Congress Establishes The Dollar And It'll Cost You $50,000 - $75,000

by Stephen J. Gertz

The dollar becomes the official coin of the nation in the first printing of An Act Establishing a Mint, and Regulating the Coins of the United States, offered by Swann Auction Galleries in its Printed and Manuscript Americana sale, tomorrow April 8, 2014.

Published April 2, 1792 and certified by the autograph signature of Thomas Jefferson as Secretary of State, and with the typed signatures of Speaker of the House Jonathan Trumbull, Vice-President John Adams, and President George Washington, it may be the only complete signed copy extant.

With no signed complete copies seen at auction since at least 1917, and with only two copies - unsigned - recorded in ESTC and OCLC, this one is estimated to sell for $50,000 - $75,000.

Printed on paper made by Henry Schutz in Pennsylvania with his "HS Sandy Run" watermark (the same paper preferred by George Washington for his private correspondence - see Gravell, American Watermarks 164) and published in Philadelphia by Francis Childs and John Swain on five pages on three (here disbound) folio sheets, 15 x 9 3/4 inches, the coinage act created the first United States mint (in Philadelphia), established and defined the currency system of the United States, and set the dollar as legal tender.

The act authorizes the hiring of a mint director, assayer, chief coiner, engraver, and treasurer, and sets the salaries for each.

The ninth clause lists the denominations of coins which can be produced by the new mint. The most important was "Dollars or Units - each to be the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy one grains and four sixteenths of a grain of pure, or four hundred and sixteen grains of standard silver."

The other denominations, ranging from ten-dollar gold "Eagles" down through quarter dollars, "dismes," cents, and half cents, are all defined in relation to the dollar.

The tenth clause dictates that each coin bear the word "Liberty," and that the gold and silver denominations read "United States of America" and bear an eagle on the reverse.

The Act, in Section 19, promises a bleak future for those who mess with the mint and its product. "And be it further enacted that if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of the fine gold or fine silver therein contained, or shall be of less weight or value than the same out to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offenses, shall be deemed guilty of felony, and shall suffer death."

The final clause dictates that "the money of account of the United States shall be expressed in dollars or units, dismes or tenths, cents or hundredths, and milles or thousandths." The U.S. has operated on a decimal system ever since, although the "mille" soon fell into disuse.

Other provisions have been superseded by later acts. Private citizens, for example, with gold or silver bullion lying around the house collecting dust can no longer take it to the bank and have it minted into official coins at no expense.

In passing, it should be noted that the Coinage Act of 1792 was ultimately passed by Congress for the sole purpose of allowing the present writer, 222 years afterward, to capture the grinding consequence in the 21st century of Alexis de Tocqueville's 19th century observation that money-making is the dominant ethic in the U.S.:

Another day, another dolor, the waking-call of the hard-working financially challenged and  depressed citizen with barely two dismes to rub together.

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Images courtesy of Swann Auction Galleries, with our thanks.
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Scarce True First Edition Of Jefferson's Notes On Virginia $100K-$150K

by Stephen J. Gertz

Title-page.

A copy of the true first edition of Thomas Jefferson's Notes on the State of Virginia (1782, i.e. 1785), one of only 200 that Jefferson had printed for private circulation among his friends and acquaintances, is coming to auction at Christie's-NY December 6, 2013 in its Fine Printed Books and Manuscripts including Americana sale. This copy, which includes text and appendices not present in all copies, is estimated to sell for $100,000-$150,000.

The book, Jefferson’s detailed account of his home state of Virginia, is “a classic statement about the promise and the perils of the American experiment” (Frank Shuffeton). The Notes reflect Jefferson's broad interests, i.e. everything. Embracing topography, natural history, botany, mineral and agricultural productions, manufactures, ethnography, religion, commerce and government, plus a pioneering bibliography of state papers, little about Virginia escapes his notice.

Jefferson began the work in the spring of 1781 in response to inquiries from the Marquis de Barbé Marbois, Secretary of the French Legation in Philadelphia, on behalf of the French government. Marbois’s queries were forwarded by a Virginia delegate in Congress, Joseph Jones, to Jefferson, the soon-to-be ex-governor.

In May 1781 Jefferson told Marbois that he would provide “as full information as I shall be able to do” (Papers, 5:58), when he had time to fully attend to it.  For many years Jefferson had been “making memoranda about Virginia on loose sheets," and when his term as governor ended he returned to Monticello and dove into the project. By December he'd sent Marbois a draft, advising that it was “very imperfect” (Papers, 6:142).

Over the next two years, Jefferson expanded the notes and sent manuscript copies to a few friends for comment. After embarking for Paris as U.S. Minister, he concluded “I may have a few copies struck off in Paris.” Jefferson hired Parisian printer Philippe-Denis Pierres to produce it.

From Paris, in May 1785, he wrote to James Madison that Pierres “yesterday finished printing my notes. I had 200 copies printed, but do not put them out of my own hands, except two or three copies here, and two which I shall send to America, to yourself and Colo. Monroe...” (Papers, 8:147).

Two years later, in 1787, he authorized his London bookseller, John Stockdale, to publish for general sale a somewhat expanded edition of the work. The last copy in decent condition of that edition sold in 2009 for $18,000 at Sotheby's-NY.

As for this, the true first edition, a copy was last seen at auction earlier this year at Christie's-NY June 21, 2013. Inscribed by Jefferson to David S. Franks, it sold for $150,000. Curiously, that same copy sold seven months earlier at Christie's-NY December 7, 2012 for $260,000. In 2010, The Samuel L.M. Barlow copy, inscribed to Mr. Dalrymple, sold at Sotheby's in 2010 for $300,000.

This copy is in descent from its original owner, Benjamin Smith Barton (1766-1815), the eminent Philadelphia physician, botanist, and naturalist, with Jefferson's inscription on the verso of the titlepage. It was then in the possession of Edward Harris (his signature at top margin of title-page). From Harris, the book became part of the Jefferson collection of T[homas]. .J[efferson]. Coolidge (1831-1912), great-grandson of the President, a successful businessman who served as United States Minister to France during President Benjamin Harrison's administration, 1889-1893.

Also included in the sale is a signed autograph letter from Jefferson at Monticello dated February 1823 wherein he testifies that copies of Notes on Virginia "are now very rarely found." The letter is anticipated to hammer at $50,000-$70,000. 

It reads in full:

Mssrs. Parsons & Cooley     Monticello Feb. 14. 23.

I have received your favor of Jan. 29 in which you are pleased to request a copy of my works to be deposited in your library. I have never published any work but the Notes on Virginia, of which I have but a single copy, and they are now very rarely to be found. All other writings of mine have been of an official character, and are only to be found among the public documents of the times in which I have lived. TO show however my respect for your request you have been pleased to make, I select one of these, the subject of which is not altogether foreign to institutions like yours, and which was so little adhered by the body for whom it was prepared, that I may truly call it a work of mine. This is a Report on the plan of the university in Virginia, which is now nearly completed, and in the course of a year or two will commence its operations. With this be pleased to accept the assurance of my highest respect & consideration.

Th. Jefferson

This letter was last seen at auction on November 14, 2010 when it fell under the hammer at Skinners for $59,250.
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UPDATE: This, the Benjamin Smith Barton copy of the true first edition of Jefferson's Notes on the State of Virginia, sold for $220,000.
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JEFFERSON, Thomas (1743-1826). Notes on the State of Virginia: written in the year 1781, somewhat corrected and enlarged in the winter of 1782, for the use of a Foreigner of distinction, in answer to certain queries proposed by him.... [Paris: Philippe-Denis Pierres for the author], 1782 [i.e., 1785]. 

First edition, one of only 200 copies printed for private circulation among Jefferson’s friends and acquaintances. With the appendix and additional texts not present in all copies. Octavo (7¬ x 5 in.). Folding table between pp.168 and 169, full-page woodcut of Madison’s Cave on page [35]. Leaves D2 and D3 cancelled.

Bound with an appendix (pp.367-391) containing notes on American Indian tribes by Charles Thomson (1729-1824); Jefferson’s “Draught of a Fundamental Constitution for the Commonwealth of Virginia,” 14pp; and “An Act for establishing Religious Freedom passed in the assembly of Virginia in the beginning of the year 1786,” 4pp.

Contemporary mottled French calf, gilt spine, red morocco spine label, marbled edges, marbled endpapers (front cover nearly detached, joints, corners and board edges rubbed).

Provenance: Benjamin Smith Barton (1766-1815), the eminent Philadelphia physician and scientist; inscription on verso of title; Edward Harris (signature at top margin of title-page); T.J. Coolidge, bookplate.

Sabin 35894. Howes J-78.

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Read the full text of Jefferson's original manuscript of Notes on the State of Virginia, part of the Thomas Jefferson Papers Electronic Archive of the Coolidge Collection in the possession of the Massachusetts Historical Society.
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Image courtesy of Christie's, with our thanks.
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Spectacular Th. Jefferson Letter On Lewis & Clark Est. $500,000-$700,000

by Stephen J. Gertz

A historically rich and highly significant signed autograph letter from Thomas Jefferson to Dr. William Eustis of Massachusetts, a political ally, is being offered by Sotheby's in its Fine Books and Manuscripts, Including Americana sale, December 5, 2013. It is estimated to sell for $500,000-$700,000.

On two pages dated June 25, 1805, Jefferson, three months into his second term as President, refers to politics and the decline of the Federalists, news from Merriweather Lewis, information on the Indians encountered by the Corps of Discovery, receipt of a barge with Indian tribal deputies sent back by Lewis, the new Michigan Territories, trade with the Indians as a means to peace, negotiations with Spain, the French and British navies in American waters; it just goes on. It is a supremely succulent historical document, bountiful Americana, and, further, one of only two letters by Jefferson discussing the Lewis and Clark expedition to come to auction in over sixty years.

The letter was part of the collection of Lady Bird Johnson, former First Lady of the United States. Jefferson composed it on a bifolium of wove paper watermarked "J. Larking."

The letter reads in full:

Washington June 25 05

Dear Sir

Your two favors of the 2d & 10th inst. have been duly received with respect to Mr. […], as he was to obtain the testimonies of his character in the Eastern states, & was himself in the same place with Genl Hull in whose gift the office of Marshall for Michigan was, I left him to satisfy General Hull himself on that point, I thought it best to add no bias by expressing any wish of mine to the General. I therefore did not write to him on the subject. - I believe, with you, that the Boston maneuver has secured the death of federalism at the end of the present year. The steady progression of public opinion, aided by the number of candid persons who had voted with them this year, but will be displeased with this measure, cannot fail to join Massachusetts to her sister states at the first election. The arrangement you suggested in your letter of the 10th could not be adopted, because a prior one had been initiated. The person appointed is very distant & will not be here till Autumn. Within a month from this time our annual […] will take place, for the months of Aug & Sep. I have the pleasure to inform you that one of Capt. Lewis's barges returned to St. Louis brings us certain information from him. He wintered with the Mandanes, 1609 miles up the Missouri, Lat. 47 Long. 107 with some additional minutes to both numbers, all well and peculiarly cherished by all the Indian nations. He has sent in his barge 45 deputies from 6 of the principal nations in that quarter who will be joined at St. Louis by those of 3 or 4 nations between the Missouri & Mississippi and will come on here. Whether before our departure or after our return we do not yet know. We shall endeavor to get them to go on as far North as Boston, being desirous of […] them correctly as to our strength and resources. This with kind usage and a commerce advantageous to them, & not losing to us, will better know their & our peace & friendship than an army of thousands.

I receive with due sentiments of thankfulness the invitations of my Eastern friends to visit that portion of our country. The expected visit from the deputations of so many distant nations of the Indians, provisional arrangements with Spain in lieu of the permanent ones proposed, in which we are not likely to concur, the presence of English & French fleets in the American seas, which will probably visit & purplex our harbors during the hurricane season will not permit me to be so far from the seat of government this summer. Add to this that should I ever be able to make the visit I would probably be more generally agreeable when there shall be less division of public sentiment than at present among you.

Accept my friendly salutations, & assurances of great esteem & respect.
 
Th. Jefferson.

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Jefferson's mention of General William Hull refers to his recent (March 22, 1805) appointment of the soldier-politician as Governor of the newly created Michigan Territory as well as its Indian Agent.

At the time Jefferson wrote to Eustis the Federalists (who lost the presidential election of 1804) were in decline, having little support outside of New England. They would not regain strength until 1812.

Dr. William Eustis.

William Eustis (1753-1825) was an early American physician, politician, and statesman from Massachusetts. A practicing doctor, he served as a military surgeon during the American Revolutionary War (notably at the Battle of Bunker Hill), and resumed his medical career after the war. He soon, however, entered politics, and after several terms in the Massachusetts legislature, Eustis served in the United States House of Representatives March 1801 - March 1805  as a moderate Democratic-Republican, the party of Jefferson.  He later served as Secretary of War 1809-1813 under President James Madison. In 1823 he became the 12th Governor of Massachusetts.

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Images courtesy of Sotheby's, with our thanks.

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