1801 Thomas Jefferson Inaugural / 25th Anniversary of the Declaration of Independence Medal. Julian PR-2. Silver, 45 mm. SP-62 (PCGS).

736.3 grains. A superb example of an American classic, the first of John Reich's efforts on behalf of the United States Mint and one of the very earliest medals ever struck at the original Philadelphia Mint. Lustrous light silver gray, a bit more deeply toned at the peripheries, with nicely reflective fields. Some hairlines are present, two old toning spots are seen in the upper right obverse, another is beneath E of PRESIDENT, and a couple smaller ones are seen on the reverse. A few marks are seen, including a cluster in the right obverse field, along with a few tiny contact points on Jefferson's cheekbone. The detail and eye appeal are both excellent, particularly at this grade level. A very bold raised collar mark is seen left of 12 o'clock, as on all genuine examples. It is perhaps unsurprising that Jefferson, a noted medal collector and fan of the genre, would happily support the first ever medal dedicated specifically to commemorating the Declaration's adoption on July 4. It was Henry Voigt's idea. Then working as the Mint's chief coiner, Voigt wrote to President Jefferson in December 1801 that "the citizens of Philadelphia, friends to our government and your administration have often expressed a desire of seeing a medallion struck to commemorate the declaration of independence and the past triumph of republicanism on the 4th March 1801." The latter date, of course, was the day of Jefferson's election, the end of the so-called "Revolution of 1800," by which power gracefully passed between opponents for the first time in human history. Voigt's motivation, aside from flattering the president to whom he was quite dedicated, was to find employment for "a German artist of superior talents." Voigt had personally taken over the indenture of John Reich and was thus charged with his care. A valuable medal commission would be the ideal way to launch his career. Voigt took the liberty of allowing Reich to create the medal and strike it at the Philadelphia Mint without asking for Jefferson's permission. Reich had already created a medallic portrait of Jefferson, as the ailing Robert Scot subcontracted work on Jefferson's Indian Peace medal to the young German. "The fault [the portrait] may have as to likeness or character," Voigt told Jefferson, "the artist may be excused for, since he never had the pleasure of seeing the original." The reverse of the medal depicted, according to Voigt, "the goddess Minerva ... to represent Liberty as well as wisdom. She holds the declaration of independence and lays it on a rock, representing the Constitution." It was the first time the Declaration had ever been graphically illustrated on a coin or medal. The exergual legend made the intent plain: TO COMMEMORATE JULY 4 1776. Jefferson took to the idea. He wrote to Voigt the day after he received his letter, saying "the Declaration of Independence is certainly an epoch of ours being so remarkable as to merit a medal." Jefferson requested more medals, in addition to the one he was sent as a gift, "with information of the prices which I will immediately have paid." He sent specimens to both his daughters as well as his daughter Maria's mother-in-law, among other friends. Both daughters, accustomed to being away from their father, sent thank you notes. Martha wrote that "as I found fault with Houdon for making you too old I shall have the same quarrel with this medal also. You have many years to live before it can be a perfect one." Maria's letter is heart-rending: "Mine will be very precious to me, dear Papa, during the long separation from you to which I am doomed." Maria's medal was last seen in 1973, when it was stolen from the University of Virginia. It has not been recovered, but it is easily identified, with polished surfaces and a rim bruise near 11 o'clock. There are probably fewer than 20 Jefferson Inaugural medals extant. We last offered one in October 2018, selling a PCGS MS-61 for $36,000. Ford owned three in silver along with one in white metal, probably a fair Estimate: of the proportion that exist in the two known compositions. The Ford cataloger noted 12 known to him in silver, and Carl Carlson Estimate:d just three or four in white metal; we cannot quarrel with either figure, though we have seen at least two low grade white metal examples that probably have never been counted numismatically. This medal was never restruck and was never struck in bronze. The most recent auction offering in any quality or composition was Heritage's sale of an NGC MS-62 silver example in June 2021 that brought $72,000. We prefer the color and surface of this one. The provenance of this medal is curious, and it is the first we have encountered with an origin outside of the United States.

From the Richard Margolis Collection. Earlier from Alain Weil, Paris, June 1992.

Estimate: $40000