"MARK IT" STRATEGY
Searching the excavated site of an old hotel in Benicia, California, I found this 1836 Peruvian 4 reales, counterstamped, "J. L. POLHEMUS / DRUGGIST / 190 J. ST. COR. 7th / SACRAMENTO CAL." Any information regarding it would be greatly appreciated.
Nineteenth century merchants countermarked coins for a variety of reasons, but most often as a means of self-promotion- a fact reflected in the title of Gregory G. Brunk's definitive work, Merchant and Privately Countermarked Coins - Advertising on the World's Smallest Billboards. Certainly that strategy held plenty of appeal for young James Lozier Polhemus, who went West in 1849 to seek his fortune in the heart of Gold Rush country. The following year he set up shop as a druggist in Sacramento, where he remained until his death in 1866. (His wife continued to operate the business until 1874.) During that time it became Polhemus's practice to countermark virtually all the coins that he received in commerce... including at least three $20 gold pieces, one of which, recovered from the S.S. Central America, fetched over $48,000 a few years ago. These ranged from then-current U.S. issues to coins of at least ten other countries. However, as far as I can determine, yours is the first known Peruvian specimen. Rich Hartzog of World Exonumia, publisher of Brunk's book and also author of the Countermarked Coins Price Guide, reports that in one of his recent auctions two Polhemus-marked Seated Liberty coins, a quarter and half dollar, sold for $500 and $525, respectively. It seems likely that your find might fare at least as well amid favorable bidding.
Readers are invited to visit Rich's countermarked coins webpage- http://www.exonumia.com/art/cma.htm - where you'll find not only four pages comprising, "A complete listing of all known 13,500 merchant countermarked coins, from the new book by Brunk," but also a link to more information about both the book and price guide.
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