Indian Peace Medals
1809 James Madison Indian Peace Medal. Silver. Second Size. Julian IP-6, Prucha-40. Choice Very Good.
62.5 mm. 1548.9 grains. Pierced for suspension as typical, and like the pierced large-size medals, consistently so due to the circular guide line in the obverse die. The suspension hole in this medal is somewhat broader than usual and shows clear evidence that the medal was worn for a long time. Uniform deep gray silver with areas of both sides featuring attractive overtones of blue and gold. A very handsome medal for this degree of wear. There are scattered tiny nicks on both sides, and a single reverse rim bump, but there are no distracting abrasions. This piece seems to have served as a prized adornment for a long time, yet was clearly cared for to a degree. No visible collaring marks on the edge. This obverse die seems to have begun to crumble very early, perhaps during the hardening process, as tiny rim breaks are seen on the medal between the large raised rim and inner border, intermittently around three quarters of the circumference. These breaks are seen to varying degrees (somewhat limited by illustration quality) on all silver originals we have seen images of. Though the reverse rim is of identical design, there are no such breaks on this die, nor are any other failures evident. Though the Madison medals are dated 1809, corresponding to the President's first term as noted above, no Madison medals were finished and delivered until 1814. Contemporary reports according to Prucha indicate that 100 were certainly made of this size (in 1815), and perhaps a few more, as there were likely a few in the first delivery of 12 finished medals. Interestingly, the consistency with which the piercing was conducted illustrates two different die rotations among the pierced medals we are aware of, suggesting two different striking operations. This would correspond to the initial delivery and then the 100 of 1815. We have seen only one medal with the piercing directly over the A of PEACE, and 11 with the piercing to the right of it. Carl Carlson recorded 11 auction appearances of the second-size Madison in his study, published in 1986. When the Ford Collection was cataloged it was estimated that fewer than 25 survived. The present writer's own survey has revealed 14 distinct known specimens. Only four of these are in institutional collections, yet they rarely appear for sale. We are aware of only three auction appearances in the last decade, including this one.
Ex F.C.C. Boyd Estate; John J. Ford, Jr.; Stack’s sale of the John J. Ford, Jr. Collection, Part XVIII, May 2007, lot 70.
Estimate: $7000