Extremely Rare and Historic 1826 Erie Canal
Completion Medal in Gold, XF45

1826 Erie Canal Completion Medal in Gold, HK-1001, XF45 NGC. Gold, 43.67 gm, 44.5 mm. One of the greatest engineering undertakings ever accomplished was the building of the Erie Canal in order to connect the Great Lakes with the Atlantic Ocean. The canal, although conceived several years earlier, was constructed between 1817 and 1825 and connected the Hudson River to Lake Erie, allowing a much quicker and more inexpensive transportation method than traditional land travel. The finished canal resulted in a considerable population surge in western New York, and eventually areas even further west. American commerce flourished, and even international trade increased. Even by today's standards, the completion of such an enormous civil engineering project would garner respect. Now, consider the utter lack of engineering resources, manpower, and finances that challenged early proponents of the manmade waterway. Obviously, the completion of the Erie Canal was cause for much fanfare. Statewide celebrations took place throughout late 1825 and into early 1826.
To further commemorate the event and to honor those intimately involved in the project, the Common Council of New York City ordered a series of medals to be struck in three different compositions: white metal, silver, and gold. The white metal version is cataloged as HK-1 by Harold Hibler and Charles Kappen in So-Called Dollars, their 1963 treatise on the subject. The Erie Canal Completion medals, dated 1826, have the distinction of being the oldest in a series of more than 1,000 different so-called dollars, hence the low attribution number. However, the silver and gold versions were given special catalog numbers by Hibler and Kappen, HK-1000 and HK-1001, respectively, since they were, and still are, considered uncollectible.
The actual number of medals struck and their subsequent distribution are where opinions diverge, which to this day remain the subject of debate among numismatists. Fortunately, recently uncovered contemporary documentation regarding the medals may shed light on this quandary. From Hibler and Kappen's So-Called Dollars:

"Fifty-one Gold medals struck; presented to 'crowned heads of world and eminent men' including General Lafayette and 3 surviving signers of [the] Declaration of Independence. 'Several hundred' pieces struck in Silver and White Metal (pewter); presented to guests and officials."

Hibler and Kappen's source claiming that "fifty-one gold medals" were struck is unknown, although the number seems high for various reasons and may be incorrect. The Aug. 10, 2003, edition of The E-Sylum, an electronic publication of the Numismatic Bibliomania Society, unveils an article discovered in the April 25, 1826, edition of the American Traveller newspaper:

"Canal Medals.--We have seen one of the Medals struck in honor of the Canal celebration by order of the Corporation of New-York. On one side is Pan's visit to Neptune-with cornucopia, distant view of the ocean, light house, &c. with the inscription--"Union of Erie with the Atlantic." On the reverse, are the arms of the state; on the right the representation of the canal, with its locks, and on the left the city of New York. The medal was designed by Archibald Robertson, and engraved by C.C. Wright, and struck by Pelletreu. The whole is neat and appropriate. The medals struck on composition [white metal] will be presented to all the invited guests of the corporation; silver ones will be transmitted to the President, Heads of Departments, Foreign ministers, Governors of States, &c. It is with great pleasure we learn that three gold medals will be transmitted to the surviving signers of the Declaration of Independence."

The contemporary account from the American Traveller predates the actual distribution of the medals by several months, but it does provide interesting insight into the early production stages of the medals. A total of three gold pieces of the medal would be more realistic, if not a bit on the low side. Plans were apparently expanded to include other recipients of the gold pieces, as evinced in the following extract from the formal resolution regarding the termination of the Grand Canal Celebration. From the November 29, 1826 edition of the Buffalo Journal:

RESOLVED UNANIMOUSLY, - That Medals, Boxes, and Copies of Mr. Colden's Memoir, be reserved to be hereafter distributed under the special direction of the Common Council.
CLASS III.

To the family of George Washington as a tribute of profound respect for the memory of him who "first in war, first in peace, and first in the hearts of his fellow-citizens," covered the American name with imperishable glory, a Medal of gold of the highest Class, a Box made of maple, brought from Lake Erie in the first Canal-boat the Seneca Chief, and a copy of the Memoir of Mr. Colden; the same to be presented on behalf of the Corporation of the City of New York, and in the name of the City.

The same to the three surviving Signers of the Declaration of Independence, as a tribute of profound respect for those memorable patriots who, in its support, pledged "their lives, their fortunes, and their sacred honor." - JOHN ADAMS, of Quincy, Massachusetts; CHARLES CARROLL, of Carrollton, Maryland; THOMAS JEFFERSON, of Monticello, Virginia.

The same to the last surviving Major General of the Army of the Revolution, as a tribute of profound respect, for those officers and soldiers whose valour and patriotism, secured to us the blessings we now enjoy - Major-General La Fayette.

The same to the Senior Officer, now living, of the Navy of the Revolution, as a tribute of profound respect for that infant power which promises to be the future bulwark of the Republic.

The same to the President and Ex-Presidents of the United States, as a tribute of profound respect to those citizens, who by eminent public services have attained the highest office in the gift of the Republic.

JOHN QUINCY ADAMS, President.
Ex-Presidents of the United States now living.
JOHN ADAMS, THOMAS JEFFERSON, JAMES MADISON, JAMES MONROE

The same to the family of Robert Fulton, as a tribute of profound respect for the memory of him, who by applying the power of steam to the purposes of navigation, justly ranks amongst the greatest benefactors of his native country, and of the world.

The same to the author of the Memoir, CADWALLADER D. COLDEN.

The above resolution indicates that 11 gold versions of the Erie Canal Completion medals were distributed to dignitaries of the highest order. (Jefferson and John Adams received only one gold medal each, although they were both ex-Presidents and signers of the Declaration of Independence.) Of the esteemed individuals bestowed the honor of receiving a gold medal, only one would have taken the medal to Europe: General Lafayette. This is only important in that the current example is from a European estate and has only recently been repatriated. Could this be the actual gold medal belonging to General Lafayette? Lacking any physical evidence to support that claim, we can only ponder the possibilities. Without question, however, this piece is steeped in American history and obviously belonged to someone of great importance to the development of our then-fledgling nation.
Slight handling accounts for the assigned grade of this monumental offering, with considerable luster remaining in the protected areas around the periphery on both sides. Some minor strike weakness is noted on the 8 in the date, but this is trifling on such a historic piece. The only gold example graded by NGC as of (8/07).
(#661050)

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