1777-83 Regulated Gold 3L/4S, F&G, Brazil 1749-R, 6400 R, KM-149, NGC XF45. This regulated peca or half Joe has been clipped, plugged, re-edged, and stamped with the F&G hallmark. The F&G is for the Royalist firm of Lewis Feuter and a partner whose initial was G. It is a light yellow gold with some remaining mint luster. The raised, moderately sized plug is rounded on the reverse and well centered on the coin covering the kings ear. The hallmark on the plug is strongly impressed, covering almost the entire plug. The coins edge has been clipped and remade. The coin weighs 9 dwt, 3 grains which is the pre-Revolutionary standard under the British occupation of New York and is consistent with other regulated pieces by Lewis Fueter and by F&G. Its regulated value is 4 pounds, 3 schillings. The coins light wear is consistent with the XF45 grade 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 coin is a 1749 Half Joe made in the Rio Mint. Its 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.

Lewis Fueter and unknown partner G was an old Tory firm that regulated coinage in occupied New York during the Revolutionary War. Edward Roehrs wrote a brief biography of Fueter in the December 2005 issue of The Numismatist. Fueters father, Daniel, was a well known silversmith in New York who worked for the British making peace medals. Father and son worked together in 1769, but the son soon began running the business alone. According to Roehrs, Lewis Fueter died in Jamaica in 1784 at the age of 38, just months after the end of the British occupation New York. He had left New York for Halifax, like many Loyalist evacuees, before ending up in Jamaica and meeting his early death.

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.