Newman 1-C variety, with the CURENCY misspelling.

Perhaps the most storied and impressive coin in the colonial series, but one which is shrouded in mystery.

Indeed, there exists no documented evidence to suggest who authorized or minted these pieces, or what denomination they were intended to represent.

The generally accepted view was first put forth by Eric Newman, who theorized that these pieces were intended as patterns for the first American dollar. Continental paper currency issued from May 10, 1775, through May 6, 1776, included a dollar bill, but the one dollar denomination was missing from the next six emissions. Newman concluded that this Continental coin was meant to replace the paper dollar in these emissions. The fact that the coin is nearly identical in size to the Spanish milled dollar then in circulation in the colonies and shares the distinctive edge device found on those pieces certainly supports this view.

The design itself is quite similar to Benjamin Franklin’s popular motif seen on both the Fugio Cent and the Continental Congress fractional currency dated February 17, 1776. The obverse FUGIO motto ("I Fly") refers to time as symbolized by the sun dial, while the reverse features 13 interlocking rings representing the colonies.

In all, this is an attractive example of this historic type and a coin which compares very favorably to the PCGS MS64 example which sold for $161,000 at Heritage in May of this year.

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