New York was the capital of the United States from 1785 until 1790. During the late eighteenth century, one of the most fashionable locations in the city was Cherry Hill, which lies just north of the Brooklyn Bridge today. Cherry Street was the home of Ephraim Brasher (1744-1828), a distinguished goldsmith and silversmith. Brasher regulated precious metal coins for the bank, carefully checking their fineness and weight, and stamping them with his oval-shaped hallmark containing his initials’ EB’ if they met the correct standards. His hallmark became a guarantee of quality, enabling bank clerks to accept coins without checking their weight. Several examples of foreign gold have been discovered counter stamped with his quality mark.
On 12th February 1787, Brasher and a silversmith and sword maker called John Bailey requested franchises to produce copper coins for the state of New York. We don’t know whether this was a joint application, or if both men just happened to submit the requests on the same day. But their applications were denied because New York decided not to mint copper coins. Shortly afterwards, Basher designed and struck some sample coins to demonstrate his ability. A few were struck as gold doubloons using a letter punch that Bailey had used to strike copper coins in New Jersey. It would be the first gold coin made for the United States of America.
The doubloon (Spanish for double) was the name given to the Two Escudo gold coin that was minted throughout the Americas as well as in Spain with the gold they received from the New World. The Spanish galleons transporting gold through the Caribbean and across the ocean were always vulnerable to attack from pirates seeking to relieve them of their precious cargo. As a result, no other coin in the world evokes more potent images of pirate ships and treasure maps than the doubloon.
Brasher’s doubloon depicted the Great Seal of the United States, an eagle clutching an olive branch and arrows. He also added an unusually worded version of the national motto ‘UNUM E PLURIBUS’ (One from many) together with the date 1787. After the coin was struck, Brasher counter stamped his EB hallmark onto the reverse as his personal guarantee of quality. To date, six surviving examples of the coin have been found with the stamp on the eagle’s wing and one with the stamp on the shield.
On the reverse, he depicted the coat of arms of New York, an image of the sun casting rays of light over a mountain range with the sea in the foreground. Surrounding the image is the inscription, ‘NOVA EBORACA COLUMBIA EXCELSIOR’ (New York, America, Ever Higher). Excelsior remains the state motto to this day. Brasher also added his surname underneath the image.
Brasher’s neighbour in Cherry Street was none other than George Washington, who would become the first president of the United States two years later in 1789. We know that America’s founding father approved of Brasher’s talents as a gold and silversmith, because he bought several items from him, including a set of four silver skewers in April 1790. Perhaps this explains why Brasher produced his doubloon. He was asked to do so by his neighbour. In November 1792, Brasher assayed several types of gold coins for the new federal government, and after that continued to assay gold for the US Mint.
The value of a doubloon would fluctuate depending on the value of the gold. When Brasher struck his unique version of the coin, New York had officially established the standard that a gold doubloon was worth $15. Today, of course, it is worth considerably more. In 2011, one of Brasher’s doubloons was sold for nearly $7.4 million, which was the most money ever paid for a coin at the time.
Author Raymond Chandler immortalised the coin in popular culture when he had his fictional private-eye Philip Marlowe investigate the theft of one in his novel The High Window. In 1947 the book was adapted into a movie by 20th Century Fox called appropriately The Brasher Doubloon.