1777-83 Regulated Thomas Underhill, 3L/4S, Brazil 1745-B 6400 Reis, KM-149, NGC XF45. This extremely rare, regulated half Joe has been plugged, clipped, and stamped TU. The host coin, a gold Portuguese pica or 6400 reis circulated and was regulated prior to the American Revolution by Thomas Underhill. The host coin is a one pica of John V, King of Portugal. It was clipped from 7:00 to 9:00 oclock, and the edge was remade.

There are file marks above the kings ear on the obverse. The moderately sized, circular, raised plug is impressed over the ear and some of the file marks suggesting that the plug was added after the filing. The TU on the plug is strongly impressed in block letters. File marks are also present on the center of the reverse. The coin has been regulated to 9 dwt .3 g. which is equal to 14.0160 grams. It shows a bit of mint luster remaining and light wear in keeping with the grade of XF45 assigned by NGC.

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 coins obverse shows a right facing portrait of King John V of Portugal, who was also known as Fidelissimus (in Portuguese Joao V) the Magnanimous, king of Portugal and the Algarves. He reigned from 1706 to 1750. Inscribed around the portrait are his name and title with the date below. The reverse shows the crowned coat of arms.

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.

Thomas Underhill was born on May 18, 1755 in Monroe, New York. He was a royalist who worked in occupied New York, and he fled when the British were driven out. He later returned and in 1779, he married Elizabeth Thorne. From 1775 to 1786 he worked in New York City as a silversmith. He was a partner in the firm of Underhill and Vernon with John Vernon from 1786 to 1787. Underhill died in 1824.

Although the grading services do not list regulated coins in their population reports, one can assume that this coin is rare if not unique. We believe that this is only the second known specimen of this coin regulated by Underhill; the other is a part of the Colonial Williamsburg Collection.