Regulated Gold 1777-83 Regulated Gold 3L/4S F&G Brazil 1749R 6400R NGC XF45. This Regulated Gold 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 a fraction of a grain over the New York standard of 9 dwt 3 grains and is consistent with other regulated pieces by Lewis Fueter and by F&G. The coins light wear is consistent with the XF45 grade assigned by NGC.

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, Myer Myers, 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.

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. If the plug was too heavy, the regulator would then clip a portion of the coin.

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.

The usual numismatic rules do not apply to these unusual and historic pieces. Under normal circumstances, a coins 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.

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.

Although F&G regulated coins as are among the most common, full weight F&G Half Joes are scarce. Most were either remarked by another regulator or exported to the West Indies where they were clipped again and marked.