New Jersey Coppers History: The New Jersey coppers, struck in 1786, 1787 and 1788 are among the most well known of all early American coins, and circulated widely for a long period of time. Struck at various locations in the state of New Jersey these copper coins were well accepted throughout the North-East. They were minted by businessmen Walter Mould, Albion Cox and Thomas Goadsby, who had been authorized to strike copper coinage on June 1, 1786. Per the law, 3,000,000 copper coins, each weighing 150 grains of pure copper, were to be struck during the next two years.

New Jersey copper coins all share the same motif, although many varieties exist, and most of the coins will have a distinctive look. The dates that are listed on the coins bear no resemblance to the actual date that the coins were struck, although production was limited to these years only, as per the law signed in 1786. A new law was signed into effect on November 22, 1786, before coinage commenced, as Mould appears to have gotten into disagreement with his other partners, Cox and Goadsby.
The partners split up, with Cox and Goadsby starting 2/3rds of the authorized coinage in Rahway, where the Mint had originally been planned, and two buildings had been acquired for that purpose. Mould, who now was allowed to coin the other 1/3 of the contract, relocated his Mint to Morristown, where he would remain during the years that these coins were struck. Cox and Goadsby would later relocate their Mint to Elizabethtown.

The New Jersey Coppers that were struck at the two Mints played a vital role in the American economy of the late 18th century and even later. The young nation that called themselves the United States of America had only been in existence for a short decade, and was not much yet of the Nation it would eventually become. In 1787, the second and only full year that the New Jersey coppers were struck for circulation, the constitution of the United States was adapted, and the first few states ratified it. New Jersey would follow after Delaware and Pennsylvania, and become the third of the American States.

Numismatics: New Jersey coppers, struck at either of the two Mints, share the same design. It features the head of a horse, usually facing right, although on a very limited number of varieties it faces left. A plow is seen below and the motif was based on the state arms. NOVA CÆSAREA, meaning New Jersey, is seen above the horse’s head. The reverse has a shield, centralized and viewed from the front, and the motto E PLURIBUS UNUM, which appears on United States coins up to this day.

Many different varieties exist, and these are heavily collected by specialists. Modern research has revealed the characteristics of coins struck at the two Mints, although some disagreements exist, and further research is currently pending. These varieties have been cataloged in the late 19th century by Dr. Edward Maris, who published the major reference on New Jersey coppers, still in use to the present day. Surprisingly few varieties have been found, meaning his work was virtually complete, and essentially, very important.

As previously mentioned, circulation of these coins was heavy, meaning that very few pieces have survived in uncirculated condition, but that heavily circulated examples are easily found. Some varieties are extremely rare and much in demand by specialized collectors of the series, who often try to put together sets of all the Maris varieties in high grade. The acquisition of a single New Jersey copper for a colonial type set collection is a reasonable goal, but finding such a piece in high grade, might take a considerable amount of time.

Investment: Colonial coinage have often been considered to be a well specialized area of study in American numismatics, meaning a relative low number of collectors, and low investment potential. However, in recent years, collecting of high grade colonial coins have become more and more popular, and prices for rare varieties and high grade coins have steadily been rising. For the conscious investor, who wishes to take a step outside the field of gold and silver bullion for investment, colonial coinage might be an important and potentially valuable investment opportunity.