1801 Thomas Jefferson Indian Peace Medal. Silver Shells. Second Size. Original Dies. Julian IP-3, Prucha-39. Extremely Fine. 77.0 mm. 728.9 grains. Uniform light bluish-gray silver across both sides with slightly lighter gray accents on the highest points of relief that subtly give way to the deeper color around. The thin struck shells are wavy and irregular, showing numerous small dents, abrasions and fine scratches from years of use. The line through the upper right reverse passing from the rim to the base of the thumb is a die break and should not be mistaken as a scratch. The waviness and dents are unique to the Jefferson shells due their general fragility, but the other marks are typical of any Peace medal that did its intended service. The original Jefferson medals are built objects of tripartite construction, created from two separately struck shells for the obverse and reverse, which were then joined around a soft core and banded with silver to hold them tight. As such, they were not of sufficient strength to withstand the hard use they would endure, and many were lost, whether by breakage of the suspension hanger, or complete failure of the entire assembly.
The second size Jeffersons are the rarest of the three issued, with just 12 medals confirmed extant by the writer. At least four are in serious states of disrepair, with two having lost their hangers, and at least one has its outer band partially separated. Those that remain relatively intact seem to have three different styles of suspension hangers. Three seem to be identical to the style seen here, while three others have a suspension loop that is parallel to the plane of the medal. A third style has an elevated post-style loop affixed to the edge. It is unclear whether there was one original style or if some of these are early replacements, but there is evidence that all three are original constructions because these three styles are also found among the first and third-size Jefferson medals. Of the 12 medals known, just six are believed to remain in private hands.
The Peace medals of the Jefferson administration have long been counted among the most prized of the American series among collectors (the Washington ovals being largely considered unobtainable for all practical purposes). They are also particularly historic, as they are documented to have been carried across North America and distributed by legendary explorers Lewis and Clark. As such they are markers of the beginnings of a new phase of Western Expansion, one that would carry white Americans to the Pacific coast.
We have sold all six of the privately held second-size Jefferson medals over the years, but many years can pass in between offerings. The most recent appearance was just last year, where a somewhat weak, re-engraved example with a missing suspension loop realized $55,200, but this is far superior in every respect. Prior to last years sale, it had been 14 years since one of these appeared in a Stacks Bowers Galleries auction. Needless to say, chances to acquire a second-size Jefferson are very few and far between. From the Ronald A. Slovick Family Collection. Earlier from our (Bowers and Ruddys) sale of April 1983, lot 2618; David W. Dreyfuss; our (Bowers and Merenas) sale of the David W. Dreyfuss Collection, April 1986, lot 5113.
