In the United States during the Confederation era, gold from Europe and South America circulated and was accepted for commerce. Since the coins varied in fineness and weight, certain jewelers were authorized to correct the coin weights to ensure equity. Among the various regulators were Ephraim Brasher, John Burger, Robert Cruikshank, William Hollingshead, Myer Myers, Thomas Pons, Joseph Richardson, and Daniel Van Voorhis. To raise the weight or gold content of the foreign coins, they applied gold plugs with punches. They clipped coins to reduce their weight. Coins came from Brazil, Chile, England, France, Portugal, Spain and other countries. The use of marked or plugged coins became commonplace throughout the new country and in the West Indies as well. The coin has been plugged TP, in strongly impressed block letters, for Thomas Pons.

Thomas Jefferson spoke about regulated gold being like architecture where "putting up and pulling down is a favorite amusement." Jefferson meant that gold coins' values based on their weights and finenesses changed over time. For example a coin might lose some weight from honest wear. It would also lose weight from the unscrupulous practices of clipping and "sweating." Sweating was shaking a bag of coins to gather the chips and dust that resulted. Consequently, it was necessary to adjust or "regulate" these coins by adding gold in the form of a plug.

The usual numismatic rules do not apply to these unusual and historic pieces. Under normal circumstances, a coin's value is considerably diminished by counter stamping, drilling, and plugging. However, in the case of Regulated Coins, their value is greatly enhanced. Typically Regulated Coins were found only in the famous and advanced collections of Garrett, Eliasberg, Ten Eyck, Ford, Roper, Brand, Jackman, and Newcomer.

Thomas Pons was a Boston silversmith and spectacle maker. He worked from 1782 until 1811 and was listed in the 1800 city directory at 51 Newbury Street. By 1807 the Boston city directory listed him as a "spectacle manufacturer." Three years later he declared his intention to make spectacles and offered to lease or to sell his other business holdings.