Stack's Bowers Galleries

November 2021 Baltimore Auction  –  21 - 24 November 2021

Stack's Bowers Galleries, November 2021 Baltimore Auction

Live Sessions: US Coins and Currency

Part 1: Su, 21.11.2021, from 9:00 PM CET
Part 2: Mo, 22.11.2021, from 6:00 PM CET
Part 4: Tu, 23.11.2021, from 12:00 AM CET
Part 3: Tu, 23.11.2021, from 1:00 AM CET
Part 5: Tu, 23.11.2021, from 6:00 PM CET
Part 6: We, 24.11.2021, from 1:00 AM CET
The auction is closed.

Description

1845 James K. Polk Indian Peace Medal. Silver. Third Size. Julian IP-26, Prucha-46. About Uncirculated.

51.0 mm. 935.2 grains. Pierced for suspension at 12:00, as typical. Mottled medium gray surfaces with traces of gold, pale blue and rose iridescence in the glittering prooflike fields. Sharply struck in very high relief as all Polk issues, making them among the more impressive medals in the series. The rims are full and feel decidedly squared to the touch. Slight stress in the suspension piercing in concert with the many fine marks and scratches in fields leaves little doubt that this was an issued and worn medal, though apparently such use was short-lived. This is a very important highlight of the E Pluribus Unum Collection of Indian Peace medals. While this would be noteworthy for its condition alone, it is another among the greatest rarities of the series in silver. As is the case with the other Polk sizes, the striking and issuance of this smallest size followed closely the pattern of the Tyler medals. There were 100 struck in this size, but the vast majority of the original mintage was returned to the Mint in December 1849 and presumably melted (per official instructions), to be used for striking Zachary Taylor medals. The Mint records indicate that 94 of the 100 were melted, leaving just six specimens issued. This is one of the rarest silver medals in the entire series, the net issuance almost certainly the smallest of all. This said, the present writer's survey of specimens has revealed seven silver Polk medals of this size. As noted earlier in the sale, the reverse die for the third size medals was used on all issued medals from the 1809-dated Madison through those for Polk. The die developed a failure early, and just two Madison medals are known in the perfect state. A single chip formed in the rim at 3:00. Sometime after December of 1849, the die was used to strike some small number of Zachary Taylor bronzes, still in the single-chip state. Later, a second chip formed in the rim, below the first, so we know that any medal of any president in this size with two chips in the rim was struck in 1850, or later. Of the seven identified by the writer in silver, only four examples are early state originals, including this one. Remarkably, two-thirds of the original mintage of Polk medals in this size still survive. Only three are in private hands, however, and we have sold two of them, one in 2005, and this in 2006. None have appeared in our sales since that time. On the other hand, we have presented a single example from the late-state reverse four times since 2008, and that piece has exceeded $50,000 on two occasions. Though it has sold for less since, such a healthy figure demonstrates the degree of difficulty collectors have had in acquiring a silver example of this size. This piece is a far more important medal as one of the six originals, and particularly so considering the superb condition. Carl Carlson reported finding a remarkable five auction records for small-size Polk medals in silver, while Michael Hodder knew of only two "recent auction records for an original" when he described this one, the lone Ford specimen, in 2006. Undoubtedly Carlson's findings included appearances of the then-unidentified restrikes. This exceptional specimen has been off the market for 15 years.

From the E Pluribus Unum Collection. Earlier from the F.C.C. Boyd Estate; John J. Ford, Jr.; our (Stack's) sale of the John J. Ford, Jr. Collection, Part XVI, October 2006, lot 142.

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Bidding

Price realized 16'000 USD
Starting price 1 USD
Estimate 30'000 USD
The auction is closed.
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