Regulated Gold - 1774-76 Regulated Gold 3L/1S Thomas Pons (Thomas Pons Regulated Gold), Brazil, 6400 R, 1774-R, NGC VF35. This gold Portuguese Pica or 6400 Reis dated 1774, probably circulated briefly before the American Revolution and then was regulated afterwards by Thomas Pons. The host coin is a one Pica or 6400 Reis of Joseph I, King of Portugal that was struck at the mint in Bahia. The coin, assigned grade VF35 by NGC, clearly meets the grading requirements at that level. The coin has been slightly clipped at 12:00 and plugged TP, in strongly impressed block letters, for Thomas Pons in the center of the reverse. The large circular plug is smooth on the obverse and built up on the reverse. The plug and clip regulate the coins weight to 9 dwt 4 grains.

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, William Hollingshead, Myer Myers, Thomas Pons, 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.

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.

The host coin shows a bust of Joseph I, King of Portugal from 1750 to 1777. His name and title are inscribed around his portrait with the date and mintmark below. He was devoted to the Church and the opera and assembled one of the greatest collections of operatic scores in Europe. He placed the power of government in the hands of the Marquis of Pombal, and the history of Josephs reign was determined by Pombal who expelled the Jesuits, gained control of public education and church lands and brought the country from conservative Catholicism to the Age of Enlightenment.

Thomas Pons was a Boston silversmith and spectacle maker. He worked from 1782 until 1811 and was listed in the 1800 city directory at 51 Newbury Street. By 1807 the Boston city directory listed him as a spectacle manufacturer. Three years later he declared his intention to make spectacles and offered to lease or to sell his other business holdings.

The grading services do not publish population numbers for regulated coins; however, it is absolutely safe to assume that this coin is quite rare and probably unique.