During the thirteen years between the Declaration of Independence and ratification of the US Constitution in 1789 the states were governed by Continental Congresses. After the second Congress (1775-1781) issued the Declaration of Independence it was primarily concerned with conducting and financing the war against England.
When the Treaty of Paris ended the Revolutionary War in 1781, a third Congress convened in Philadelphia to deal with practical matters involving governing the new nation. Continental dollars had been issued as paper currency by the national treasury, but high inflation rates and lack of confidence in the money led the people to favor a confusing mix of mostly British, Spanish, and French coins of silver or gold and bartering to transact their business. Since supplies of those foreign coins could be erratic, states were authorized to make their own money, mostly smaller denomination coins in copper or pewter.
The New York Coppers: 1786-87
To make everyday transactions easier, New York considered joining New Jersey and several other states in making low-denomination copper coins. Proposals were submitted by several prominent metalsmiths including Ephraim Brasher and his partner John Bailey, best known for the gold Brasher Doubloons. A petition was also filed by New York City silversmiths Daniel Van Voorhis and William Coley, who at that time were making dies for the Vermont mint. But it was a Hudson Valley miller who produced some of the best-known coins called the New York Coppers.
A Mill and a Mint
In 1783 Revolutionary War veteran Captain Thomas Machin was granted permission to settle on land owned by his friend New York governor George Clinton and build saw and grist mills along a canal he built for flood control. When he became aware of the proposal for New York coinage, Machin saw an opportunity to leverage his friendship with Clinton and state monetary chairman David Brooks to use his mills as a mint. He likely paired with James Atlee, an unsuccessful brewer who worked at Machin’s Mills and probably had some equipment that could be adapted to coin-making.
Historians believe that Machin submitted three pattern designs along with his petition to the State Assembly. But the Assembly tabled the coinage proposal and only a few samples of the designs were struck.
Machin and his partners went on to mint coins for Connecticut and Vermont, but New York coppers never went into mass production. While the exact number of New York coins struck is unknown the surviving coins are quite rare with only a few known to exist. It’s also thought that Machin’s Mills counterfeited British halfpence.
Machin Designs
One of Machin’s designs featured a bust of his friend, Governor Clinton, on its face (obverse) and the state seal of New York on the reverse along with the date (1787) and the state motto: Excelsior.
A second design had an crudely designed Indian standing with a tomahawk and bow on its face. Below the figure was the legend Liber Natus Libertatem Defendo (Born Free, I Defend Freedom) combined with the state seal reverse. A third variety had the standing Indian obverse with a reverse showing an eagle with its wings spread standing on a partial globe. The legend Neo Eboracus 1787 (New York 1787) circled above the eagle and the word Excelsior rested below.
Varieties and Values of New York Coppers
Besides Machin’s three primary designs, Brasher and Bailey submitted three designs and three examples of another pattern made at Machin’s Mills, a muled imitation George III/Standing Indian coin are known to exist. The Bailey designs were all variations on the state seal and eagle combinations.
All of the New York Coppers are extremely rare and command high prices on the infrequent occasions they come to market. The auction record for a New York Copper was set in 2014 when a Machin 1787 George Clinton coin graded MS-63 sold for $499,375.
Second place is claimed by a 1786 “Virtute” design by Bailey. It sold for $218,500 in 2004.
Machin’s Indian/Coat of Arms and Indian/Eagle designs brought $143,000 and $129,250, respectively. The other designs have sold in the range of $40-65,000.
Collecting New York Coppers
Colonial and Early American coin collecting is a hobby of its own, and New York coppers are some of the rarest and most expensive. But there are many Early American state coins available at reasonable prices for collectors of all levels. PCGS Coin Facts has a comprehensive listing of the various types, rarity, and estimated value of those coins in different grades.
Early American coins have intriguing stories to tell. While many are rare and quite expensive to own, several others are affordably priced and excellent starts to a fascinating hobby. We’ll look at more of these special coins in future blogs.
