1787 New York Excelsior Copper. W-5795, Breen-990. Rarity-6+. Standing Indian / New York Arms. VF-30 (PCGS).180 degree die rotation. A superb example of this distinctive and provocative rarity, using a native American figure to project an image of American liberty with a legend that translates to "born free, I defend freedom." Smooth and glossy medium brown with exceptional eye appeal for the grade. The obverse is somewhat woodgrained, the reverse is a more even shade. The obverse is aligned to 8 oclock by enough of a margin to show the outside border of the denticles at the upper right obverse, but by a small enough margin to allow the elegant peripheral legends to remain complete. The wear is even, the designs are nicely defined, and marks are few. Just two minor rim bruises at the upper right reverse require mention, though they are largely hidden by the encapsulation.<p><p>Few types from the Confederation-era have as much panache as this one, imbued with both rich symbolism and rich irony. This is an issue whose rarity has made it most associated with great cabinets, not the odd auction offering or coin show appearance here or there. This piece, which Ford ranked third finest known decades ago, probably places fifth or sixth best among those in private hands today, slightly better than the middle of a field that includes several truly low grade examples but only one real Uncirculated (the superb Eliasberg coin).<p><p>Struck in the short interval when New York was strongly considering its own copper coinage, this was at least conceived as a pattern. If some small number was coined as extra spending money for the coiners who sought a contract, no one would be surprised; alas, the documents are silent and will likely remain such. Today, it is their design and their rarity that attract collectors primarily, not their interesting but obscure history. This one has been focal to several major cabinets and would be extremely challenging to upgrade.PCGS# 436.From the Sydney F. Martin Collection. Earlier from Thomas Elders sale of the Peter Gschwend Collection (purchased intact by William H. Woodin, then consigned to Elder), June 1908, lot 87; F.C.C. Boyd Collection; Boyd Estate to New Netherlands Coin Company on April 25, 1958; our (Stacks) sale of the John L. Roper Collection, December 1983, lot 275; our (Stacks) Americana sale, January 1998, lot 198; our (Stacks) sale of May 2007, lot 521 (at $103,500); John Agre (Coin Rarities Online), April 2015.
