1784-89 Ephraim Brasher Regulated $8 Brazil 1747R 6400R NGC F15. Missing Plug 12.63GM. This outstanding 1784-89 Ephraim Brasher Regulated gold piece is a rare double-regulated coin bearing the hallmark of the celebrated gold and silversmith Ephraim Brasher. The plug of the first regulator is missing leaving a hole in the middle of the coin. More than likely the coin was regulated by one of the Royalist firms in occupied NY and then re-regulated by Brasher. The coin shows some wear, but much less than the assigned grade would indicate. The coin is plugged and stamped EB for Ephraim Brasher in an oval shaped cartouche. The plug is strongly impressed with the same hallmark found on his famous doubloons. It is placed horizontally near the base of the bust. Brasher regulated the coins value at $8.00. With the missing plug the weight would be correct for the 1784 New York 9 dwt. standard used at the time by the Bank of New York, and hence by Brasher.

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 shows a laureate head facing right of Joao V, King of Portugal 1706 to 1750. His name and title are inscribed around his portrait with the date and mintmark below. The inscription reads IOANNES V D G PORT ET ALG REX, which translated means John V by the grace of God, King of Portugal and Algeria. Two years after he became king, he married Maria Anna of Austria, strengthening their alliance. He ultimately made peace with France and Spain and also became subservient to the clergy. The reverse shows the fourth variety of 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.

Ephraim Brasher was a respected and valued member of the community. In a Coinage magazine article, March 1978, The Bicentennial, David T. Alexander said: In the late 1700s, silversmiths and goldsmiths were particularly respected members of the community, often acting as bankers, assayers, and authenticators of the Babel of gold and silver coins of the world which circulated in the bullion-starved colonies and the new republic.

President Washington lived a next door to Ephraim Brasher at Cherry Street in New York City. Cherry Hill was a fashionable section of New York in the 18th century. It is on the Manhattan side of the present day Brooklyn Bridge. Not only were they neighbors and friends, but Washington was a customer of Brasher. Many of Brashers silver pieces were used by Washington at state dinners to make a positive impression on his guests.

Brashers stamp on a coin was taken as proof that the item was of the proper weight and fineness as seen on the present coin. In numismatic circles, Brasher is probably most famous for a few pattern gold doubloons. One dated 1742 but made in 1786 is called the Lima Style. It has his hallmark in the center of the reverse. The second type, the New York gold doubloon of 1787, shows an eagle on one side and the arms of New York on the other. On one of the coins, the EB hallmark is on the eagles breast and the other it is on its right wing. Researchers are not certain why Brasher produced these patterns.

The present piece is unique. Any coin handled by Ephraim Brasher is a rare historical artifact and certainly worthy of consideration in a fine numismatic cabinet.