Owner Comments:
1863 Dime Postage Currency
Judd-325, Pollock-390
Rarity Low R,6 PF63 CAC Endorsed
Struck in silver with plain edge
Obverse: Exhibits an ornamental shield with an inverted laurel wreath suspended from a ring. A pair of crossed arrows are behind the shield, and the inscription EXCHANGED FOR / U.S. NOTES is around the periphery
Reverse:, The denomination 10 CENTS and the date 1863 are surrounded by the inscriptions POSTAGE CURRENCY and ACT JULY 1862.
Comment:
Bright and reflective in the fields, while the lettering and devices show light frost to provide contrast. The strike is sharp and the surfaces are pleasing, with minimal signs of handling. Both dies show cracks and stress.
This piece appears identical and thus believed to be those auction by Heritage in 2000 and 2003 as PCGS PF64 #3504478 ( now deactivated ). At that time is labeled as 19.9 grains. A SEM-EDX analysis (#3504478) was performed, indicating this piece's composition is 96.1% silver and 3.9% copper but even back in 2000 it was deemed lost.
Issued to redeem U.S. notes then in circulation, at least this was the plan at the time these were proposed.
James B. Longacre designed this pattern in May, 1863. At that time, three weight variants were struck of the plain edge silver Postage Currency patterns. No silver pieces of this design are known to have a reeded edge. A combined total of 43 coins at 20 grains and the 22.5 grains were struck to demonstrate the physical properties of two versions of a very thin ten cent silver coin. One plain edge, nearly pure silver fantasy piece was struck weighing 38.3 grains. The authorized weight of a standard silver ten cent coin was 38.4 grains. The intrinsic value of the 20 grain coin offered here in 1863 was given by Mint Assayer William E. DuBois at 5.21 cents or 5.5/24ths cent. The value of the 22.5 grain coin was given by DuBois at 5.73 cents or 5.35/48ths cent. The coins were so thin that DuBois later commented to Salmon P. Chase that they could not be struck using the Mint's steam presses because the thin planchets would jam the machine. These pieces were struck using a screw press. Two coins are known whose planchets were cracked while being struck. It is presumed they were the victims of the steam press. This is only one of several drawbacks to the authorization of these token coins for the purpose of replacing various temporary monetary expedients, much less, the nation's subsidiary coinage
Provenance/Appearances:
From Samuel J. Berngard Collection Stacks and Bowers Mar 2012 Baltimore / Lot #7121; Priors
Heritage Jan 2000 F.U.N. / Lot #7418 and Heritage Jul 2003 Baltimore / Lot #9956 ($2300) both as a PCGS PF64
It was noted in those auctions that this piece was purchased by Mr. Wolfe from Kreisberg and Cohen's Quality Sales Auction, June 29, 1970, lot 1284. Mr. Wolfe had calculated the coin's specific gravity at 10.45.