1809 James Madison Indian Peace Medal. Silver. Third Size. Julian IP-7, Prucha-40. Choice Very Fine. 51.2 mm. 889.9 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 with a couple of obverse streaks associated with gentle oxidation. A few light rim bumps are noted on both sides and stand out a bit more on this very sharp medal than they might on one with rougher handling. That said, this is clearly an issued and worn medal, with scattered tiny marks, yet the overall appearance is quite nice and really not that much different than the Ness Collection medal that appeared in our November sale last year. In fact, about half of those known are generally similar to these, with the others much more worn. <p> <p>Unlike the Ness specimen, this has a strong collaring mark on the edge near 12:00, and seems to be a slightly later die state. Minor die flaws are noted in the obverse rim over the E in THE, over the JAM of JAMES, and elsewhere to lesser degree. This reverse was used for all small-size medals from Madison through Polk and is known to us in three die states. For the Madison medal usage, only two states have been observed. This is the later of the two, and the middle state overall. This state is that most frequently seen. A single small die chip is seen outside of the inner rim border just below 3:00. The earlier state is known on only two observed medals and has no chip at 3:00.<p> <p>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, and the dies would have been 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 12 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 observed medals themselves suggest three different striking sessions, corresponding to the accounts provided by Prucha.<p> <p>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 one believed extant but not personally confirmed, and one at Massachusetts Historical Society that is unpierced and an obvious restrike, albeit from original dies in the middle state, as this piece. Of these 13 medals, six are in institutional collections. Only two different medals appear in our online archives for this type, in three different appearances. This specimen is not in the archives, but was sold by us in October 2006, making three medals in total over the last 15 years. This is a much rarer medal than recent offerings might otherwise suggest. <em>From the E Pluribus Unum Collection. Earlier from Lt. John W. Wolfe, Jr.; John J. Ford, Jr.; our (Stacks) sale of the John J. Ford, Jr. Collection, Part XVI, October 2006, lot 116.</em><em></em>
