1817 James Monroe Indian Peace Medal. Silver. Third Size. Julian IP-10, Prucha-41. Choice Fine. 50.6 mm. 836.6 grains. Pierced for suspension, as typical, and positioned into the rim far enough to avoid any interference with the legends. Pleasing medium gray silver with subtle traces of pale blue and gold close to the rims. A couple of small streaks of deeper patina are noted on both sides. Scattered tiny nicks as one would expect but otherwise there is no damage worthy of mention, and even these marks are somewhat smoothed out by simple, even wear. In fact, this piece was worn by its recipient (and perhaps his heirs) for so long that the rim at the suspension hole has begun to thin to nearly a threatening degree. No collaring marks are visible on the edge.A small reverse die chip is seen outside of the inner rim border just below the 3:00 position. This die was used to strike all of the medals of this size bearing dates 1809 through 1845, and this is the earlier of two die states we have observed. The second state has a secondary small chip just beneath the one seen here and is seen on later restrikes from this die.According to the Mint records, just 100 examples of this medal were delivered in silver. It was reported in 1822 that all but nine were still on hand and returned to the War Department. It is fairly certain that more medals were distributed, but probably not a large number, as the small-size Monroe has long been considered one of the rarest silver issues. Carl Carlsons study of auction appearances yielded nine offerings, while Michael Hodder commented in the October 2006 Ford sale that he could "not point to one meaningful example." The present writer has determined the large-size in silver to be the rarest of this presidency, but this is not far behind and is certainly much rarer than the middle size. We are aware of only 10 confirmed distinct medals and six of them are in the institutional holdings of the Gilcrease Museum, the Jefferson National Expansion Memorial in St. Louis, the American Numismatic Society, The Museum of the Fur Trade, the Crane Collection in Denver and the Massachusetts Historical Society. The MHS specimen is unpierced, however, has a trace of die rust under PEACE and is a bit underweight when compared to others. It is almost certainly an early restrike. Another somewhat uncertain example is at the Iowa State History Museum. Ex William Anton, Jr., November 1965; John J. Ford, Jr.; Stack’s sale of the John J. Ford, Jr. Collection, Part XVIII, May 2007, lot 78; Stack’s, January 2009, lot 5095.
