BRASHER DOUBLOON REALIZES $4,582,500 AT HERITAGE AUCTION

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V17 2014 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 17, Number 2, January 12, 2014, Article 13

Coin Update published a short article by Dennis Hengeveld on the 1787 Brasher Doubloon sold at this week's FUN show. But the Heritage catalog description has much more background on the famous coin. Here are some excerpts. -Editor

To understand the importance of the Brasher doubloon it is necessary to know something about its creator, a multi-faceted man named Ephraim Brasher. Brasher was a man of many accomplishments and fairly well known in his time, but history had largely forgotten him until scholars began researching his life in conjunction with his numismatic legacy. Much has been learned about Brasher and his coins in recent years, but some questions remain unanswered.

Ephraim Brasher, Silversmith, Patriot, and Businessman
Ephraim Brasher, the originator of the Brasher doubloons, was an American patriot and silversmith, like his more famous contemporary, Paul Revere. He was born April 18, 1744 to an old Dutch family in New York. Different branches of the family spelled their name variously as Breser, Bresert, Brasier, Brazier, and even Bradejor. His lineal descendants reveal that the preferred pronunciation is Bray-zher, but most present-day numismatists and the general public have always pronounced it phonetically (hopefully causing no unintended offense to the illustrious family). Brasher lived all his life in New York City.

One of Brasher's chief claims to fame was that he lived just a few feet from President George Washington in New York City after the war. Washington resided at 3 Cherry Street and Brasher lived next door at 1 Cherry Street.

Not only were Washington and Brasher neighbors, but Washington was also a customer of Brasher. He owned numerous silver pieces made by Brasher, including a number of silver skewers with a surviving receipt. It was certainly important for Washington to make a good impression at state dinners, which he did with the assistance of his Brasher silver.

Brazil 1600 Reis with Brasher counterstamp

A number of foreign gold and silver coins are known today that bear Brasher's trademark counterstamp. It is thought that Brasher evaluated these coins and stamped them to signify that they were of full weight and fineness. The Bank of New York employed gold and silversmiths, like Brasher, to test the coins that came into the bank. These men were known as "Regulators" and they would weigh each coin as it was deposited and add a plug of gold to any that were found to be outside the allowable tolerances, stamping the coin with their stamp to indicate that the coin was of proper weight and consistency. These coins are highly regarded and sought-after by collectors today. Brasher's reputation as an assayer was apparently well-established by the late 1780s, and his counterstamp was widely accepted as a guaranty of value.

Brasher's Private Coinage
Brasher's skill as a silversmith, engraver, assayer, and metal worker enabled him to branch out into the field of private coinage for which he will always be remembered. His first endeavor in the field seems to have been the Lima Style doubloon, which resembled the widely circulated 1742-dated Spanish coins of the 8 Escudos denomination. The 8 Escudos coins were called Doblons in the Spanish colonies and the term was adopted and Anglicized to doubloon in the United States. They were worth $16, a large sum for the average man in the late 1700s.

The New York Style Doubloons
Brasher created his numismatic masterpiece, the New York Style Brasher doubloon, sometime in 1787. Although the specifications for the coin are virtually identical to the Lima doubloons and are extremely close to those of the earlier Spanish coins that served as their prototype, the design was something altogether new:

Obverse: The obverse was apparently adopted from the state coat of arms of New York. The sun is rising over the peak of a mountain with a body of water in the foreground. Brasher's name is spelled out below the waves, in small letters. This central device is enclosed within a circle of beads. The legend, around: NOVA EBORACA COLUMBIA EXCELSIOR has each word separated by a rosette. The legend translates to New York, America, Ever Higher. Excelsior remains the state motto to this day.

Reverse: An eagle with wings displayed, and a shield covering its breast, has a bundle of arrows in its sinister claw (to the observer's right) and an olive branch in its dexter claw. Thirteen stars surround the eagle's head. This central device is enclosed in a continuous wreath. Around, the legend: UNUM E PLURIBUS with the words separated by stars. This legend translates to One of Many. Below, the date 1787 is flanked by rosettes. Many of these devices are similarly used on the Great Seal of the United States. Like many coins of this era, the denomination was not specifically expressed anywhere on the coin.