fugio coppers - introduction
TRANSCRIPT
Pierre FrickeFebruary, 2014
Fugio Coppers of 1787Introduction
State contractors minting copper coinage Connecticut, Republic of Vermont, New Jersey getting ready
October 16, 1786 – Congress authorizes national mint Use of foreign copper coins outlawed
James Jarvis acquires Company for Coining Coppers New Haven, CT
Contractors make proposals to Congress R. Boyd, William Barton, Solomon Simpson, Mathias Ogden James Jarvis proposal – October 1786 Jarvis – 600,000 pounds of copper coinage in 3 years
William Duer becomes Secretary of the Board of the Treasury5 proposals - Jarvis wins with Fugio proposal
$10K bribe, shared profits, Jarvis already received 12K pounds of CuFugio Copper design approved July 6, 1787
Background
Key People
Continental Currency
Fugio Copper - Obverse
Fugio Copper - Reverse
Contract signed May 12, 178725 tons due December, 1787; 25 tons due March 15,
1788157.5 grains - $1 = 2.25 lbs. copper
James Jarvis leaves New Haven for Europe Government copper used to make more profitable CT
coppers!Dies made by Abel BuellJarvis – Boulton deal for 300 tons of finished coppers
100 tons by September 1788December, 1787 deadline missed
< 5 tons delivered by mid 1788 – less than 400K coins
Jarvis Minting Operation
Falling market for copper / copper coins$1 = 3 lbs. copper
New Cent = 209.98 grains Fugio now “3/4 cent”. Jarvis – could not deliver more
Government copper used for CT coppersBoulton deal never consumated
Jarvis firedLess than 400K coppers
Royal Flint – NY attempted to circulate – some successFiasco set the stage for US Mint in 1792-1793Side bar: 1800 frustration with mint led to proposal to
contract US coinage out again!!!
State / Fugio Coinage Devalued
Collecting Fugio Coppers
Newman Variety 1-L
Varieties of the Fugio CentEric P Newman
1949
Newman PlateFugio Obverses
The Fugio Cents
Alan Kessler
1976
The First US Coin
KesslerMajor Obverse
Types
KesslerMajor Obverse
Types
KesslerMajor Obverse
Types
KesslerMajor Reverse
Types
KesslerMajor Reverse
Types
KesslerMajor Reverse
Types
Type coinFine = $500; VF=$1000; XF=$1500;
AU=$2000; MS=$3500-7000Red Book Collection
15 varieties; 13 collectible; VF=$72,00040 Varieties – Need to get 5 R6s50-53 Varieties – Need to get 4 to 7 R7s61 Complete Set
American Congress – six figures8 R8s total
Collecting Fugio Coppers
Questions?