1787 Fugio Copper, Newman 1-Z, PCGS AU53

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1787 Fugio Copper, Newman 1-Z, PCGS AU53

57,500.00
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1787 Fugio Copper, Cross After Date, Raised Rims, Newman 1-Z, R.7, PCGS AU53.

A major Fugio rarity & the Red Book plate coin.

Ex John J. Mills Collection, S.H. & H. Chapman 4/27/1904, lot 130 - Hillyer Ryder - F.C.C. Boyd Estate - John J. Ford, Jr. Stack’s 10/14/2003, lot 233.

A wonderful example of an extremely important variety that combines numismatic and historical significance with formidable rarity. Newman 1-Z is referred to as the “production pattern” variety for a number of reasons. It shares its obverse die with the famous American Congress pattern variety (Newman 1-CC) and given the early state of the dies, was clearly struck soon after the 1-CC patterns (whose AMERICAN CONGRESS reverse legend was rejected by the Board of Treasury on July 6, 1787) and before the regular production varieties 1-B and 1-L. The Z reverse, used later on Newman 12-Z and 19-Z, is notable for the distinctive shape and size of the letters in WE ARE ONE and the “raised rims” and shallow letters on the label, all hand-cut into the die as opposed to the letter punches used on all subsequent dies. This variety comes on relatively high quality planchets, struck in medallic alignment, and given the paucity of specimens around today, was clearly made in limited quantities. All of this suggests it can rightly be considered a pattern issue, perhaps struck for presentation to the Board of Treasury in order to gain their approval and commence normal production.

This piece has lovely light brown surfaces with a natural, high grade gloss, no contact marks at all, and just some minor planchet flaws near the lower right obverse border. Very well struck and just barely worn, showing every minor detail clearly. Plated in the Red Book to illustrate both the Cross After Date obverse and Raised Rims reverse. A choice example with a desirable old provenance, appealing on many levels.