1809 James Madison Indian Peace Medal. Silver. Third Size. Julian IP-7, Prucha-40. Extremely Fine. 50.7 mm. 838.4 grains. Neatly pierced for suspension as typical, and positioned consistently with others seen thanks to a small circular guide in the obverse die. Deep gray toning throughout with small accents of pale blue iridescence in places. The highest points of each side are a bit lighter gray. Scattered fine nicks and tiny rim marks are consistent with an awarded Peace medal, but there is no distracting damage at all and in spite of the light wear, there remains a suggestion of the original prooflike character in the fields. Another very handsome medal and easily one of the finest in private hands. No visible collaring marks on the edge. Minor die flaws are noted in the obverse rim over the E in THE and over the JA of JAMES.This reverse was used for all small-size medals from Madison through Polk and is known to us in two die states. This, as expected, is the earlier one. A single small die chip is seen outside the inner rim border just below the 3:00 position.As noted above, there is a consistency in the suspension piercings due to the circular guideline set into the obverse die. It was from this side that the holes were drilled at the Mint. Prucha stated that a dozen Madison medals were delivered on December 17, 1814, presumably including a few of each size. He further stated that in January 1815, it was acknowledged that 103 small medals were received. After a delivery of large-sized medals on June 20th, it was directed that leftover silver be used for further small-size medals. Thus, we have in these accounts three likely striking periods and subsequent deliveries of small medals. The dies were almost certainly removed from the medal press in between these production cycles, though they spanned little time. In compiling our roster of known specimens, we have gathered images of nine different issued medals. While the positions of the suspension piercings are consistently placed relative to the obverse, there are three different positions with respect to the reverse. Thus the medals themselves suggest three different striking sessions, corresponding to the accounts provided by Prucha. Two medals have the hole positioned to the left of the A of PEACE. Five have the hole over the A and two have the hole to the right.From Prucha’s information related above, it is known that at least 103 small-size Madison medals were produced and that a few more were made before and after this primary delivery. Though we will not likely ever know how many more were struck, it is fairly safe to assert that it was a very small quantity, as this is the rarest of the three Madison sizes. Carl Carlson reported just six auction records in 1986. When Michael Hodder cataloged the lone specimen in the extensive John J. Ford, Jr. holdings in 2006, he was personally aware of four then “recent” auction appearances, but made no guess as to the number of medals known. The present writer is aware of 13 specimens, including two that are believed extant but not personally confirmed, and one at the Massachusetts Historical Society that is unpierced and an obvious restrike, albeit from original dies. Of these 13 medals, six are in institutional collections. This is the only one we have handled in the last decade. When we last sold it in August 2013, it realized just over $44,000, an impressive sum that speaks to the challenges of not only obtaining an example, but especially one this nice. Ex Charles A. Wharton Collection, Stack’s Bowers Galleries, August 2013, lot 1040.