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

November 2025 Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

1261

Grade

XF40BN

Price

19,200

Lot Description

132.7 grains. An outstanding example of this classic New York issue from the early federal era. The surfaces are lovely and host warm olive-brown patina with hints of faded rose nestled within the protected areas around the central design elements. Most motifs are boldly to sharply defined, the overall light wear required for PCGS to return the EF-40 grade most noticeable within the shield at central obverse, although even so the sun and mountains are easily discerned. The strike is well executed, the centering quite good with the obverse border only lightly encroaching on the liberty cap and eagle's outstretched wing at upper left, upper left reverse border likewise just barely touching the tops of the letters US in PLURIBUS. There off-center impression has left a thin lip of virgin flan at lower right reverse, beyond the letters UM in UNUM and the following stars. Not even close inspection with a loupe reveals any significant planchet issues, either pre- or post-strike, and similar magnification is required to discern a few trivial nicks in the upper left reverse field at the bases of the letters BU in PLURIBUS and some ancient surface build up within the recesses of the standing figures on the obverse, eagle's plumage on the reverse. The in-hand appearance is smooth with a hard, tight appearance. The eye appeal is absolutely first rate for a lightly circulated example of this challenging type.<p>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.<p>The Excelsior pieces are far rarer than their Nova Eborac counterparts. There are three basic varieties of the former type, combining an obverse with the New York Arms and the word EXCELSIOR with a Heraldic Eagle reverse. One of those varieties shows a Heraldic Eagle with the arrows in the talon at left, the so-called Transposed Arrows reverse, W-5775. The other two use the same Heraldic Eagle dies but two different New York Arms dies, one showing the tiny eagle atop the shield facing to the left, as seen here, and the other showing that tiny eagle facing to the right (W-5780, offered above). The Transposed Arrows variety is the rarest, with just six known. This is the more common of the two others, although we caution bidders that most survivors of the W-5785 in numismatic hands are in low grades, and often with significant impairments. Indeed, our typical offering for this type is in the Fine to VF grade range, with surface and environmental damage topping the list among problems to expect. Richard August's discerning eye clearly recognized the rarity of such smooth, problem-free surfaces as seen here which, when combined with above average definition, makes for a coin that would be difficult to improve upon for the collector seeking a single Excelsior copper for type purposes, or the specialist who desires a superior example of the W-5785 type. We have offered only one sharper example in recent years, the PCGS AU-50 in our March 2017 sale of the Anthony Bettancourt Collection. Yet while that piece retained more definition than seen here, it also carried several noticeable marks, including a number of nicks at central reverse and an unfortunate scrape on the obverse through the first letter E in EXCELSIOR; both examples are struck similarly off center to upper left. We find the Richard August specimen more pleasing and overall finer, and are confident that knowledgeable bidders will agree.