The following post is pulled from Coin World editor Steve
Roach’s Market Analysis column in the June 16 issue.
Heritage Auction’s fourth sale of the varied numismatic collections of
St. Louis numismatist Eric P. Newman took place in New York City on
May 16 and May 17. In total, the two days of auctions realized more
than $11 million.
Analysis column in the June 9 issue looked at three pieces at
the $100, $500 and $1,000 levels.
This coin is among
three fascinating pieces from Newman IV that each sold around the
The coin: 1694 Carolina Elephant
token, Extremely Fine 45, $47,000
Collectors really enjoy 17th century Elephant tokens.
Elephant tokens were struck around 1672 to 1694, probably weren’t
intended to circulate in the colonies, and are available in well-worn
Very Good condition for around $300.
dated 1694 with a reverse reading GOD PRESERVE CAROLINA AND THE LORDS
PROPRIETORS were likely struck in England and were possibly intended
to heighten interest in the Carolina Plantation in the American
A third variant (the rarest) states GOD
PRESERVE NEW ENGLAND on the reverse; it is also dated 1694.
The Carolina Elephant token has two distinct reverse types, one
with the correct spelling of proprietors and another with the
misspelling PROPRIETERS. Heritage adds, “Although described in most
references as different dies, the placement and shape of all lettering
is nearly identical, suggesting that a single reverse die was
corrected after a small production of the misspelled pieces.”
The majority of the known Carolina Elephant tokens are
well-worn, grading Very Good to Very Fine. Extremely Fine and finer
examples are rare. This EF-45 piece sold for $47,000.
Read the rest of Roach's Market Analysis column: