ARCHIVE

Famous 1776 Continental Dollar Rarity, PCGS EF Details

No one pays more!

For high quality Washington medals. If you have rare or top condition Washington-
iana for sale or trade, contact us!

Famous 1776 Continental Dollar Rarity, PCGS EF Details

SOLD

Details

1776 Continental Currency dollar. Newman 1-C. CURENCY. EF Details, Environmental Damage (PCGS). One of the most avidly sought items in the entire early American numismatic canon, the Continental dollar is the only American coin bearing the date 1776 that was struck in that year. Aside from the fact that these coins exist, little else is known. Most of them are Mint State, which suggests a few things. First, they didn't see much use as spending money, perhaps because their pewter composition was deemed to be even junkier than paper, or perhaps because these coin-like objects were hoarded while paper Continental Currency was spent. Second, their survival suggests that many were saved as souvenirs, perhaps by the British troops that ran roughshod over the New York / New Jersey theatre where these are presumed to have been struck. Also, unlike Continental paper, which had built in distribution systems via the pay structure of the Continental Army, these do not seem to have enjoyed the same wide distribution. The upshot of this is that any Continental Currency dollar is quite scarce, but that ones that saw use (thereby increasing their historicity while reducing their market value) are very, very rare. There are no mintage records, so we have no idea how many were struck, how many were melted into bullets, or how many were redeemed alongside the paper issues that these dollars imitate. They were clearly meant to fit into the February 1776 paper money emission that bears the same devices (or, perhaps more accurately, the July 22, 1776 issue that lacks a paper $1 denomination). It's perhaps useful to think of this coin as pewter paper money, with an edge imitative of an 8 reales (popular called a dollar) and obverse and reverse designs that imitate the most numerous issue of Continental Currency.

This example was clearly lost soon after its production and spent some time in the ground. Earthen encrustation clings in areas over the dusky deep pewter gray surfaces. The sharpness is superb, losing some definition in the northwest quadrant of the obverse where the roughness is most severe, else quite crisp. Unlike the pockmarks of powdery corrosion sometimes seen bubbling up and then falling away from even high grade specimens, this piece shows no such gaps and appears entirely stable. Some little marks are seen, none serious. There is some scattered granularity and a minor edge flaw, but the eye appeal is remains very good. The scuffs seen in the reverse image near center are on the slab, not the coin.

Finding a Continental dollar below the $20,000 threshold generally requires settling for a heavily damaged coin, one with pieces of the design missing from corrosion or some kind of other major defect. Evenly worn coins in grades like Very Good and Fine are so rare that most collectors give up before they find one. While most numismatists would love to be able to spend six figures on a pretty Continental dollar, most cannot. A coin like this offers an unusual opportunity to own a specimen of this showcase rarity without requiring a second mortgage.

Additional Information

Grading Service PCGS
Grade No
Designation No
Mint Location No
Strike Type Business
Circulated/Uncirc Uncirculated
Grade Add On No
SKU or Cert # 31800955

Listed below are blog articles related to this product listing, if applicable:

Description

Details

1776 Continental Currency dollar. Newman 1-C. CURENCY. EF Details, Environmental Damage (PCGS). One of the most avidly sought items in the entire early American numismatic canon, the Continental dollar is the only American coin bearing the date 1776 that was struck in that year. Aside from the fact that these coins exist, little else is known. Most of them are Mint State, which suggests a few things. First, they didn't see much use as spending money, perhaps because their pewter composition was deemed to be even junkier than paper, or perhaps because these coin-like objects were hoarded while paper Continental Currency was spent. Second, their survival suggests that many were saved as souvenirs, perhaps by the British troops that ran roughshod over the New York / New Jersey theatre where these are presumed to have been struck. Also, unlike Continental paper, which had built in distribution systems via the pay structure of the Continental Army, these do not seem to have enjoyed the same wide distribution. The upshot of this is that any Continental Currency dollar is quite scarce, but that ones that saw use (thereby increasing their historicity while reducing their market value) are very, very rare. There are no mintage records, so we have no idea how many were struck, how many were melted into bullets, or how many were redeemed alongside the paper issues that these dollars imitate. They were clearly meant to fit into the February 1776 paper money emission that bears the same devices (or, perhaps more accurately, the July 22, 1776 issue that lacks a paper $1 denomination). It's perhaps useful to think of this coin as pewter paper money, with an edge imitative of an 8 reales (popular called a dollar) and obverse and reverse designs that imitate the most numerous issue of Continental Currency.

This example was clearly lost soon after its production and spent some time in the ground. Earthen encrustation clings in areas over the dusky deep pewter gray surfaces. The sharpness is superb, losing some definition in the northwest quadrant of the obverse where the roughness is most severe, else quite crisp. Unlike the pockmarks of powdery corrosion sometimes seen bubbling up and then falling away from even high grade specimens, this piece shows no such gaps and appears entirely stable. Some little marks are seen, none serious. There is some scattered granularity and a minor edge flaw, but the eye appeal is remains very good. The scuffs seen in the reverse image near center are on the slab, not the coin.

Finding a Continental dollar below the $20,000 threshold generally requires settling for a heavily damaged coin, one with pieces of the design missing from corrosion or some kind of other major defect. Evenly worn coins in grades like Very Good and Fine are so rare that most collectors give up before they find one. While most numismatists would love to be able to spend six figures on a pretty Continental dollar, most cannot. A coin like this offers an unusual opportunity to own a specimen of this showcase rarity without requiring a second mortgage.

Additional

Additional Information

Grading Service PCGS
Grade No
Designation No
Mint Location No
Strike Type Business
Circulated/Uncirc Uncirculated
Grade Add On No
SKU or Cert # 31800955

Related Blog Article(s)

Listed below are blog articles related to this product listing, if applicable:

Post your comment

John Kraljevich Americana