The Famous "Missing" Fantasy 1839 Texas Gold Coin
This choice unique coin will become an iconic study piece for the next century. Our friend Karl Moulton wrote about the issues surrounding this coin in "John J. Ford Jr. and the Franklin Hoard" (2012). It is part of a genre of Texas fantasies, of which little was known. With the publication of Moulton's book, we know so much more.
Description
The coin weighs 0.87 troy ounces. It is 30mm in diameter and 3mm thick, composed of a high fineness of gold (900 fine or better). It has a reeded edge. The description follows: OBV: REPUBLIC (dot) OF (dot) TEXAS (DOT) 1839 (dot) [Star of Texas with surrounding wreath at center] // Rev: HOUSTON Treas. Dept. / 16D. 8E. 21c [liberty cap with feathers at center]. The finish is proof-like, with hairlines from contact as well as in the die.
Synopsis
Moulton extensively researched the events surrounding the origin of several Texas gold pieces. Apparently, this coin and other Texas (counter-stamped) pieces showed up about 1956.
The story may start with the publication of an article in 1930 discussing a Texas quarter eagle. That coin was allegedly displayed by Fort Worth coin dealer B. Max Mehl in 1930 at the February Dallas Coin Club meeting (Numismatist, April 1930, p. 245). This created a long run of rumors about mythical Texas gold coins. These rumors led to fulfilling coin collector fantasies by the creation of false counter-stamped Mexican coins and the creation of a gold piece twenty five years later, in 1956, with what became known as John J. Ford’s “Texas Promotion†in 1956.
The “Texas Promotion†that Ford planned may have involved collecting rare Mexico coins for a sales promotion program. Part of the program was collecting original pre1839 Mexico silver and gold coins. These were the coins that circulated in Texas during the Republic of Texas period, the mid 1830’s. Ford and partners had intended on counter-stamping these pieces with Republic of Texas punches. Ford stated, in his letter to FCC Boyd (July 29, 1956), that Franklin would create a certificate to go with each coin “which will spell out the whole deal.â€
Ford had experimented with counter-stamped Mexican coins as early as 1955, when Peter Rosa made a $5 Shultz & Co. struck on an 1847 Mexican 8 Reales (Moulton, p. 268). Back then, in 1955, it was commonplace for many of the advanced collectors and dealers to make copies, electrotypes and fantasies to fool each other or made as "tribute" pieces. Unfortunately, over the years, these "jokes" turned into forgeries, either by innocent ignorance or through outright fraud.
This piece may have been part of the “Texas Promotion†that Ford disclosed in a letter to Franklin (April 16, 1956) shown in Moulton’s book. Ford’s letter to FCC Boyd (July 29, 1956) also acknowledged that coins from the Texas promotion were a fantasy, though it is unclear what coin or coins he was talking about. Ford felt it “is too goodâ€, so he probably never used the coin for its intended purpose, a “joke†to be played on or a tribute to one of his clients, Texas oilman John H. Murrell.
In a private communication, Ford was quoted as saying the gold Texas promotion pieces were targeted for John H. Murrell, a wealthy Texas oil man, who collected rare coins and everything Texas. Doug Winter, in an article (July, 2014) about the history of the coin business, mentioned that Murrell was the owner of the “greatest unknown collection of U.S. gold coins ever assembled.†Thus he was an easy target for Ford's Tom Foolery.
That private communication specifically involved this piece. Ford further jokingly stated that he intended to make the other copy of the coin into a bolo tie. Maybe he kept it, maybe he gave it to Murrell.
Moulton also heavily discusses the famous New York counterfeiter Peter Rosa (Becker Manufacturing Co.), who he suspects may have been involved with the Texas promotion. Is he the one who made these coins? Is he the probable source of the die and gold piece? Was the piece made in Italy, as were some other proof-like fakes?
Kenyon Painter, an Arizona numismatic collector and "promoter" was interviewed by Eric P. Newman, and was recounted in Moulton's book as saying that, "there are reportedly two Texas gold coins extant," neither of which was “genuine.†These may have referred to two counter-stamped gold coins discussed between Ford and F.C.C. Boyd. But they could have been this coin too.
It is unclear from Ford's letters if Ford had Breen design the coin, or just the wording on it. “It seems that Walter Breen had been asked by Ford to create a contemporary text for the die that was going to be used (a star, surrounded by a wreath, dated 1839).†This appears to be a reference to this specific coin, but may also reference the proposed counter-stamp die.
While Moulton has unraveled much of the mystery, we may never know the entire extent of the Texas promotion, since most or all of the original players are deceased.
Summary
As a "real" gold coin, this could have stirred up the pot that might have resulted in this piece garnering obscene amounts of money in the 1960’s to 1970's. As Ford stated, it was "too good" (7/29/56 letter), so the coins were withdrawn. Moulton unraveled the Texas fantasies in fair detail. This coin appears to be part of that Texas Promotion fantasy. As an official "antique" fantasy piece, it is a terrific addition to the Ford-Franklin era, at a time when the creation of fantasies was humorous. Unfortunately, over time, that humor turned to fraud and misconception.
This coin may be unique. If it was one of two, as the historical records indicate, the other copy of this coin may have been melted or made into a bolo tie by Ford. A must for any Texas collector!
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