2016-04-12 Tue

Plugged farthings, half pennies, cents, half dollars, and dollars are in high demand these days. Plugs were used to put emphasis on a decorative element on 17th century St. Patrick farthings, give full value to 1792 cents, and adjust the silver content of half dollars and silver dollars in the 1790s.

In 1681, the Irish emigrant, Mark Newby, brought privately struck copper farthings and half pennies with him to New Jersey. The next year they were put into general circulation.

Both denominations depict a kneeling king playing a harp with a crown to the left of the king on the obverse and St. Patrick driving out the snakes on the reverse. Most of the coins have a brass plug at the crown’s location which also functions as a security feature to stop counterfeiting activities.

In the late 18th century, the Mint had problems issuing these coins. Overweight coins cost the government money and underweight ones cheated merchants.

To resolve this issue, a hole was drilled in the centre of the lightweight planchet and a plug was inserted to bring the blank up to proper weight. When struck, the plug spread out over the surface of one or both sides. The Neil/Carter 1794 dollar, which was the first silver dollar minted, was struck on a plugged planchet and it sold for $10 million in 2013.

100-odd plugged 1795 dollars and a handful of plugged 1795 half dollars exist today.