1776-94 Regulated John David Jr., $8.00, 1753-B Brazil Imitation 6400 Reis, NGC VF35. This imitation 6400 reis coin from Brazil was regulated by John David Jr. with a large plug in its center. The raised plug is oval shaped and covers the kings ear. On the reverse it is more rounded and covers the center of the coat of arms. The JD is on the plug is strongly impressed in block letters. On the obverse the plug is moderate in size, but it is more spread out on the reverse and covers a larger portion of the design. The coin has been regulated to 8 dwt .23 g. which is equal to 12.4562 grams. The coin, which is very conservatively graded, shows abundant, subdued Mint luster much more in keeping with a grade of XF45.

Coins from Brazil, Portugal, Spain, France, and England all circulated concurrently in early America. However, each had a different weight and fineness making trade extremely inconvenient. The problem was first dealt with in colonial times, when coins were regulated. This practice continued after Independence. A goldsmith or silversmith would drill a coin and add gold in the form of a plug to increase its weight. If it was then overweight, he would clip and/or file its edge. Thus, coins were regulated to certain standards. The plugs that were added were then stamped with a hallmark indentifying the regulator who guaranteed the gold content of the piece. Regulators, who were also jewelers and highly thought of members of the community, included John Bayley, John Burger, John David Jr., Lewis Feuter, Myer Myers, Thomas Pons, Thomas Underhill, and William Hollingshead. However, none was so prominent and famous in numismatic circles as Ephraim Brasher.

The host coin is an imitation of a 6400 reis of Portugal. Since gold was valued for its metallic content, the fact that the host coin is an imitation was largely irrelevant. It portrays Joseph I, who was king from 1750 to 1777. His name and title are inscribed around his portrait with the date and mintmark below. The reverse shows the arms on a crowned ornate shield. Joseph was devoted to the Church and the opera. He assembled one of the greatest collections of operatic scores in Europe. He placed the power of government in the hands of the Marquis of Pombal, and the history of Josephs reign was determined by Pombal who expelled the Jesuits, gained control of public education and church lands and brought the country from conservative Catholicism to the Age of Enlightenment.

Usually numismatists are concerned about a coins pristine quality. In fact, today a perfect coin is given a grade of Mint State 70. Coins that are holed, clipped, filed, plugged, and counter stamped have considerably diminished value to most collectors. Most coins in these categories are considered undesirable and would not be certified by any of the major grading services except in the details category. However, in the realm of regulated gold coins, all of the previous notions of quality and appeal must be abandoned in favor of a different set of assumptions. Even counterfeit coins have been regulated and are highly collectible today. Obviously a regulated coin cannot be in Mint State condition. The host coin must be described in detail and, if possible, graded separately from the plug or plugs.

Regulated coins have been found in collections of famous collectors and numismatists. These include Virgil M. Brand, Louis Eliasberg, John J. Ford Jr., John Work Garrett, Waldo Newcomer, and John L. Roper. Edward Roehrs had an excellent collection of regulated coins that was auctioned in 2010 at the ANA Boston Worlds Fair of Money.

It seems unusual to modern sensibility that colonists and citizens of the early republic would have silver tankards, beakers, and porringers; however, it should be noted that these items represented a persons surplus wealth. Since there were no banks where a colonist could keep hard money, they took all their surplus coins to a silversmith and had them melted and made into useful objects. Since paper money often depreciated, savings were safer if invested in silver plate where they could also be useful in the home. In case of a theft, silver could easily be identified by the hallmark and engraving and recovered. If cash were needed, the silver could be taken to a silversmith and be reconverted into money. The silversmith had to be a man of highest integrity because he was expected to turn a certain quantity of silver plate into coin or the opposite.

John David Jr. of Philadelphia (1736-1798) was the son and grandson of a sliversmith. John Jr. apprenticed with his father. After his fathers death in 1755, he continued the business at the corner of Second Street and Chestnut in Philadelphia.

The imitation 6400 reis coin regulated to $8.00 has been given the grade of VF35 by NGC. The grading services do not list regulated coins in their population reports; however, one can assume that this coin is extremely rare and probably unique. We believe that it is one of two known John David coins.