1914 Cape Cod Canal Opening Medal. By Uhlmann. Sterling Silver. Awarded to Frederick Douglas Underwood, Director. About Uncirculated, Cleaned.

69 mm. 158.72 grams, 146.82 grams ASW. Obv: Native American and Puritan maidens atop dolphins clasp hands over Cape Cod-Buzzards Bay map. Inscription in banner at top TO COMMEMORATE THE OPENING OF THE CAPE COD CANAL. Date 1914 on tablet below flanked by inscriptions BUZZARDS / BAY left, CAPE COD / BAY right. Signed by the artist O. UHLMANN behind Puritan maiden. Rev: Inscription within top of laurel wreath FIRST TRAFFIC / ACROSS ISTHMUS / SEPTEMBER 2, 1627 / OFFICIAL OPENING / OF CANAL / JULY 29 1914. Area below engraved to the recipient COMPLETED MAY 5, 1915 / CAPE COD CONSTRUCTION CO. / F.D. UNDERWOOD / DIRECTOR. Edge: Hand-engraved FREDERICK DOUGLAS UNDERWOOD, DIRECTOR at 12 o'clock, stamped STERLING at 6 o'clock. A medal that was obviously lovingly cared for by the original recipient and his family for many years, this piece shows moderate signs of mishandling in the form of scattered edge nicks, a more prominent edge bruise just past 6 o'clock on the reverse, and wispy hairlines to both sides. The final-listed features point to an old cleaning, but the surfaces have since retoned in steely-olive iridescence that is more extensive on the obverse, where a blush of pale rose is seen in the center. All design elements remain sharp in the presence of only light high point rub. An exciting offering for a type that is rare in any composition, this is the first silver Cape Cod Canal completion medal that we can ever recall handling. A website visitor to the E-Sylum posted this note to the publication's March 25, 2018 edition: "I have discovered an article which talks of two in gold (Governor of Mass and Mr. Belmont) and 24 in silver of which this is one...walnut case and engraved to a friend of my Dad's father who was a principal engineer on the canal." This appears to be the most accurate information regarding production figures for this elusive type. The "Mr. Belmont" referred to by the website visitor is August Belmont, Jr., whose Boston, Cape Cod & New York Canal Company began construction on the project in 1909. The silver medal referred to was engraved to H.W. Durham, Resident Engineer of the project. Frederick Douglas Underwood, original recipient of the present example, is described as "director" in the engravings (presumably of the project), and also served as president of the Erie Railroad from 1901 to 1926, as well as a director of Wells Fargo & Company. The edge of the Durham medal is not pictured on the E-Sylum website, so we do not know if it has been engraved in the same manner as that of the offered Underwood medal. This edge engraving was obviously executed with the utmost care, and we can only imagine the time and effort that it required of the engraver. For an issue with a reported mintage of 24 or 25 examples in this composition, it is curious to us that more silver specimens have not appeared at auction or in numismatic publications. Perhaps many were melted, either as unissued or in later years. For whatever reason these are rare today. Our last offering for the type was a bronze piece, not engraved, in our July 2015 Baltimore Auction, which is further distinguished from the present silver striking by having REED & BARTON at the lower reverse border.

Estimate: $ 5000