Regulated Gold - 1783 Regulated Gold $8 William Hollingshead NGC VF35, 23G Brazil 6400 R, 1746-B. This gold Peca of 1746 most likely circulated in the American Colonies and then was regulated by William Hollingshead after the American Revolution. The host coin is a one Pica or 6400 Reis of Joao V, King of Portugal that was struck at the mint in Bahia. The coin is graded VF35 by NGC, and it meets or exceeds the grading requirements at that level. The coin has been slightly clipped at 10:00 and plugged WH for William Hollingshead, in script, in the center of the obverse. The hallmark is strongly impressed and shows no wear on the obverse and is flat on the reverse. The plug and small clip regulate the coins value to $8.00.

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 Joao V, King of Portugal 1706 to 1750. His name and title are inscribed around his portrait with the date and mintmark below. 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. Pope Benedict XIV gave him the title Most Faithful King in 1748. The reverse shows the crowned coat of arms.

William Hollingshead was a Philadelphia silversmith who conducted business at the corner of Arch and Second Streets until 1785. In March of 1776 George Washington purchased two dozen silver cups from Hollingshead and had his family crest engraved on each.

The grading services do not list regulated gold coins in their population reports; however, it is safe to assume that this coin is extremely rare and probably unique.