1877 Rutherford B. Hayes Indian Peace Medal. Oval. Copper, Bronze. Julian IP-43, Prucha-54. MS-67 BN (NGC). 75.6 mm x 59.4 mm. 2818.0 grains. Beautiful light olive bronze surfaces with flecks of lighter orange throughout visible under magnification. Glossy and sharp on the motifs while the fields are generously prooflike and free of handling. Traces of pale rose and green toning are noted at certain angles to the light. Just a few minuscule rim marks are noted and a trivial spot is seen behind Hayes’ head. Superb quality and eye appeal.The Hayes medal was the first struck in the short but distinctive series of oval Peace medals, though none are known to have been struck in silver for presentation. Initially, there seems to have been no interest or action on the part of the Hayes Administration to get the Peace medal program up and running. That being the case, the Mint officials proceeded largely on their own in creating and striking the few that were made. Again, none were for distribution, nearly all were in bronze and likely intended primarily to keep the series going to benefit the Mint’s list of medals for sale to collectors. Eventually, there came requests for medals for distribution from Indian Agents, but by the time these requests were received it was apparently too late for the slow gears of government bureaucracy to make the necessary accommodations for silver medals. The whole business dragged on beyond Hayes’ term in office. Silver impressions do exist, however. We are aware of four of them, but while one is looped and one is holed, these merely masquerade as issued medals. The early bronze pieces like this one, with a dated reverse, are the only Hayes medals that might be called “original.” As such, they are necessary for any advanced collection of Peace medals and they command prices commensurate with their rarity and status. The few we have handled in the last decade have brought as much $8,225, the record for one as far as we are aware, in our August 2013 sale. This one brought $6,325 in our January 2011 Americana Sale, its last public appearance. Ex Heritage, September 2008, lot 28138; Aesculapius Collection of Indian Peace Medals, Stack’s, January 2011, lot 6243.
