1787 NY 1/2P Excelsior, Eagle Left, BN MS(PCGS#427)

November 2020 U.S. Coins Auction

Auctioneer

Stack's Bowers

Lot Number

3176

Grade

VF30BN

Price

15,600

Lot Description

Pleasing 1787 Excelsior Copper Rarity 1787 Excelsior Copper. W-5785. Rarity-6. Eagle on Globe Left. VF-30 (PCGS). This is a lovely example of an elusive and eagerly sought New York issue from the early federal era. The strike is generally well centered, only a bit tight to the left reverse border, with both sides displaying uniformly bold Choice VF detail. Evenly toned in deep gray-brown, the surfaces are somewhat rough overall with light pitting evident under close examination with a loupe. The appearance is nice for a survivor of this type, however, and the rarity of the Excelsior coinage as a group is sure to result in keen interest among advanced collectors. With the Articles of Confederation reserving coinage rights for the individual states, in early 1787 several petitions reached the Legislature in New York seeking approval to issue copper coins. In the end, however, the New York Legislature decided against authorizing a new coinage and instead opted to regulate the copper coins already in circulation. Even so, several unauthorized copper issues made their appearance in the state, primarily from the private mint known as Machin's Mills, located at the outlet of Orange Pond near Newburgh, and those enterprises operated by John Bailey and Ephraim Brasher in and near New York City. The Nova Eborac and Excelsior pieces are attributed to Bailey and Brasher, although beyond that little is known either of their overall coinage operations or the specifics of these issues. The Excelsior pieces are far rarer than their Nova Eborac counterparts. Most survivors of the W-5785 type offered here are heavily circulated and of poor surface quality. This is certainly an above average example and worthy of a strong bid. PCGS# 427. NGC ID: 2B3M. Click here for certification details from PCGS.