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Images courtesy of Ira
& Larry Goldberg Coins & Collectibles, Inc.
Significant examples:
PCGS MS-61. Ex - Eliasberg - offered by Bowers & Merena
Galleries for $38,500 in the June 11, 2001 issue of The Coin Collector
Recent appearances:
PCGS AU-55. Ex - Paul
Arthur Norris - Ira & Larry Goldberg Coins
& Collectibles, Inc.'s "Pre-Long Beach Sale", September 23
& 24, 2002, Lot 17, illustrated, where it was described as follows:
"Dies 1-A, R-6. PCGS graded AU-55. One of the classic rarities of
the Colonial issues, the Lord Baltimore shilling elicits collector
excitement whenever they are offered. On this particular specimen we note
the planchet is of good quality, and the color is a natural lilac silvery
gray. The strike is typical for the issue, with the weakness in the hair
on Lord Calvert, and the familiar die injury (clashing?) on the reverse
below II in the denomination. Close scrutiny will note a thin line like
mark from the lower rim into the bust of Lord Baltimore, and a similar and
thinner line from the rim into the D of DNS, and we suspect that this coin
may have been struck three or more times, the first two strikes
off-center, with these trace lines (from the edge of the previous off
center-strikes) remaining as evidence. Corresponding planchet lines are
present on the reverse. A great rarity, and we note that PCGS has graded
only 3 of these Lord Baltimore shillings as AU-55, with 1 higher as AU-58
and one at the top at MS-61 out of a grand total of 24 graded in all
grades listed. Breen estimates the entire mintage at 20,000 pieces,
virtually all of which have long since disappeared. They were struck in
London, probably at the Tower Mint.
George Calvert was a member of the first London Company, established by
Royal Charter in 1606, and settled in Virginia. Rising to prominence,
Calvert asked for and received a new Royal Charter which was granted in
1632 to establish a trading community in what later became Maryland. The
Royal Charter authorized Mr. Calvert to assume stewardship of
approximately 10 million acres, on which Calvert was to establish a
community called "Avalon", in order to purchase furs and dried
fish for resale to England. As the Royal Charter was being prepared,
George Calvert died, so the Charter passed to his son, Cecil Calvert, and
formal assumption papers were adapted by June 20, 1632. Although authority
for coinage was not mentioned, Cecil Calvert assumed this privilege was
included, as this privilege was included in the similar 1606 Virginia
Grant.
The colonists that braved the sea voyage grew tobacco, and naturally
tobacco became the primary medium of exchange. As more and more acreage
was planted, and the population grew, tobacco's purchasing power fell
relative to other needed goods and services. Curiously, rents were fixed
by contract and payable in tobacco, which was advantageous for renters,
but prices of other needed goods (food, gunpowder and imported wares)
soared when purchased with the deflated and abundant tobacco. Complaints
were loud and frequent, and something had to be done. The situation got
out of control by 1650, and Cecil Calvert, the Second Lord Baltimore, had
to actually sell his own cattle in order pay the colony's soldiers wages
in order to avert a mutiny (Crosby P. 124, or Breen's Encyclopedia P. 18).
By 1658 Calvert decided to exercise his assumed power to coin money. The
local colonial assembly passed the necessary legislation, and soon the new
coins arrived from London and could be used to pay all rents, arrears,
taxes, duties and other obligations, and even allowed for the punishment
of counterfeiters.
Denominations of shillings, sixpence, four pence and penny were ordered
and struck in London during 1658/9. The eyebrows of The Clerke of Irons in
the Tower, Richard (Thomas?) Pight were raised and he obtained a warrant
for Calvert's arrest on October 4, 1659.The charge was for exporting
silver and the denominations and weights of the coins were at issue.
Calvert answered questions posed by the Committee of the Council for
Plantations and the Committee passed legislation which allowed the coinage
and kept Calvert out of hot water.
The coins eventually turned up in Baltimore by 1662 after the legal
problems were settled, and local legislation was then passed forcing all
householders and freemen to exchange 60 pounds of tobacco for 10 shillings
in the new coins. The population at the time of such householders and
freeman is estimated to be 5,500 persons, and thus Breen has extrapolated
mintages of these coins. The coins circulated for a time, but within a few
decades had vanished, with the local Baltimore citizens reverting to the
barter system again, using not only tobacco, but even hemp or Cannibus
Sativa (marijuana) was officially allowed as legal tender at the rate of
sixpence per pound payable on any debt!
Early silver in the American colonies is quite rare, most coinages were of
copper by the various states and other cast offs from England, Ireland and
France. Here is one of the finest of these rare and desirable Lord
Baltimore shillings to survive. Better than the examples offered in
Picker, Robison, Eliasberg or Roper. An opportunity of great importance
for the colonial specialist." - Ira & Larry
Goldberg Coins & Collectibles, Inc. "The Benson Collection,
Part III", February 24-25, 2003, Lot 8, illustrated, sold for
$12,075.00
PCGS EF-40. Ex - Superior Galleries "Pre-Long Beach" Elite
Coin Auction, May 25-27, 2003, Lot 3, sold for $9,200.00
PCGS EF-40 (illustrated above). Ex - Early American History Auctions, Inc.'s Mail Bid Sale, October 14, 2000,
Lot 979, where it was described (in part) as follows: "Light silver in
color with seemingly original, almost lustrous surfaces. Both sides are
well-centered on the planchet and the details are as well struck as one
might expect on this issue. The overall appearance is excellent and the
only flaws worth mentioning are a natural fissure that connects
Calvert’s forelock with the AE of MARIAE and an old, barely visible
hairline scratch that runs from the AE of TERRAE to Calvert’s ear.
In 1658, Cecil Calvert had silver coinage struck for the use of the
settlers in Maryland, in the New World. The profile of Lord Baltimore is
prominent on the obverse, the Baltimore Family Arms on the reverse, the
legend reading "INCREASE AND BE MULTIPLIED" on the reverse in
Latin. This piece was a contemporary of the Massachusetts Oak and Pine
Tree pieces and was one of the few silver pieces actually struck for the
American colonies. In fact, Maryland did not see another silver type until
over 100 years later when Chalmers struck his threepences, sixpences, and
shillings in 1783."
Sources and/or recommended
reading:
"Walter Breen's
Complete Encyclopedia Of U.S. And Colonial Coins" by Walter Breen
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