The Brasher Doubloon: History, Value, Rarity, and Origins of America's First Gold Coin

Who Was Ephraim Brasher?

Ephraim Brasher made one of the most famous coins in American history. The coin is called the Brasher Doubloon. It’s a gold coin made in 1787, worth sixteen dollars at the time. He wasn’t working for the government. He made coins on his own, which was legal back then if people trusted the maker. And people trusted Brasher. His work went from simple copper coins called Nova Eborac coppers to his famous gold doubloons. Those gold coins are now some of the rarest and most valuable coins ever made in the United States.

Brasher was known for doing excellent work. He was skilled, honest, and wore many hats during his life. He fought in the Revolutionary War. He ran businesses. And he lived next door to George Washington. That connection gave him even more credibility. He used a stamp with the letters EB, and it showed up on coins, silverware, and other goods. That stamp told people what they were buying was high quality. Today, that EB mark is a major part of why collectors and historians still talk about him. The 1787 New York-style Brasher Doubloon with his initials is now one of the most expensive coins ever sold.

Why People Forgot About Him

Even with all that fame, Brasher faded from public memory after he died in 1810. For decades, people hardly spoke of him. It wasn’t until the 1850s, when coin collecting became more popular in the U.S., that his name started to come up again. That’s when numismatists began digging into his life and work. The problem is, there isn’t a lot of detailed information about him. Even though he accomplished so much, not many records survived. One of the first long write-ups about him didn’t come until 1938, in an article called Ephraim Brasher, Silversmith of New York. Later, in 2000, a museum exhibit in New York City added more facts about his background and craft.

Brasher’s Roots in New York

Ephraim Brasher was baptized on April 18, 1744, in New York’s Reformed Dutch Church. He lived in the city most of his life, except during the British occupation during the Revolutionary War. At that time, he and his family moved north to Red Hook in Dutchess County. The Brashers were one of the old Dutch families of New York. They’d been there for a long time. But because they kept reusing names like Abraham and Ephraim for their sons, it’s hard to tell them apart in old records. The elder Abraham had sons named Abraham and Ephraim. Then the younger Ephraim also named his two boys Abraham and Ephraim. They were both silversmiths, too. It didn’t help that the subject of this article had a son named Ephraim as well.

The family name added more confusion. Dutch records show different spellings over time, like Breser, Bresert, Brasier, Brazier, and Bradejor. Even the way people said the name varied. Most folks just pronounced it how it looked: Brass-er. But his descendants say it was actually pronounced Bray-zher.

Marriage and Family Ties

Not much is documented about Ephraim Brasher’s early years, but on November 10, 1766, he married Ann Gilbert. Her name appears in church records under several spellings, including Adriaantje, Adrianntje, and Arejaantie. She was baptized in 1742, a couple years before Ephraim, and she passed away sometime before January 1797.

There’s no clear record of how Brasher learned his trade, but it’s likely he trained as a silversmith with Ann’s brother, William Gilbert. The families were close. Ephraim and Ann were both witnesses at the baptisms of William’s children, Aletta and Ephraim. Later, William and a woman named Margret Brasher, whose connection to Ephraim isn’t certain, witnessed the baptism of Ephraim's own son, also named Ephraim, in Red Hook on September 28, 1777.

After Ann’s death, Brasher married Mary Austin. They had five children together. That detail comes from the book Elegant Silver. Years later, two of their descendants, Deborah and Milton Brasher, attended the 1979 Garrett Sale. That’s where Donald G. Partrick bought the best-known example of the New York-style Brasher Doubloon.

Respected in His Trade and Community

Ephraim Brasher had a solid reputation, both as a skilled craftsman and a trusted member of the public. In an article from March 1987 titled The Brasher Bicentennial, historian David T. Alexander pointed out how goldsmiths and silversmiths played important roles in early America. At the time, the country didn’t have a stable currency system. People used coins from all over the world. Silversmiths acted as bankers, testers, and certifiers. They helped people figure out the real value of foreign coins. Brasher was one of those trusted figures.

He wasn’t the only one. Paul Revere, known for his ride during the Revolution, was also a silversmith. And Elias Boudinot, who went on to serve in Congress and lead the U.S. Mint, worked as a silversmith in his younger years, too.

Part of a Tight-Knit Circle of Silversmiths

In 1786, Brasher was part of the Gold and Silversmiths Society, a group led by Myer Myers. According to an 1892 issue of The Jeweler’s Circular and Horological Review, New York’s first city directory lists the group meeting weekly at Walter Heyer’s house. Members included names like Samuel Johnson, William Gilbert, Otto de Perrizang, William Forbes, John Burger, Daniel Chene, Cary Dunn, Benjamin Halsted, and, of course, Ephraim Brasher.

Brasher’s work stood out. His silver pieces are still preserved in museums across New York and New England. One interesting note came from a 1921 issue of The Jeweler’s Circular, which said that Commodore Isaac Hull had a bowl made by Brasher onboard the U.S.S. Constitution when it defeated the Guerrière in the War of 1812.

Brasher’s Role in the Revolutionary War

As tensions with Britain grew, Brasher served with the New York Provincial Army. He joined Colonel Lasher’s regiment in 1775 as a lieutenant in the grenadiers. He wasn’t the only one in his family involved in the cause. His brother Abraham was active with the Liberty Boys, a group that pushed back against British rule. Abraham was also a writer. He published popular patriotic songs and poems in the newspapers. Two of his well-known works were Another New Year’s Address and The General’s Trip to Morristown. Both were favorites among American troops during the war.

When the British took control of New York City, Brasher and his family moved north to Red Hook in Dutchess County. Military records show he served in the Sixth Regiment, listed under Dutchess, New York. After the war ended, Brasher stayed in the militia and climbed the ranks. He became a major and remained in service until he retired in 1796.

Living Beside George Washington

After the Revolutionary War, when New York City briefly became the capital of the United States, Ephraim Brasher ended up living right next to President George Washington. Washington’s home was at 3 Cherry Street. The 1789 New York City Directory lists “Brafher Ephraim filverfmith” at 1 Cherry Street, just next door. He later moved a few doors down to number 5.

Cherry Hill, the area they lived in, was one of the nicer neighborhoods in 18th-century New York. It sat just north of where the Brooklyn Bridge now touches Manhattan. Brasher’s shop was located at 79 Queen Street, not far from home. His business was close enough for him to walk to work each day. Washington wasn’t just a neighbor. He was also a customer. Records show that he bought a set of four skewers and later, on September 6, 1790, purchased four Neoclassical trays from Brasher. Those items are now part of the Mount Vernon collection. So Brasher’s silverwork was likely used during official dinners and formal events while Washington was in office.

Serving the City and the Nation

Brasher stayed active in local politics and civic work throughout his later years. At the time, serving in city government in New York meant having national influence, since the city was the country’s main hub for banking, shipping, and trade. It also held the role of national capital in those early years.

Between 1784 and 1810, Brasher held several public offices. He worked as a sanitary commissioner from 1784 to 1785, then served as coroner from 1786 to 1791. After that, he was assistant justice from 1794 to 1797, election inspector from 1796 to 1809, and commissioner of excise from 1806 to 1810. Alongside this civic work, he continued as a working silversmith. Around 1800, he briefly partnered with George Alexander. Church records from the Old Middle Dutch Church note that he died on November 10, 1810. He was 66 years old.

Trusted Assayer for the United States Mint

Besides his work as a silversmith, Brasher was also trusted to weigh and test precious metals. He worked as an assayer for banks and other financial institutions. That included the United States Mint. At the time, foreign coins made of gold and silver were still widely used, and every year the Mint tested these coins for purity and weight. Those yearly tests were documented in official Mint reports.

But in 1792, there was a problem. A new law said that both the Chief Coiner and the Assayer had to post a bond of $10,000 each to legally handle gold and silver. That was a huge sum back then. Neither Chief Coiner Henry Voigt nor Assayer Albion Cox could afford to post the bond. So that year, the Mint couldn’t legally do the tests themselves. They had to outsource the work. One of the experts chosen to help was Ephraim Brasher.

A note in the July 1892 issue of the American Journal of Numismatics explained that Brasher was hired by the U.S. Mint in 1792 to run assays on various coins, under the direction of Treasury Secretary Alexander Hamilton. The exact list of coins he tested isn’t fully known. But it’s likely he helped another expert, David Ott, who tested French Guineas, Double Guineas, English Guineas, Spanish Pistoles, and Portuguese Half Johannes coins in gold, along with English Shillings, French Crowns, and Spanish Dollars in silver. Brasher had the skill and trust needed for this kind of work. That’s why he was chosen.

His work as an assayer showed the same accuracy and attention to detail he brought to his silversmith trade. Whether crafting fine trays for the President or testing the purity of foreign currency, Brasher was a name people relied on.

Brasher’s Work as an Assayer

Ephraim Brasher didn’t get paid right away for some of his work. One example is from 1792, when he tested a batch of gold and silver coins for the U.S. Mint. That job wasn’t paid until years later. According to government records under “Estimated Expenditures for the Year 1796,” a $27 Treasury Warrant was issued. The money went to a man named John Shield, whom Brasher had assigned the payment to. The record says the payment was for assays done by Brasher on various gold and silver coins, under direction from the Secretary of the Treasury.

At that time, the U.S. Mint was still getting its footing. One problem it faced was the high cost of surety bonds, which were required by law. These were especially tough for smaller positions like the assayer. It wasn’t until 1794 that Congress finally dropped the bond amounts to something manageable: $1,000 for the assayer and $5,000 for the chief coiner. After that, people like Henry William de Saussure and Henry Voigt were able to get backing, sometimes with help from business contacts. Charles Gilchrist, a Philadelphia merchant, helped in one of these cases.

Why Coin Testing Mattered in Early America

Back in the late 1700s, the U.S. had a chaotic mix of money in circulation. There were coins from Spain, France, the Netherlands, and other countries. People also used a lot of copper coins made by states or private individuals. But gold coins were different. They were mostly used for large payments, usually by banks or merchants. Regular folks rarely handled them, and most couldn’t tell if a gold coin was real or fake just by looking at it.

To help sort this out, the Bank of North America started handing out guides. One pamphlet from 1789 listed foreign gold coins and their values based on official testing. Other groups put out charts showing coin weights and measurements, helping merchants decide what a coin was really worth in trade.

Before the federal mint was fully set up, people often turned to private assayers. Banks, merchants, and others needed someone they trusted to weigh and verify gold and silver coins. While some researchers have raised questions about exactly how often Brasher did this work, many coins still exist today with his hallmark stamped on them. That stamp meant he had tested the coin and confirmed it was up to standard.

Brasher as a Trusted Regulator

Brasher’s mark shows up on a good number of foreign coins, especially from that time period. That’s strong proof he was trusted to verify their value. The Bank of New York and other financial institutions often hired craftsmen like Brasher to check the weight and metal quality of the coins they received. These experts were called “Regulators.”

Here’s how it worked. A regulator would weigh each gold coin that came in. If the coin was underweight but still genuine, they might add a bit of gold to bring it up to standard. Then they would stamp it with their mark. That told anyone who handled the coin afterward that it had been checked and passed. Coins like these, especially those with Brasher’s EB stamp, are extremely rare and valuable now. Collectors pay high prices to get them. Several coins in the Partrick Collection show Brasher’s work as a regulator.

Brasher’s Legacy in Private Coinage

Even though he wore many hats (businessman, assayer, engraver, and metalworker), Ephraim Brasher is best known for his private coins. He made pieces that filled a gap during a rough time in U.S. history, when the country was still figuring out how to manage its money. His work helped bridge that gap before the Mint got fully up and running.

His output ranged from basic copper coins like the Nova Eborac pieces to the elegant gold doubloons that now carry his name. These coins are rare and valuable, not just because they’re old, but because of the skill and trust behind them. There’s still a lot we don’t know about some of his private coin issues. Researchers like Louis Jordan and Michael Hodder have done important work trying to fill in the blanks. But what’s clear is this: Brasher’s name belongs in any serious discussion about early American coinage. He earned that spot through precision, reputation, and timing.

Brasher’s First Gold Coin: The Lima-Style Doubloon

The earliest coin Brasher made was a gold doubloon based on Spanish eight escudos coins. These coins were called “doblons” in Spanish-speaking areas. Americans later started calling them “doubloons.” Brasher’s version copied the design of the 1742 Lima mint coin, which was common in the colonies at the time.

These Lima-style doubloons came before his better-known New York doubloons. That’s been proven by looking closely at the EB stamp Brasher used. In a 1992 study, researcher Michael Hodder showed that the stamp on the Lima coins was in better condition than the one used later on the New York coins. On the New York ones, you can see rust forming around the E and B. That means the Lima coins had to be made earlier, probably in 1786. The partially stamped date on one of the Lima coins backs that up.

No one knows how many of these Lima-style doubloons Brasher made. Only two are known to exist today. Some people think these gold coins were just trial versions or test pieces before the final design, but that doesn’t really make sense. Making test coins out of gold would’ve been too expensive. Others believe they were made for trade in the West Indies. That’s possible. But given how much foreign gold was being used for trade in New York before the U.S. Mint existed, it’s more likely these coins were made to circulate in New York City. Their size, weight, and purity match Brasher’s later New York doubloons almost exactly.

The Jump to Copper: Nova Eborac Coppers

After the Lima doubloons, Brasher turned his attention to copper coins. In 1787, he and fellow silversmith John Bailey, known for making swords, tried to get official approval to mint coins for New York State. They filed petitions on February 12 of that year. Records don’t make it clear whether they worked together or just happened to submit on the same day. But researcher Louis Jordan thinks they most likely teamed up.

In the end, the state didn’t give them the green light. The committee reviewing their request said they only had the power to manage coins already in circulation, not to start a new coin program. So Brasher, Bailey, and another applicant named Thomas Machin were all turned down.

That didn’t stop Brasher and Bailey. They went ahead and made copper coins anyway. They didn’t have a contract, but they did have a clear design plan. The coins they produced looked a lot like official Connecticut coppers. They used metal blanks supplied by Colonel Eli Leavenworth in New Haven. The front of the coin showed a man in armor. The back showed a seated Liberty figure.

These copper coins became known as Nova Eborac coppers. “Nova Eborac” is Latin for New York. They used some of the same tools to make these coppers that Brasher would later use on his New York gold doubloons. That included number punches and four-petal rosettes, also called quatrefoils. The coins had a semi-official look and felt familiar to people used to seeing Connecticut coppers. That helped them get accepted in everyday use. People trusted them and spent them, even without government approval.

Brasher’s Most Famous Coin: The New York-Style Doubloon

Ephraim Brasher made his most well-known coin in 1787. It was the New York-style Brasher Doubloon. The gold content and weight matched the Spanish Lima doubloon, which was a popular trade coin at the time. But Brasher didn’t just copy the design. He gave it a new look. On one side, he used the coat of arms of New York. On the other side, he used a design similar to the Great Seal of the United States. The details were different from any Spanish coin, even if the size and value were nearly the same.

There are only seven known examples of this doubloon. One has Brasher’s EB stamp on the eagle’s chest. The other six have the stamp on the wing. There’s also a rare version called the half doubloon. That one is in the Smithsonian. It was made using the same dies as the full-size doubloon, but the coin itself is smaller and weighs half as much. Some experts think this coin might not have been made as a true half version. Instead, they say it could be a full-size coin that was trimmed down to hide damage around the edge.

Order of Brasher’s Gold Coin Issues

Numismatist Michael Hodder looked closely at Brasher’s coins and the wear on the EB stamps. He came up with a timeline. First, Brasher made the Lima-style doubloon. Then came the New York-style coin with the EB mark on the breast. After that came the version with the stamp on the wing. Last was the half doubloon.

Brasher’s Lima-style doubloons were the first gold coins to actually circulate in the U.S. But it’s the New York-style version that made him famous. Many coin collectors and historians call it the most iconic American coin ever made.

What Was the Doubloon Actually For?

Over the years, people have guessed at why Brasher made these coins. Some thought they were pattern coins made from dies meant for copper coins that Brasher and his partner Bailey wanted to produce. Others believed they were bribes to win a state contract. A few even said they were fancy gold souvenirs because Brasher once lived next to George Washington.

But those theories don’t hold up. Gold patterns would have been too expensive for testing. There’s no proof of bribes. And making gold souvenirs would’ve cost a fortune. Also, Brasher wasn’t living next to Washington anymore by the time these coins were made.

The real reason makes more sense. These doubloons were made to be used. They were used for big transactions between banks, merchants, and wealthy clients. The coins matched the weight and gold content of Spanish doubloons, which were widely trusted. Most of the Brasher doubloons show signs of wear, meaning they were actually passed from hand to hand.

Gold coins like these were a normal part of trade in early America. Big deals often used large coins, especially those from Spain, Brazil, and Portugal. Spanish mints in Mexico and Peru made most of the doubloons that moved through the colonies. They were bigger than the U.S. Double Eagle but thinner and worth about sixteen dollars. That’s why Brasher’s doubloons fit right into daily commerce. Merchants were used to them. These coins weren’t just for show. They were tools used in business, and Brasher made them to meet that demand.

The Brasher Doubloon’s Legacy and Value

The Brasher Lima-style doubloon holds a unique place in U.S. coin history. It was the first gold coin to circulate in the country. But it’s the New York-style Brasher doubloon that stands out as his most important creation. That version is now considered the most famous and valuable American coin ever made.

One example, made of 22-carat gold and weighing 26.6 grams, sold at auction in March 1981 for $625,000. That was a huge price at the time, but these coins kept climbing in value.

On January 12, 2005, all three types of Brasher doubloons were sold during the Platinum Night Session at the Florida United Numismatists U.S. Coin Auction. Heritage Auction Galleries handled the sale. The New York-style coin with the EB stamp on the wing sold for $2.415 million. The only known example with the EB stamp on the eagle’s chest brought in $2.99 million. The rarer, but less famous, Lima-style doubloon sold for $690,000.

In December 2011, the only known New York-style Brasher doubloon made for circulation was sold again. This time, rare coin dealer Steven Contursi sold it to CAC (Certified Acceptance Corporation). Later, a Wall Street investment firm bought it from Blanchard and Company in New Orleans for nearly $7.4 million. At the time, that was the highest amount ever paid for a U.S.-minted coin.

That record didn’t last. In January 2021, another Brasher doubloon sold at public auction for $9.36 million. Heritage Auctions managed the sale. It became the most expensive gold coin ever sold at auction anywhere in the world.

The Coin in Popular Culture

The Brasher doubloon isn’t just a prized item for collectors. It also shows up in American fiction. In 1942, Raymond Chandler used it as a central plot point in his detective novel The High Window. The book was later turned into two films: Time to Kill in 1942 and The Brasher Doubloon in 1947.

Other writers have also used the coin in their stories. It appears in Lawrence Block’s 1980 mystery The Burglar Who Studied Spinoza, in John Bellairs’s 1992 novel The Mansion in the Mist, and in Lavie Tidhar’s 2018 children’s mystery Candy.

Even outside the world of coin collecting, the Brasher doubloon still captures attention. Its story blends early American history, rare craftsmanship, and mystery. That’s why it remains both a top-tier collectible and a lasting symbol in books and films.

Ephraim Brasher left a real mark on American history, especially in the world of rare coins and early craftsmanship. The EB counterstamp told people they were holding something made with care and honesty. That stamp, and the coins that bear it, still carry weight today.

They’re part of the story of how trust, skill, and reputation built early American commerce. Even though we don’t know every detail of his life, what we do know proves he earned his place in history. His name lives on through the coins he made and the standard of quality he set.