1787 Vermont Copper. RR-15, Bressett 9-I, W-2060. Rarity-6. Bust Left. Fine-12 (PCGS).
103.0 grains. A superb example of this coveted type in the Vermont series, unknown in very high grades and a variety that must be chosen on the presence or absence of major mint-made and post-production flaws. Dark chestnut brown surfaces are quite smooth for the variety, magnification reveals excess buildup on the surfaces that we have seen on other Newman coins, the result of 75 years of accumulated "vault dust" and that can probably be removed by PCGS to reveal what are likely the original lighter brown surfaces of the coin that were there before long term storage. A shallow planchet flaw near ER on obverse is joined by a near vertical one at back of obverse effigy's neck, and these are joined by some shallow ones through reverse seated figure's drapery. None of these are disfiguring or as severe as one encounters on this variety or its RR-10 and RR-11 mates that share its general type and poor planchet stock. The obverse die state is perfect, the reverse with a heavy cud break at the lower border that obscures much of the date. The strike is a trifle off-center to the viewer's left on both sides, although only the border denticulation is affected. Although other RR-15s retain more detail, this is perhaps smoother than most-any decisions as to a condition census would really require an in-hand evaluation to best judge survivors of this nearly impossible to grade entry in the Vermont series. This iconic variety is the only 1787-dated Vermont copper of the Bust Left style and, as such, it constitutes a distinct Guide Book type that is in great demand. These were almost certainly among the last Vermont coppers struck at Harmon's mint in Rupert before coinage was largely transferred to Machin's Mills in New York. The obverse die was first used in the RR-11 pairing, a 1786-dated variety. The coiners probably introduced the reverse of RR-15 when the calendar advanced to 1787, although it developed a massive cud break at the lower border that for all intents and purposes obliterated the date, leaving only the top loop of the 8 and the crossbar of the 7, as seen on the present example. After a very small press run, the Harmon crew accepted the unsuitability of the RR-15 reverse die for continued coinage and pressed the 1786-dated reverse back into use to strike additional examples of RR-11 in a remarriage. Carlotto (1998) argues that the short-lived reverse die of RR-15 is an unused 1786-dated die overdated to 1787, and he publishes a close-up photo that appears to make his case. He further argues that the act of overdating created a weakness in the date area of the die that resulted in the massive cud break during striking. Bowers (2018) supports the overdating theory and actually lists this variety as 1787/6. At the time of our (Stack's) Ford I Sale, where a superior quality VF realized more than $27,000 as lot 40, Michael Hodder knew of just 19 examples of RR-15 in all grades. He was aware of four coins that were positively finer than the Ford specimen: Bennington Museum, William Anton, Richard August, and a recently discovered (as of 2003) EF. Approximately 20 to 25 examples are known today, although Bowers (2018) provides a liberal estimate of 17 to 32 coins extant, the upper threshold to account for new discoveries. Given how easy it is to attribute this die combination because of the reverse die break, we imagine that most examples in numismatic circulation have been identified, and the trickle of new specimens has come to a standstill, notwithstanding those that may be found in non-numismatic accumulations. The present example, though perhaps not as well detailed as Ford I:40, the Boyd duplicate sold in Frontenac and reoffered in our November 2021 Baltimore sale graded PCGS VF-20 at $23,400 or the Dave Bowers coin sold in our June 2020 auction also graded PCGS VF-20 at $20,400, this one is smoother and with less severe planchet flaws than any of those. This variety was absent from Cole, Norweb, Oechsner, Hinkley and a host of other Vermont cabinets. Among the remaining survivors that have been traced, low grades, dark surfaces and flawed planchets are the norm; at least two have holes in them (as made) due to the excessively poor planchet quality, and one has a man-made hole. While a few more examples of RR-15 have come to light since Hodder updated Roy Bonjour's census for our Ford I Sale in 2003, there has been little effect on this variety's overall rarity rating, or its rarity in high grades. We expect that this superior quality Fine will see spirited bidding in what will be only its third auction appearance in over a century.
PCGS# 800832.
To view supplemental information and all items from the Sydney F. Martin Collection, click here.
From the Sydney F. Martin Collection. Earlier from Thomas L. Elder's sale of the Whipple Collection, February 1921, lot 435; Eric P. Newman Numismatic Education Society; Heritage's sale of the Eric P. Newman Collection, Part IV, May 2014, lot 30031.

Estimate: $30000