Pierre FrickeFebruary, 2014

Fugio Coppers of 1787Introduction

State contractors minting copper coinage Connecticut, Republic of Vermont, New Jersey getting ready

October 16, 1786 – Congress authorizes national mint Use of foreign copper coins outlawed

James Jarvis acquires Company for Coining Coppers New Haven, CT

Contractors make proposals to Congress R. Boyd, William Barton, Solomon Simpson, Mathias Ogden James Jarvis proposal – October 1786 Jarvis – 600,000 pounds of copper coinage in 3 years

William Duer becomes Secretary of the Board of the Treasury5 proposals - Jarvis wins with Fugio proposal

$10K bribe, shared profits, Jarvis already received 12K pounds of CuFugio Copper design approved July 6, 1787

Background

Key People

Continental Currency

Fugio Copper - Obverse

Fugio Copper - Reverse

Contract signed May 12, 178725 tons due December, 1787; 25 tons due March 15,

1788157.5 grains - $1 = 2.25 lbs. copper

James Jarvis leaves New Haven for Europe Government copper used to make more profitable CT

coppers!Dies made by Abel BuellJarvis – Boulton deal for 300 tons of finished coppers

100 tons by September 1788December, 1787 deadline missed

< 5 tons delivered by mid 1788 – less than 400K coins

Jarvis Minting Operation

Falling market for copper / copper coins$1 = 3 lbs. copper

New Cent = 209.98 grains Fugio now “3/4 cent”. Jarvis – could not deliver more

Government copper used for CT coppersBoulton deal never consumated

Jarvis firedLess than 400K coppers

Royal Flint – NY attempted to circulate – some successFiasco set the stage for US Mint in 1792-1793Side bar: 1800 frustration with mint led to proposal to

contract US coinage out again!!!

State / Fugio Coinage Devalued

Collecting Fugio Coppers

Newman Variety 1-L

Varieties of the Fugio CentEric P Newman

1949

Newman PlateFugio Obverses

The Fugio Cents

Alan Kessler

1976

The First US Coin

KesslerMajor Obverse

Types

KesslerMajor Obverse

Types

KesslerMajor Obverse

Types

KesslerMajor Reverse

Types

KesslerMajor Reverse

Types

KesslerMajor Reverse

Types

Type coinFine = $500; VF=$1000; XF=$1500;

AU=$2000; MS=$3500-7000Red Book Collection

15 varieties; 13 collectible; VF=$72,00040 Varieties – Need to get 5 R6s50-53 Varieties – Need to get 4 to 7 R7s61 Complete Set

American Congress – six figures8 R8s total

Collecting Fugio Coppers

Questions?