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    Description

    Interesting 1863 Ten Cent
    Postage Currency Pattern
    Judd-325, PR64

    1863 10C Ten Cents, Judd-325, Pollock-390, Low R.6, PR64 NGC.
    Design.
    The obverse design features the heraldic shield with arrows, inside an inverted laurel wreath, with the inscription EXCHANGED FOR U.S. NOTES around. The reverse shows the denomination 10 CENTS in two lines above the date, with the inscriptions POSTAGE CURRENCY above, and ACT JULY 1862 below. Struck in standard silver alloy, with a plain edge. However, in his groundbreaking study United States Pattern Postage Currency Coins, David Cassel tested examples of this issue and consistently found that the coins tested failed to match the standard 90% silver, 10% copper composition. The composition varied from 88% silver, 12% copper to 96.1% silver, 3.9% copper.

    Commentary.
    The POSTAGE CURRENCY issues were intended to redeem small denomination postal currency notes during the Civil War. Hoarding of regular coinage created a catastrophic shortage of small change in the national economy. Judd-325 was coined using several weight standards (three different standards according to Cassel, four according to Pollock), all lighter than the standard dime. It was hoped that the lighter-weight coins would circulate more readily than their standard counterparts. Fractional currency proved to be a more practical solution.

    Interestingly, the obverse die used on Judd-325 was also used to strike another issue, Judd-646, dated 1868. A number of prominent die cracks are visible on the present specimen. David Cassel has determined that examples of Judd-646 are from an earlier state of the die than Judd-325. In light of this evidence, some researchers have concluded that Judd-325 is a restrike issue, created in the time period after 1868. Alternatively, Cassel believes Judd-646 was actually minted in 1863, the result of a Mint error when a small 8 punch was inadvertently substituted for the 3 in the date. Cassel cites the set of coins presented to Salmon P. Chase in May 1863, which included examples of Judd-325. While there is much confusion surrounding this issue, the presentation set does establish that at least some examples of Judd-325 and Judd-646 were coined during May 1863.

    Physical Description.
    The reflective surfaces are suffused with iridescent gold and lavender toning. A few scattered handling marks are consistent with the grade. NGC Census: 6 in PR64, 4 finer. PCGS Population: 8 in PR64, 2 finer (12/08).

    Provenance.
    Ex: Stack's (2/1967); David B. Silberman Collection (Bowers and Merena, 11/1988), lot 5385.
    From The Lemus Collection, Queller Family Collection Part Two.

    Coin Index Numbers: (NGC ID# 29F5, PCGS# 60482)


    View all of [The Lemus Collection, Queller Family Collection Part Two ]

    View Certification Details from NGC

    Auction Info

    Auction Dates
    January, 2009
    7th-11th Wednesday-Sunday
    Bids + Registered Phone Bidders: 14
    Lot Tracking Activity: N/A
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