1877 Rutherford B. Hayes Indian Peace Medal. Copper, Bronzed. The Only Size. Julian IP-43, Prucha-54. MS-67 BN (NGC).
76 mm x 59 mm, oval. An outstanding example of this extremely rare medal with superb eye appeal. The bronze is somewhat light reddish mahogany in tone, and very uniform, though slightly lighter red outlines are seen around the portrait and close to some of the letters. Glossy throughout, with subtle prooflike texture in the fields. Virtually pristine surfaces with only a small abrasion on the highest point of the obverse relief seemingly worthy of mention. These do not frequently appear for sale, and this is one of the nicest we have ever handled. In fact, the only other of this quality we have seen appeared in our November 2020 sale of the Larry Ness Collection, where it realized an impressive $10,200. The Hayes medal was the first struck in the short but distinctive series of oval Peace medals, though none are known to have been struck in silver for presentation. Initially, there seems to have been no interest or action on the part of the Hayes Administration to get the Peace medal program up and running. That being the case, Mint officials proceeded largely on their own in creating and striking the few that were made. Again, none were for distribution, nearly all were in bronze and likely intended primarily to keep the series going to benefit the Mint's list of medals for sale to collectors. Eventually, there came requests for medals for distribution from Indian Agents, but by the time these requests were received it was apparently too late for the slow gears of government bureaucracy to make the necessary accommodations for silver medals. The whole business dragged on beyond Hayes' term in office. Silver impressions do exist, however. We are aware of four of them, but while one is looped and another is holed, these merely masquerade as issued medals. The early bronze pieces like this, with a dated reverse, are the only Hayes medals that might be called "original." As such, they are necessary for any advanced collection of Peace medals, and they command prices commensurate with their rarity and status.

Estimate: $8000