1793 1C Chain, S-3, BN MS(PCGS#35438)

Spring 2026 Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

2076

Grade

F15BN

Price

19,800

Lot Description

Breen Die State II-III. This is a handsome Chain cent for the assigned grade with dominant autumn-brown patina and lighter sandy-gold outlines to many of the devices. All major design elements are clear; the digit 7 in the date is a trifle weak, yet readily evident. The appearance is fairly smooth for the assigned grade, although prominent flan fissures (as made) in the lower and right obverse field areas are noted. Closer inspection reveals scattered handling marks and a few trivial edge bumps on both sides. All in all, this appealing Choice Fine coin will nicely represent this popular one year design type from the initial year of the U.S. Mint's large cent series.<p>A classic of American numismatics for generations, the 1793 Chain cents are the first coins put into large-scale production at the newly opened Mint facilities in Philadelphia. Originally intended to be coined at a weight standard of 17.11 grams, this was proven to be unusable prior to production and was reduced to 13.48 grams. The first of three different cent designs used in 1793, Henry Voigt's dies were ready by February and the entire mintage of 36,103 Chain cents was accomplished in eight batches between February 27 and March 12 using five separate die pairings. The mintage for the Sheldon-3 variety with AMERICA spelled out fully and with no periods on the obverse, as represented here, is thought to have comprised the bulk of the deliveries from March 2 through 8 totaling as many as 18,000 coins. Unfortunately for Voigt, the design was roundly criticized from the outset: contemporary accounts opined that the disheveled Flowing Hair bust was unbecoming and the chains on the reverse were more indicative of bondage and slavery than anything else - an observation made even more apparent from specimens struck from clashed dies that gave the appearance of a wreath of chains around Liberty's portrait.<p>Despite the criticisms, the new cents entered circulation where they suffered from all sorts of trials and tribulations. Today, the vast majority of specimens are not only found in low grade, but also heavily impaired. Problem free and attractive examples in all circulated grades are in perpetual demand, so expect lively competition to acquire this PCGS-certified Choice Fine specimen.