From the Stacks Bowers sale of the Syd Martin Collection, sold on 08/19/24 as lot #6120, and described as: “1787 Massachusetts Transposed Arrows Cent Rarity. 1787 Massachusetts Cent. Ryder 2a-F, W-6070. Rarity-6. Arrows in Right Talon or Transposed Arrows. VG Details--Damage (PCGS). 144.4 grains. A significant example of this highly elusive Ryder number, as are all. We note original toning in deep copper-rose with glints of lighter golden-olive in and around the central obverse. Overall texture is microgranular, and there are a few tiny edge nicks along the left obverse and moderate-size marks on the reverse at right border and around the eagle's head that also help to explain the PCGS qualifier. The finer design elements in the centers are no longer evident due to wear, but while also well worn, the peripheries retain bolder definition with all major features fully discernible. The date and transposed arrows on the reverse are clear. The Transposed Arrows cent stands out among Massachusetts coppers not just for its obvious engraver's error, but also in terms of its general styling. Two contracts were entered into by the Commonwealth for the coinage of Massachusetts and the issued coins exhibit two distinct styles overall, mostly in the shape of the S punches. The first contract was with Joseph Callender of Boston, who prepared the earliest and largest number of dies. It is believed that his dies can be distinguished by the more open S style. The second contract was with Jacob Perkins of Newburyport, and it is believed that the heavier, more closed S styles that can be seen on the half cents of 1788 and some of the 1788 cents are attributable to him. This distinction places the Transposed Arrows in the first group, but there is more. This reverse die is the only one with the letters of CENT rendered in relief in the shield, and it is also the only 1787 cent die with a very compact and refined styling to the date. Finally, the eagle's tail feathers are uniquely styled as well, in that they only mildly flare outward. These unique features have led to the conclusion that the rare Transposed Arrows reverse was likely the very first reverse die of the entire series, with the discovery of the error having perhaps something to do with the rarity of the issue today. Another interesting speculative possibility may have to do with the rarity of this variety. The population of this variety is highly bifurcated: some very well worn pieces (mostly grounders), and one real gem, but not many in the grades in between. There is evidence that the 1787 voyage of the Columbia and Lady Washington from Boston to the Pacific Northwest carried Massachusetts cents (along with Columbia and Washington medals, whose dies were engraved by Joseph Callender of the Massachusetts Mint). The discovery of a worn, holed, and clearly dug example of this variety in a small auction in the Pacific Northwest in November 2000 lends credence to the idea that many or most of these first Massachusetts cents struck were sent on that voyage - with a high grade one perhaps saved by a member of the crew as a souvenir. Interestingly, another holed example appeared in our March 2018 Baltimore sale that was even more worn and corroded. Both holed examples were pierced at the top of the reverse, as if to display the arms of Massachusetts. Seemingly, if these were given out as semi-official trade items with Pacific Northwest natives, that would be the side to focus on. There are about 20 known examples of the variety, and the finest known is the Ford gem, from Europe. Recent inquiries have revealed that there is just one gem, not two, so the second gem specimen can be safely removed from the census. After the Ford gem, high grade examples are few: Newman's cleaned AU Details coin, the superb PCGS EF-45 sold in our Summer 2022 Syd Martin sale for $66,000, the nice EF specimen from the 1975 Kensington Collection sale now graded PCGS EF-45, the April 2021 Partrick NGC EF-45, and the Essex Institute-John L. Roper coin in NGC EF-40 that most recently sold for $43,200 in our August 2023 Global Showcase Auction. Picker's was a nice VF and was last sold publicly in 1984. After that, the coins are low grade or problematic: the rough Garrett-Partrick coin, the rough Robison-Archangel Fine, the Bushnell-Brand coin, the rim bruised Oechsner coin, the bent AG coin in the ANS, the Syd Martin duplicate offered here, the low grade discovery sold in our (Stack's) September 2005 sale, and the two holed coins mentioned above. As the signal rarity of the series, and one of the outstanding famous rarities in the entire realm of state coppers, the Transposed Arrows Massachusetts cent has a special place among colonials. That it is not just a rare variety, but an entire distinctive type (with CENT raised instead of incuse) makes it a must-have inclusion in any Massachusetts copper cabinet. While the word CENT is unfortunately no longer discernible on the present coin (as related above), the date and transposed arrows are clear, and the Ryder 2a-F attribution is obvious. Given how few of these there are, collectors simply cannot afford to be too picky. If a Transposed Arrows is still on your want list, this offering deserves the utmost attention and a strong bid. Provenance: From the Sydney F. Martin Collection. Earlier ex Tom Rinaldo, June 2008.” The coin realized $11,400 in that sale. I did not purchase the coin from the Syd Martin sale but instead purchased it raw from Tony Terranova at the 2025 EAC convention in Pittsburgh on 05/17/25, and then had it re-holdered at PCGS. This is the first and only Transposed Arrow variety that I have ever owned in almost 30 years of business! PCGS certification# 688945.98/59835495, with "Arrows Transposed, Ryder 2-F" in the special label Sydney F. Martin Collection holder.
