1793 1C Chain, S-2, BN MS(PCGS#35435)

Spring 2025 Showcase Auction U.S. Coins

Auktionator

Stack's Bowers

Losnummer

3003

Erhaltungsgrad

XF40BN

Preis

57.600

Losbeschreibung

Here is a truly memorable example of this first year issue in the United States Mint's large cent series. Richly original surfaces exhibit even, warm copper-brown patina on the reverse, the obverse with wisps of golden-tan to dominant autumn-brown color. A couple of faint hairline grazes engage Liberty's portrait and extend into the right obverse field, where a few shallow flan flaws (as made) are also evident. These features are minimally distracting during in-hand viewing, the balance of the coin pleasingly smooth to include a particularly well preserved reverse. Softly defined in the center of the obverse, a combination of striking deficiency and light wear, the other design elements are sharply to fully detailed. With an exceptionally choice appearance for a lightly circulated Chain cent, this is an outstanding coin that would do equally well in a high quality type set or early copper cabinet. Breen Die State II.<p>The 1793 Chain cents are numismatic Americana at their finest. After pattern coinage in 1792, the first federal coins made for general circulation at the new Mint building in Philadelphia were struck at the end of February 1793, and delivered by the coiner in early March. These were the first large cents, production of which preceded that of half cents by several months. The pieces were put into circulation, with no known numismatic attention paid to them. Indeed, the number of people seriously interested in numismatics in the United States at that time could be counted on the fingers of one hand, and these gentlemen mainly concerned themselves with earlier and classic issues.<p>A newspaper article at the time stated that the Chain motif on the reverse was but "an ill omen for Liberty," certainly not symbolic of our nation. No doubt for this reason the design was soon revised completely. The Chain cents are struck in rather low relief, whereas their successors, the Wreath cents, are in dramatic high relief, more so than any other large copper cent issue.<p>Over the years the cents of 1793 have had special place in the hearts of numismatists. Indeed, the first photographic plate printed in <em>The American Journal of Numismatics</em> in 1869 was a panel of cents of this year gathered from various collections. Ever since numismatics became widely popular in 1857-1858, the ownership of a 1793 Chain cent has been a badge of distinction.<p>Today in 2022 the typical 1793 Chain cent ranges in grade from Good to Fine, punctuated by an occasional VF, and an even more occasional low end EF. Examples at the uppermost reaches of the Extremely Fine level attract much excitement; the presently offered PCGS/CAC EF-40 is sure to see spirited bidding.<p>An easily identifiable die marriage of the issue, Sheldon-2 combines the wide date obverse with the AMERICA reverse. Indeed, the digits in the date are markedly wider on this obverse than on any other used to strike Chain cents, with the most space between the digits 7 and 9. This obverse was also used to strike examples of the S-1 Chain AMERI. variety, the very first federal cent. The reverse die of the S-2 variety was also used to strike Chain cents of the S-3, S-4 and NC.1 varieties (i.e., all other die varieties of the issue except the aforementioned S-1 AMERI. variety). The presentation of the word AMERICA in full is the most readily identifiable diagnostic of this reverse die.