1809 James Madison Indian Peace Medal. Silver. Second Size. Julian IP-6, Prucha-40. Extremely Fine.

62.8 mm. 1585.2 grains. Neatly pierced for suspension at 12:00, as is consistent with all issued Madison medals of this size. Though the reverse die included a small circular guide for the position of the piercing, it seems that all middle size Madisons were pierced from the front, as the hole is consistently over the second E of PRESIDENT. Soft blue-green and rose toning is nicely blended on both sides, though there are areas of lighter silver remaining. Scattered light marks, scratches and nicks are found over both sides as is typical of an issued and worn medal, but there are no serious marks worthy of specific mention. Traces of chalky residue are noted in some of the finer recesses. Overall, this is among the finer of the few surviving second-size Madison medals in silver. 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 images of silver originals we have seen. 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. Nearly all seen have the reverse piercing between the A and C of PEACE. 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 17 distinct known specimens with six of these in institutional collections.

From the E Pluribus Unum Collection. Earlier from Nelson A. Lowe, July 1964; John J. Ford, Jr.; our (Stack's) sale of the John J. Ford, Jr. Collection, Part XVI, October 2006, lot 113.