1787 Immunis Columbia Copper / Large Eagle Reverse. W-5680. Plain Edge. MS-64 BN (PCGS).；A classic issue in an outstanding state of preservation. The deep chocolate brown surfaces exhibit boldly rendered and nicely centered devices, with the design details as sharp as ever seen for the type. The rims are tight to portions of the peripheral legends, as always seen to some degree, but no loss of detail is present; even the date is full and complete. Virtually blemish-free to the unassisted eye, and low magnification does little to alter the initial visual impression. We note a reverse die crack from the eagles sinister wing upward to the first letter U in UNUM, a die line through the sinister talons, and a crack and clash marks at the letters E PL in the motto. Tied for finest certified at PCGS, and comparing favorably to both Ford:290 and 291 for surface quality and eye appeal, this coin is solidly in the Condition Census for the type.<p>One of many colonial and early American coins that had long baffled numismatic scholars, the origin and intention of the Immunis Columbia coppers is shrouded in mystery. With no real concrete evidence to back up this assertion, Walter Breen (<em>Encyclopedia</em>, 1988) opined that they were made as patterns for a proposed federal copper coinage, and that they were made in Rahway, New Jersey from dies by Thomas Atlee. They do, indeed, have a New Jersey connection, as the four known broad planchet examples are all overstruck on New Jersey coppers of the Maris 26-S variety. Research in our (Stacks) Ford catalog (May 2004) notes:<p><em>The mystery surrounding the 1787 Immunis Columbias was solved thanks to the New Jersey 26-S undertype found on the broad planchet variety. The die states of the 26-S showed they were struck late and other evidence dated the late-state 26-S to 1788 or later. Since the broad planchet Immunis were in earlier die states than the narrow planchet ones, it was clear that the entire 1787 Immunis Columbia issue was struck in 1788 or later, not 1787 as had been thought. It appears that it was not a pattern proposal for a federal coinage contract after all.</em><p>The basis for this conclusion, which seems to have finally uncovered the background of the 1787 Immunis Columbia copper, can be found in Michael Hodders article "The 1787 New York Immunis Columbia, A Mystery Re-Ravelled" in the January 1991 issue of <em>The Numismatist</em>:<p><em>This new study indicates that the issue was struck circa late 1788-middle 1789 under the auspices of Matthias Ogden in the original Rahway mint, where New Jersey 16-S and 26-S had also been coined. it is probable that the entire issue was planned for circulation, and was not struck to support Matthias Ogdens March 3, 1787 coinage proposal, but rather, to provide Ogden with another source of revenue free from the 10% seigniorage payable to the state on the New Jersey coinage.</em><p>The fact that the press run for the small planchet pieces, as here, was sufficiently large to make the variety the only readily collectible one in the wider Confederatio, Immune Columbia and Immunis Columbia series further supports the theory that a regular issue for circulation was intended. Additionally, the extant population includes several coins in VF, EF and AU, as well as some that are impaired, which pieces almost certainly saw active use.<p>Popular with colonial and early American type collectors, the 1787 Immunis Columbia is now garnering additional demand from New Jersey copper specialists. Examples are scarce in an absolute sense, rare with the exceptional technical quality and eye appeal offered here. A beautiful, rare and highly significant piece that would serve as a highlight in an advanced cabinet.；From the Antony Bettencourt Collection. Earlier ex our Baltimore Auction of March 2013, lot 438.
