1. Pierre Fricke
February, 2014

2.  State contractors minting copper coinage
 Connecticut, Republic of Vermont, New Jersey getting ready
 October 16, 1786 – Congress authorizes national mint
 Use of foreign copper coins outlawed
 James Jarvis acquires Company for Coining Coppers
 New Haven, CT
 Contractors make proposals to Congress
 R. Boyd, William Barton, Solomon Simpson, Mathias Ogden
 James Jarvis proposal – October 1786
 Jarvis – 600,000 pounds of copper coinage in 3 years
 William Duer becomes Secretary of the Board of the Treasury
 5 proposals - Jarvis wins with Fugio proposal
 $10K bribe, shared profits, Jarvis already received 12K pounds of Cu
 Fugio Copper design approved July 6, 1787

7.  Contract signed May 12, 1787
 25 tons due December, 1787; 25 tons due March 15, 1788
 157.5 grains - $1 = 2.25 lbs. copper
 James Jarvis leaves New Haven for Europe
 Government copper used to make more profitable CT
coppers!
 Dies made by Abel Buell
 Jarvis – Boulton deal for 300 tons of finished coppers
 100 tons by September 1788
 December, 1787 deadline missed
 < 5 tons delivered by mid 1788 – less than 400K coins

8.  Falling market for copper / copper coins
 $1 = 3 lbs. copper
 New Cent = 209.98 grains
 Fugio now “3/4 cent”.
 Jarvis – could not deliver more
 Government copper used for CT coppers
 Boulton deal never consumated
 Jarvis fired
 Less than 400K coppers
 Royal Flint – NY attempted to circulate – some success
 Fiasco set the stage for US Mint in 1792-1793
 Side bar: 1800 frustration with mint led to proposal to
contract US coinage out again!!!

28.  Type coin
 Fine = $500; VF=$1000; XF=$1500; AU=$2000;
MS=$3500-7000
 Red Book Collection
 15 varieties; 13 collectible; VF=$72,000
 40 Varieties – Need to get 5 R6s
 50-53 Varieties – Need to get 4 to 7 R7s
 61 Complete Set
 American Congress – six figures
 8 R8s total