1776 CONTINENTAL $1, CURENCY, PEWTER MS63
CURENCY VARIETY. LUSTROUS SURFACES. JUST SIX COINS GRADED HIGHER AT NGC.
SKU:
142745
Cert Number:
3431949002
Once the Declaration of Independence had been issued, the Second Continental Congress largely turned its attention to fighting and funding the Revolutionary War. As part of these tasks, as well as an additional expression of the 13 Colonies' independence from the British Crown, an issue of coinage was sought that would help prop up the Continental Notes being used to fund the war effort. Unfortunately, the new nation had a problem - it lacked a sufficient supply of silver bullion to use in striking coins for circulation. To remedy this problem, the Continental Congress received promise of a loan of silver bullion from one of its few allies in the struggle to break free of the British Empire: France. Unfortunately, this loan failed to materialize and France's most significant contribution to the American effort during the Revolution would have to wait until 1781. In that year, a powerful naval force under command of the Comte de Grasse defeated a British fleet in the Battle of the Chesapeake and blockaded Yorktown, Virginia long enough for Washington to secure the surrender of General the Lord Cornwallis.
In 1776, however, these events were still in the future, and the Continental Congress proceeded with its plans to issue coins using silver bullion promised from France. Accordingly, Congressional agents commissioned the New Jersey engraver Elisha Gallaudet to prepare dies for a delivery of coins in various denominations. All of the dies were the same size, however, and Congress may have intended to base the denominations on the use of different coinage metals. (Those pieces struck in silver were probably going to serve a purpose in commercial channels similar to the later Silver Dollars struck in the United States Mint.) Gallaudet complied with the request and prepared a design at last partially based on earlier sketches attributed to Benjamin Franklin. The obverse exhibits the inscription CONTINENTAL CURENCY (CURRENCY or CURRENCEY) and the date 1776 around a sundial rebus with the words FUGIO and MIND YOUR BUSINESS. This last feature was a well-known merchants' saying tht translates as "Usable Time Flies, Therefore Mind Your Business." On the reverse, 13 conjoined links encircle the periphery, each of which is inscribed with the name of one of the colonies. In the center a glosy or rays emanates from a circles inscribed AMERICAN CONGRESS and WE ARE ONE.
Due to a spacing problem during the engraving process, the first obverse die(s) feature only a single R in the word CURENCY on the obverse. Gallaudet later corrected this, creating the variety with the proper spelling of CURRENCY. Although the French bullion failed to materialize, examples of the CURRENCY variety were struck in tin (often mistakenly referred to as pewter) and, to a much lesser extent, brass. It is not known whether the tin pieces were intended as patterns for the proposed silver strikings or whether the Continental Congress envisioned these coins serving as a distinct denomination. Regardless, the entire project was eventually dropped in the absence of the silver bullion, and all that remain are survivors from limited press runs. Many tin pieces encountered in today's market are worn to one degree or another, which suggests that the issue may have seen actual use in circulation. If so, at what value the pieces traded has been lost to history.
On July 4, 1776, a pivotal moment in history unfolded as the Continental Congress adopted the Declaration of Independence, marking the formal separation of the Thirteen Colonies from British rule. This monumental document, primarily authored by Thomas Jefferson, articulated the colonies' grievances against the British Crown and eloquently asserted the right to self-governance based on the principle that all men are created equal and endowed with unalienable rights, including life, liberty, and the pursuit of happiness. The adoption of the Declaration of Independence was not merely a political act; it was a bold statement of ideals and aspirations that would come to define the ethos of the emerging nation. It signified the birth of the United States of America and set the stage for its development as a sovereign state dedicated to the principles of democracy and liberty.
The formal signing of the Declaration of Independence on August 2, 1776, further solidified the commitment of the Continental Congress to these revolutionary ideals. On this day, 56 delegates, representing the diverse interests and backgrounds of the colonies, came together to affix their signatures to the document. This act of unity and defiance was a courageous step, as each signatory was fully aware that they were risking their lives and fortunes by openly rebelling against one of the world's most powerful empires. The signing was not only a formal acknowledgment of the colonies' independence but also a personal pledge by each delegate to the cause of American liberty.
By September 9, 1776, the Continental Congress took another significant step by officially renaming the collective body of colonies as the ""United States of America."" This new name reflected the aspirations of the Declaration of Independence and symbolized the unity and identity of the thirteen states as a single nation. It was a declaration of the colonies' collective identity and their determination to forge a new path as a united entity. The renaming underscored the transformation from a group of disparate colonies into a nation-state, committed to the principles of democracy and self-determination.
Together, these events in July, August, and September of 1776 were not just key moments in the American Revolution; they were foundational to the creation of a new nation, dedicated to the ideals of freedom, equality, and democracy."
When the first Europeans began to settle in America during the 1500s, there was little use for coins. Where would you spend them in a complete wilderness? Coins meant nothing to the native people, yet the Europeans found that they needed to trade with them in order to survive, particularly during winter. The colonists soon adopted the native practice of exchanging wampum (small clamshells fashioned into beads) for food, animal skins and other necessities. Another highly prized commodity, especially in Europe, was a plant native to America called tobacco. Both items were so commonly exchanged that the English colonies of the Atlantic coast actually passed laws regulating their values by weight or by count.
The simple economy of the early colonists eventually gave way to a society that resembled the cities and towns they'd left behind in Europe. With craftsmen and merchants establishing shops in villages up and down the Atlantic coast, the need for a more sophisticated medium of exchange demanded that coins be made available. Most of the American colonies were ruled by England, and their governments were run in accordance with charters granted by England's king. While a few of these charters permitted the colonial governments to manufacture coins, most did not. The first English colony to challenge this prohibition was Massachusetts Bay. In 1652 the colony of Massachusetts Bay established a mint in Boston.
The Massachusetts Bay Colony's mint at Boston was run by John Hull, who was assisted by Robert Saunderson. Its output consisted mostly of silver shillings, coins valued at twelve pence. The Massachusetts Mint also produced smaller silver coins valued at six pence, three pence and two pence. Except for the two pence pieces, which were dated 1662, all of the coins minted at Boston carried the date 1652. Although a popular myth holds that the coins were dated 1652 to deceive the monarch into believing that the colony had ceased minting coins after he ascended to the throne, in reality the date almost certainly refers to the year that the Massachusetts Bay General Court authorized their production.
The mint’s first silver shillings bore simply the letters NE (for New England) on the obverse and the values XII (12 in Roman numerals), VI (6) or III (3) on the reverse. Easily counterfeited or clipped, these coins were quickly replaced by ones featuring a tree on their obverse. Three styles of trees were used over the thirty years of production: a willow (1652-60), an oak (1660-67) and, most familiar of all, a pine (1667-82).
In Maryland, Cecil Calvert contracted with England's Royal Mint to produce silver coins valued respectively at one shilling, six pence and four pence. These carried no date, but they were made around 1659, during the Commonwealth period when England had no king and was ruled by Parliament. The number minted is unknown, and they evidently circulated in the Maryland Colony for just a few years. All are rare and highly sought by collectors today.
Connecticut had an advantage over the other colonies because it possessed copper mines. Outside the town of Granby, Dr. Samuel Higley created his own mint from scratch. He smelted the raw ore himself and made his own dies for the minting of copper three pence coins dated either 1737 or 1739. The principal devices were a stag seen in profile on the obverse and either three hammers or a single axe on the reverse. Higley's coins proved quite successful locally, though by English standards they were underweight. When found today, these very rare coins are almost always well worn, and this proves that they circulated for many years.
In New Jersey, the colonists used coins imported from Ireland during the 1680s. These copper pieces were made a legal tender by the General Assembly in May of 1682. They came in two sizes, the larger ones valued at one-half penny and the smaller coins at a farthing, or one-quarter penny. One side of these coins shows a seated figure of a king playing a harp (symbolic of Ireland), and the other side shows Saint Patrick. These coppers are some of the more available coins from the American colonial period.
Among the rarest and most obscure colonial pieces are the brass and pewter tokens issued by Francis Lovelace, governor of New York from 1668 to 1673. The New Yorke token is undated but is believed to date from this period. Its obverse shows Cupid chasing after Psyche, who wears butterfly wings. The reverse features the Lovelace Family arms, which is dominated by an eagle. Probably intended to pass as farthings, these extremely rare tokens are believed by some to have been made in Bristol, England.
In 1688, Richard Holt received a royal patent to manufacture tokens for use in the American colonies. Made of tin, these tokens were valued at 1/24 real. (The real was a Spanish unit of value, and the coins of Spain's American colonies were then widely used throughout the New World.) The obverse shows England's King Charles II astride his horse, while the reverse displays the armorial shields of England, Scotland, Ireland and Wales linked by a chain. Very little is known of these rare pieces, such as where and for how long they actually circulated.
Another individual who received royal permission to make coins for Ireland and for the American colonies was William Wood. Both issues of his copper coins, which are dated 1722, 1723 and 1724, show a portrait of King George I on their common obverse. The American coins feature an English rose on their reverse, while the Irish pieces display a seated figure of the goddess Hibernia (Latin for Ireland) seated beside a harp. Though officially valued at two pence, one penny and one-half penny, respectively, Wood's coins were very underweight and were largely rejected by the Irish. As a result, the Irish issues were also shipped to America, since the American colonists had too few coins to complain about their quality. Even so, they proved to be just as unpopular here as they had been in Ireland.
Another series of Irish coins that found their way to the American colonies were the Voce Populi coppers, so called because of their obverse legend, which in Latin means “By the voice of the people.” Dated 1760, several varieties of farthings and halfpennies are known. These were created by a Mr. Roche of Dublin. Their obverse features a laureate bust of King George II, while the reverse design is a seated figure of Hibernia with a harp. Exactly where and when these circulated in America is uncertain, but they are highly collectable.
Tokens honoring Sir William Pitt, who defended the American colonists against the unpopular Stamp Act of 1765, were made in both farthing and halfpenny sizes bearing the date 1766. A bust of Sir William appears on the obverse, while the reverse features a merchant ship under full sale, which is identified as AMERICA. The Pitt Tokens are quite collectable and serve as important historic relics.
Of all England's American colonies, Virginia came closest to realizing a useful coinage from the Mother Country, but it simply came too late. In 1773, thousands of copper halfpennies were minted in London for shipment to Virginia. These attractive coins carry the portrait of King George III on their obverse and the royal arms of Great Britain on their reverse. Thanks in large part to the discovery of a hoard of uncirculated specimens, Virginia halfpennies are readily available in Mint State grades. The Virginia halfpennies are among the most common colonial era coins, and they are a perennial favorite with American collectors.
With the exception some of the types described above, there are few uniquely American coins from the colonial era. It may be seen from these mostly unsuccessful attempts at coinage that the needs of the American colonists were not being met. This attitude of disregard on the part of England toward its countrymen overseas would eventually lead to rebellion and American independence.
Coin Descriptions Provided by Numismatic Guaranty Corporation (NGC)
