in close collars, allowing a better and more even strike, as there are very high quality Proof 1820 cents, quarters, and half eagles. There is a single example known of the half eagle (the only gold denomination of 1820) - the Bass example - retained for the core collection, now on display at the ANA Museum in Colorado. This paragraph is important because the British Museum may contain two master-coins or Master Coins, if you prefer. It is time to return to the coin viewing story, after this small diversion.

Before entering the study room where the American issues were viewed, one must pass through the gallery of coins. When entering the coin room, the size and scope of this numismatic landscape is overwhelming. The displays in this huge room are devoted only to coins, their history, and their production. A single United States issue is including among the thousands of ancient, medieval, and modern coins, as well as dies and other items used in their manufacture. These are systematically arranged in elegant cases with elaborate descriptions. It is the most impressive coin display the author has ever seen. The lone Federal issue, a magnificent 1795 eagle that is noted later in this article, was lost among the multitude of copper, silver, and gold coins of the world. After a quick tour around the room (a more thorough viewing had to wait until after the American issues were examined), the author signed in and entered the study room. The first two trays were brought out from the vaults and the fun began.

The early United States silver issues are highlighted by a pair of 1795 dollars (both Draped Bust, Small Eagle type), including one that may be a Master coin. The first one is very prooflike, but the other one rivals the Garrett 1795 Master Coin, which was sold for $170,000 in March 1980! When the author first viewed the Randall-Garrett 1795 Small Eagle dollar, he felt it must have been a restrike, as it resembled a Proof from the 1850s era. The Mint did know how to make special coins early on (burnished planchets and highly polished dies) and the Randall-Garrett 1795 dollar is one of the most obvious Master Coins in existence - the author heard no numismatist at the Garrett sale who doubted the Proof status of this dollar. The second British Museum 1795 dollar has never been cleaned, so it's rather deep toning prevented certain identification as a Master Coin. Perhaps, on another visit a closer examination will allow that determination.

The 1794 dollar in the British Museum does not make the condition census (the top 5 or 6 known), but it is an original, well-struck Almost Uncirculated example (in the past, this coin has been reported as harshly cleaned, but if there is cleaning under the toning, it is minor). There are several other dollar denomination coins that are very nice, including choice Mint State examples of 1850 and 1860-O. There is a very deeply toned 1878 Morgan dollar with 8 Tail Feathers that may be a Proof, although it is so original that verification was not possible in the few hours that were spent examining all of the United States issues. The British Museum does not clean coins, a refreshing change from what has happened in the past to our National Collection, housed at the Smithsonian Institution since 1923. There is also a 1921 Morgan dollar that is either a Zerbe or Chapman special striking. The toning is so deep that its status also was not discernable in the short viewing time.

There were several minor silver coins that were impressive, including an 1836 quarter and half dollar in Proof (possibly part of an 1836 Proof set, as later in the article the 1836 Proof quarter eagle and half eagle are discussed). The 1796 and 1797 dimes were both original Uncirculated examples, likely donated near their time of issue, as are several of the pre-1800 coins. As noted, Sarah Sophia Banks donated quite a few items either in the late eighteenth century or early nineteenth century. An 1830 half dime appeared to be a Proof, although as noted several times previously, the deep original toning and insufficient lighting made positive identification difficult.

Among the numerous copper coins, only two stood out in the half cents with near Gem Uncirculated examples of 1794 and 1797 (the 1797 was the available 1 over 1 variety). A 1793 Wreath cent (Sheldon 9) still had Mint red color and was a Gem Uncirculated example of that issue. A Choice Uncirculated 1810 cent with original "skin" was followed by one of the finest 1812 Classic Head large cents the author has encountered! With about twenty percent Mint red still remaining, it is a Superb Gem Uncirculated coin - certainly one the finest known of that available date (though not often available in this condition, of course).

The gold coins, however, were the highlight of the Federal issues in the museum. Starting with the finest seen 1796 Stars quarter eagle, another donation of Sarah Banks, there were several spectacular gold issues. This early quarter eagle was possibly a Master coin, besting the incredible Harry Bass example (retained for the core collection and the finest Breen had seen) and the nearly perfect Norman Stack 1796 Stars coin - his type coin example, as this was the finest 1796-1807 issue he located! The British Museum's 1796 Stars quarter eagle was even more deeply mirrored than either the Bass or Stack coin and was in the perfect die state - certainly assets that might indicate a special striking. It is among the finest pre-1808 quarter eagles, if not the finest, seen by the author. The only other pre-1834 quarter eagle was a nearly Uncirculated 1808, in the usual die state with the die crack from the cap to the stars on the right.

The pre-1807 half eagles were quite ordinary with a cleaned Uncirculated 1795 Small Eagle the highlight of this group. There were lightly circulated examples of 1798, 1800, and 1805 but nothing like the 1796 quarter eagle noted above. However there were near Gem examples of the 1812 (BD-1, Breen 1-B, Wide 5 D) and the 1813 (BD-1, Breen 1-A). Both of these examples had deep original color and "skin" - a term often heard on the bourse floor when untouched examples are encountered.

The real highlight of the early gold issues, however, was on display and only the reverse was visible. However, if the obverse is like the reverse, if may be a Master coin and the finest known. The 1795 eagle was only seen through the case, but its reverse was deeply prooflike and nearly flawless. The only example that is even close to it is the Garrett coin that was bought by a Dallas collector in October 1980 for $130,000 (certainly a bargain today)! If the obverse of the British Museum 1795 eagle matches the reverse in its prooflike status (it is likely BD-1 and Breen 1-A, as the reverse was Reverse A - or it might be BD-2, the other use of Reverse A), it may be one of the first eagles struck. Perhaps, on another visit, they can be persuaded to remove it from the case for further study.

As noted previously, the 1836 quarter eagle and half eagle were extremely nice Proofs and may be part of an original 1836 Proof set, although only the quarter and half dollar were certain Proofs among the silver issues and neither copper issue was present. The half eagle is excessively rare and the addition of another Proof quarter eagle makes seven known in that format for this date! There are three die varieties of 1836 quarter eagle, indicating several striking periods. Although seven known Proof examples is a high number for a single quarter eagle date from that era, of course, it is still a real rarity and was certainly a highlight of the American issues.

There were a few more gold issues from the later years, none as incredible as the 1869-S half eagle, which was an original Gem Uncirculated example - undoubtedly the finest known, as the author has seen nothing better than low Uncirculated coins. A single Dahlonega coin made it across the Atlantic to the museum with an Almost Uncirculated 1858-D half eagle the lone representation from either the Charlotte or Dahlonega Mints. There also were Proof 1883 gold coins - a gold dollar, quarter eagle, and half eagle. Although the gold coins were incomplete, of course, the museum had enough spectacular ones to make a very impressive display. As with most non-American museums, there were some oddities, as there was a contemporary counterfeit 1853 gold dollar (gold-plated base metal) and the infamous 1898-D eagle counterfeit! That impossible "coin" combines an 1898 obverse and a reverse copied from a 1906 or 1907 Denver issue, the only years that Mint made Liberty Head eagles, as it did not open until 1906. This coin also was gold-plated base metal with some of the plating worn away leaving raw metal exposed.

The Colonial and Territorial issues also had several surprises. There were four New England Shillings among the Colonials with two of them donated before 1840! All four of these were at least Extremely Fine condition with a couple of them nearly Uncirculated. There also was a New England Sixpence in very nice condition, at least Extremely Fine. No Willow Tree coinage was seen, but there were a couple of Oak Tree coins and numerous Pine Tree examples represented. There was a New York issue of great importance: an Excelsior/Indian Arms that was Choice Uncirculated with tinges of Mint Red on the reverse! It is by far the finest known of this elusive issue and was not enumerated in the Ford II sale by the cataloger, noted Colonial expert Michael Hodder. He lists ten examples he has seen of the dozen or so known with an Extremely Fine example the finest known to him. There was another New York issue, a George Clinton/Indian Arms coin, which is a nineteenth century creation by Bolen. This item combines the Clinton obverse (the originals have the Excelsior reverse) with the Indian Arms reverse, creating a muling that was never issued.

Interestingly, the Territorial coins were highlighted by the Mormon issues, and not those of California. These included a Very Fine example of the rare Mormon 1860 twenty dollar coin. The 1849 Mormon half eagle was a pleasing Extremely Fine coin, but the rare 1850 example of that denomination is among the finest known, with just the slightest hint of friction and full luster under totally original surfaces. The 1860 Beehive Mormon half eagle was also in this condition, although it is nowhere near the rarity of the 1850 five-dollar issue. Impressively, there was an Oregon issue with the 1849 Beaver five-dollar coin an above average example of this elusive issue, as it was a very clean Extremely Fine example with minor marks.

As noted, there were few California issues represented with the highlights being a Norris, Grieg, Norris half eagle in Extremely Fine and an 1849 Moffat five-dollar coin in Very Fine. Although there were not any other gold California issues of note, there was a very rough copper Mass and Cal pattern without any denomination in the center. It was an original, however, and not one of the twentieth century "restrikes." It seems odd that there were so few donations of the famous and historic California gold rush period.

Colorado Territorials were also sparse with an 1860 Clark Gruber quarter eagle in Almost Uncirculated and two Clark Gruber half eagles (1860 and 1861). Both of the half eagles were very nice with only a slight hint of friction over lustrous, original surfaces. Although the Territorial collection was quite incomplete, the excellent condition of the few examples present made them highlights of this examination.

Many times the examination of a museum collection results in disappointment, as conservation policies of the past were often lax or non-existent. The British Museum was an exception with every coin examined still original and pristine. An appointment is necessary to examine the coins, but the author highly recommends any numismatist traveling to England to try and arrange a viewing.