1694 Carolina Elephant Token. Hodder 2-F, W-12120. Rarity-6. PROPRIETORS, O/E. EF-45 (PCGS).

A solid representative of this classic early American rarity. Glossy dark chocolate-brown surfaces are remarkably smooth in hand with only microscopic pitting and no significant marks. The level of preservation, indeed, is remarkable for the type. Nicely centered and struck on a planchet with a somewhat ragged, although generally straight clip at 10 o'clock relative to the obverse. The detail throughout the elephant and the reverse legends is essentially full and much sharper than normally found on Carolina Elephant tokens. Extremely Fine is certainly a superb grade for one of these, and this piece is sure to draw strong bids from advanced collectors. Little is known about this token or the circumstances of its production. It is linked, of course, to the London and New England Elephants, but they are even more obscure. It is perhaps making a political commentary in support of the Lords Proprietors, the original group of investors in Carolina, who were engaged in a push-pull relationship with the Crown, which eventually purchased most of their claims and made Carolina a Crown colony 1729. In any event, all Elephant tokens were probably struck at the Tower Mint in London and used as trade tokens in England. Perhaps two dozen or so Carolina Elephants survive, the bulk of which seem to grade in the Fine-VF range. Regardless of their origin and intent, the Carolina Elephant token has always been an object of great desire and offerings tend to be very infrequent (consignments to Stack's catalogs over the years possibly being an exception!).

PCGS# 73.