Indian Peace Medals
1845 James K. Polk Indian Peace Medal. Silver. Second Size. Julian IP-25, Prucha-46. Fine.
62.2 mm. 1347.4 grains. Pierced for suspension as usual. Medium gray silver with somewhat deeper patina near the obverse rims and outlining the central devices. A trace of darker mottling is also visible on the obverse, while the reverse is a bit more uniform overall. Though close inspection shows the surfaces to be full of tiny nicks, the overall impression is of a fairly smooth medal due to the wear. The high relief of the obverse portrait in concert with the rims has protected the legends, while on the reverse the lettering is soft. The second size Polk is another very rare medal. As discussed in the previous lot, the situation with the Polk medals was much like that for the John Tylers, with 100 examples struck in this size. Many did not get distributed, however, and Mint records show that 83 of them were returned to the Mint in December 1849 to be melted and turned into Zachary Taylor medals for the incoming administration. This would have left a maximum of 17 medals issued. Carl Carlson's research on auction appearances turned up only two for a medium-sized Polk, which seems much more in line with what one might reasonably expect than what was reported by him for the large medals. John Ford had a remarkable three specimens in his collection, including this example, and they all had old provenances to Wayte Raymond, F.C.C. Boyd and Virgil Brand. Michael Hodder gave no indication as to his thoughts on the number known, but called into question the Mint record of just 17 issued based on the Ford holdings. However, it appears to us that a large portion of those extant simply ended up in one place through Ford's consolidation of old collections and that the Mint records are probably just fine. The writer's study of known specimens found nine distinct specimens, with another unconfirmed one reported to be in the holdings of the Minnesota Historical Society. Of the nine confirmed, four are in institutions including the ANS, National Portrait Gallery, Jefferson National Expansion Memorial and Iowa State Historical Museum. This leaves just five in private hands. This piece carries with it one of those fine old provenances mentioned above, to Wayte Raymond.
Ex Wayte Raymond Estate; John J. Ford, Jr.; Stack’s sale of the John J. Ford, Jr. Collection, Part XVIII, May 2007, lot 118; Stack’s, January 2008, lot 7143.
Estimate: $8000