1652 Pine Tree Shilling. Large Planchet. Noe-1, Salmon 1-A, W-690. Rarity-2. Pellets at Trunk--Counterstamped NE--Fine-15.67.6 grains. A dramatic late die state of this popular variety featuring a curious counterstamp and desirable pedigree. The deep slate-grey surfaces are accented by peach hues across the high points on each side. The complexion is overall glossy and smooth, remaining free from any distracting signs of handling. Largely egg-shaped, the upper edge of the planchet has been clipped to a soft point above the second S of MASATHVSETS. The reverse die is in a terminal state, exhibiting significant cracks throughout the date that bisect the entire die. <p><p><p>Most notable is an inverted counterstamp of the monogram NE placed just below the tree roots on the obverse. Close study reveals that the counterstamp is triple struck, and only the very bottom portion of the E is visible at the edge. The corresponding area on the reverse shows a slightly rough texture which obscures the rosette.<p><p><p>We can trace this piece back nearly 150 years to Strobridge and Woodwards December 1871 sale of the collection of Dr. Charles Clay of Manchester, England. It was offered in that sale not as a fabrication but as an authentic example of the NE punch most famously used on the eponymous shillings. Several other curious examples of Massachusetts Silver coinage were included in the sale, some of which displayed the exact same NE counterstamp as this Pine Tree shilling. Believing it to be genuine, Dr. Charles Clay himself suggested that it "almost proves [Pine Tree coinage] to have been in circulation before the N.E. coins, or that the impression may have been a freak with the old N.E. punch." Held in such high regard, this piece was even featured on one of the very limited photo plates included with the sale. <p>It was purchased by James Carson Brevoort of Brooklyn, NY for $6.50. Brevoorts collection was later sold by Thomas Elder in November 1925, and this coin is likely the one described as "large flan, die broken through date" in lot 1885. <p>By the middle of the 20th century, the infamy of this piece begins to build among collectors. It is mentioned explicitly by John J. Ford, Jr in his article <em>Untraced Curiosities in the American Colonial Series</em> that appeared in the April-October 1947 issue of <em>Numismatic Review</em>. Ford calls the 1871 Clay sale "notorious" and notes that it was "the talk of early numismatists for many years and contained a large number of extremely questionable colonial coins." Referring to this particular specimen, he regards it as "nothing more than a curiosity" and an example of "careless handling of an imitation N.E. punch"<p><p><p>It was later featured in Eric P. Newmans <em>The Secret of the Good Samaritan Shilling</em> (1959), where he exposes dozens of counterfeits or fabrications that had infiltrated the market over the previous century. Newman suggests that this piece and the others in the Clay sale were from a "dangerous fabricator" and that they were allegedly found in a "hoarded mass". He classifies it as Fabricated Counterstamp NM and remarks that it was already in the Norweb Collection at the time of writing. <p><p><p>It most recently appeared in our sale of the legendary Norweb Collection, Part I in October 1987, where we called it a "chronological and logical inconsistency." Even so, it remains an important piece of numismatic history. While not contemporary, the countermark seen here adds considerable intrigue and has the been the focus of significant scholarship and study. Advanced Colonial collectors will relish the opportunity to add this remarkable Noe-1 to their cabinets. <p><p>From the Robert M. Martin Collection. Ex William H. Strobridge and W. Elliot Woodwards sale of the Dr. Charles Clay Collection, December 1871, lot 75; (probably) Thomas Elders sale of the James Brevoort Collection, November 1925, lot 1885; (probably) B. Max Mehls sale of November, 1954, lot 1970; our (Bowers and Merenas) sale of the Norweb Collection, October 1987, lot 1192.
