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Lot 88
1796 Myddleton Token -
Silver. PCGS graded Proof 63 Premium Quality. A mate to the copper
specimen in this sale, this silver example boasts gorgeous antique toning with
colorful hints around the periphery, and more lavender gray elsewhere. As to
the strike, it is full and complete, with no hint of weakness on the central
devices, even Liberty herself is bold. This fact is particularly relevant
because our consigner, Paul Arthur Norris, owned the technically higher grade
coin (PCGS PR-64) which was weakly struck on Liberty's body and head, but sold
it after he acquired this piece. This other silver example was sold in our
Mouhtouris sale, October 1, 2001, lot 56 where it realized $17,825. Comparing
the two, Mr. Norris felt that the sharper strike was more important than the
technical grade, given that both were choice proof coins. Larry Goldberg agreed
with Norris that this specimen should be considered a finer and more valuable
example because of the full strike on Liberty and both agreed that this coin
was finer overall of the two. On this particular coin, there are some minor
hairlines which likely limited the grade, but this coin is certainly very
appealing for its color, strike and surfaces. As to the PCGS Population Report,
they note 7 graded as PR-63, with just one higher, the example Norris sold as
PR-64, out of a total of 11 examples graded in all. Needless to say, any
Myddelton token is extremely rare and seldom offered. Despite the number issued
(see below), auction records indicate perhaps 15 to 20 are known in all
grades.
The Myddelton tokens represent one of the pinnacles of die engraving
of the period. The complex design elements are rich in minute details and speak
volumes to those symbolically literate. The obverse shows a youthful Liberty,
her right arm outstretched while her left arm holds a pole which supports a
loose cap (the Phrygian cap on the pole has been traced back to Roman times
when slaves, who wore such caps, placed their caps on poles to assert their
freedom). Behind Liberty is a cornucopia, which is spilling forth fruit
symbolizing the abundance of the new colony in Kentucky, and a small Liberty
tree or branch, ringed with a wreath of Laurel near her feet (for peace). The
image of Hope is on the left, presenting two children (genii, or supernatural
spirits which take human form to serve their summoner) that represent the
freedom and opportunity of the new colony. The ships anchor perhaps speaks of
the long voyage to the new land, and once arriving being anchored to the land,
as the anchor rests on the land as opposed hanging from a ship or on
deck.
Britannia dominates the reverse, her head lowered and weeping, her
spear reversed (point down) and leaning on her shield (note the flag elements
there), the symbols of Liberty (scales of justice, the fasces and Liberty cap)
lie in disarray at her feet, suggesting that Britain had become a land devoid
of justice and liberty in recent times. All these elements combine to entice
people to move to the new settlement. Interestingly the Soho Mint owner,
Matthew Boulton wrote P. P. P. Myddelton on January 7, 1796 to inquire about
Myddelton's request that Britannia be presented in such a manner on his
proposed token as follows "In regard to the device I do not think myself
qualified to speak of it, as I do not clearly see what point you aim at, or
what passes in your mind, or why you should prefer Britannia weeping over your
plantation, as I hope both you & Britain will have cause to rejoice." (see
article by Richard Margolis noted below) Myddelton didn't see it that way, and
stuck to his original concept of a weeping Britannia. The extensive research
done by Richard Margolis and published in The Colonial Newsletter in the
December 1999 issue is available in our office, and we strongly suggest anyone
who has an interest in the Myddelton tokens to take the time to read this
superbly researched article to gain a thorough understanding of these important
coins.
The Margolis research notes that Myddelton originally contracted with
Boulton's Soho Mint for copper coins, and in the surviving correspondence there
is no reference to the silver pieces. Perhaps these silver pieces were struck
for advertising purposes most likely for use by the Soho Mint and Boulton, as
Myddelton was scheduled to sail to Kentucky within days of these silver coins
being struck, and would have had little time to present the silver coins to
prospective colonists. Of the 53 silver pieces struck, 50 were put into
Myddelton's account, and shortly thereafter 46 were returned to Boulton's Soho
Mint, where they were quietly distributed over the next few years, Boulton
fearing reprisals from the government and wanting to distance himself from the
problems that soon entangled Myddelton.
Meanwhile, Myddelton's past caught
up with him, and he was arrested for attempting to entice an Englishman to move
to his new Kentucky colony, which was illegal at the time. Myddelton ended up
in the horrible Newgate Prison, where his one year sentence lasted over 3
years, when he at last was able to pay the £500 fine and released. We
don't know if Myddelton ever made it to Kentucky, but he resurfaced in Britain
as the plaintiff in another lawsuit in 1806.
Estimated Value
$12,500-17,500.
From the Paul Arthur Norris Collection and purchased
from our Fairchild Family Trust sale, May 28, 2001, lot 56 at $14,950.
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