1652 Pine Tree Shilling Value & Price Guide

Every Pine Tree Shilling is dated 1652. Every single one. It doesn't matter if it was struck in 1667 or 1682. The Massachusetts Bay Colony put 1652 on the die and never changed it, possibly to maintain the fiction that the coins were minted under Oliver Cromwell's Commonwealth (which had authorized the mint) rather than under the restored King Charles II (who hadn't). It was an early American act of quiet defiance, stamped in silver.

These coins are among the oldest money made on American soil. They were circulating in colonial New England decades before the United States existed as a concept. Today, they sell for anywhere from a few hundred dollars to over $22,000, depending on the variety and condition.

Quick Value Summary

Item: 1652 Pine Tree Shilling Year on Coin: 1652 (actually struck ca. 1667-1682) Mint: Boston, Massachusetts Bay Colony Category: Coins (Colonial)

Condition Range:

• About Good (heavily worn): $500 - $1,500

• Good to Very Good: $1,500 - $4,000

• Fine: $3,000 - $7,000

• Very Fine: $5,000 - $12,000

• Extremely Fine to AU: $10,000 - $22,000+

Record Sale: $22,200 (MS62, Stack's Bowers, August 2023) Rarity: Rare (surviving population in the low thousands across all varieties)

The Story

In 1652, the Massachusetts Bay Colony did something unprecedented and technically illegal: it established its own mint. England claimed sole authority to produce coinage for its colonies, but Massachusetts was three thousand miles away and desperately short of circulating money. Trade was being conducted with wampum, beaver pelts, and a motley assortment of foreign coins. The colonists needed their own currency.

The General Court of Massachusetts authorized John Hull and Robert Sanderson to operate a mint in Boston. Hull was a successful merchant and silversmith. The arrangement was straightforward: Hull and Sanderson would convert silver brought to the mint into coins, keeping one out of every twenty shillings as their fee. It was a profitable arrangement. Hull became one of the wealthiest men in New England.

The mint produced three main series: the NE (New England) coins (the simplest, with just the letters NE), the Willow Tree coins, the Oak Tree coins, and finally the Pine Tree coins. The Pine Tree series, struck from roughly 1667 to 1682, was the last and most common. The pine tree design on the obverse gave the coins their name. The reverse showed the denomination and the date 1652.

All coins bore the 1652 date regardless of when they were actually struck. The most plausible explanation is political: the mint was authorized under Cromwell's government, and continuing to use that date helped Massachusetts avoid drawing attention from the restored monarchy. Charles II eventually shut the mint down in 1682 as part of broader efforts to rein in colonial independence.

Pine Tree Shillings come in three planchet sizes: large (the earliest), small (the most common), and an intermediate size. Die varieties are cataloged using the Noe reference system (named after collector Sydney P. Noe, who published a comprehensive study in 1947). There are dozens of recognized die combinations.

How to Identify It

Key visual markers:

• Obverse: A pine tree in the center, surrounded by the text "MASATHVSETS IN" (an abbreviation of Massachusetts)

• Reverse: The denomination "XII" (twelve pence = one shilling) surrounded by "NEW ENGLAND AN DOM" and the date 1652

• Silver composition: The coins are made of sterling silver (approximately 92.5% silver)

• Size: Large planchet shillings are about 27-29mm in diameter. Small planchet versions are about 22-26mm.

• Weight: Approximately 4.5 to 4.7 grams (though weights vary due to hand-production)

Planchet varieties:

• Large planchet (ca. 1667-1674): Wider, thinner. The earliest Pine Tree type.

• Small planchet (ca. 1675-1682): Narrower, thicker. The most commonly encountered type.

Common confusions:

• Oak Tree Shillings: Very similar but feature an oak tree instead of a pine tree. Struck earlier (1660s).

• Reproductions and souvenirs: Many reproduction Pine Tree Shillings exist as souvenirs, museum shop items, and outright fakes. Genuine coins have irregular shapes (they were struck by hand on hand-cut planchets) and show natural silver aging.

• The date doesn't help with dating: All Pine Tree Shillings say 1652. Die variety identification is the only way to determine the approximate period of production.

Value by Condition

About Good (AG, heavily worn): $500 - $1,500 The design is barely visible. You can make out the general shape of the tree and some lettering, but most details are worn smooth. At this grade, you're buying the coin for its history. It's still a 350+ year old piece of American silver.

Good to Very Good (G-VG): $1,500 - $4,000 The tree is visible, major lettering is readable, and the date can be confirmed. The coin has obviously circulated for a long time but retains its essential design elements.

Fine (F): $3,000 - $7,000 The pine tree shows good detail. Most lettering is clear. The coin has moderate wear consistent with circulation but presents well. This is the sweet spot for collectors who want a presentable example without paying five figures.

Very Fine (VF): $5,000 - $12,000 Sharp tree detail with individual branches visible. Lettering is nearly complete. Only moderate high-point wear. A very attractive coin at this grade.

Extremely Fine to About Uncirculated (EF-AU): $10,000 - $22,000+ Minimal wear, strong detail throughout. Original luster may be partially visible. These are rare survivors. A Noe-17 variety in MS62 sold for $22,200 at Stack's Bowers in August 2023. A small planchet Noe-29 in MS61 brought $13,200 at the same sale.

Price trend: Colonial coins have a stable, dedicated collector base. Values have appreciated slowly but consistently over decades. These aren't speculative instruments. They're history.

Known Varieties

Pine Tree Shillings are collected by Noe variety (die combination). Some key varieties:

• Noe-1 through Noe-16: Large planchet varieties. Generally scarcer than small planchet.

• Noe-17 through Noe-30+: Small planchet varieties. More commonly encountered.

• Noe-7 (N Reversed): A variety where one of the N's in the legend is punched backward. Interesting to variety collectors.

Rarity varies significantly by die combination. Some Noe numbers are known from only a handful of surviving specimens, while others have dozens or hundreds of known examples.

Authentication & Fakes

Fakes are a serious concern for colonial coins. The irregular production methods of the originals (hand-struck on hand-cut planchets) mean there's no perfectly uniform standard to compare against, which makes detecting sophisticated forgeries harder than with machine-struck coins.

Red flags:

• Too perfect: Genuine Pine Tree Shillings are irregularly shaped and have uneven strikes. A perfectly round, evenly struck example is suspicious.

• Wrong silver color: Genuine coins have a specific patina after 350+ years. Modern silver looks different.

• Weight and composition: Authentic coins are sterling silver. A specific gravity test can identify base metal fakes.

• Cast fakes: Many fakes are cast rather than struck. Cast coins show a grainy surface texture under magnification rather than the flow lines of a struck coin.

Third-party grading (PCGS or NGC) is essential for any purchase over a few hundred dollars. Both services authenticate and grade colonial coins. Grading fees start around $40-$65 for economy service.

Where to Sell

Best venues:

• Stack's Bowers, Heritage Auctions: The major numismatic auction houses. Both hold regular colonial coin sales with deep buyer pools.

• Specialized colonial coin dealers: Firms like C4 (Colonial Coin Collectors Club) members often buy and sell through their networks.

• eBay: Viable for lower-grade examples, but higher-end pieces do better at established numismatic auctions.

Expected selling costs:

• PCGS/NGC grading: $40 - $100+

• Auction house buyer's premium: 20-22%

• Seller's commission: 5-10% for consigned lots

• Insured shipping: $20 - $50

Have an old silver coin with a tree on it? Upload a photo to Curio Comp for identification help.

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