1793 1C Wreath, Lettered Edge, BN MS(PCGS#1350)

Summer 2025 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

3007

Grade

AU55+BN

Price

66,000

Lot Description

Breen Die State I. An outstanding example of both the type and die pairing, this is one of the nicest Wreath cents at the Choice AU grade level that we have ever had the privilege of bringing to auction. The surfaces are wonderfully original in preservation and sport a handsome blend of light olive and medium brown colors, with wisps of warm reddish-brown patina that are a bit bolder on the obverse, yet somewhat more extensive on the reverse. The strike is well executed and the detail is impressively sharp in all areas apart from along the upper reverse border, where the beading runs off the flan. Just a trace of rub to the high points of Liberty's portrait in the center is evident to confirm a short stint in active circulation, which was obviously also a gentle stint since neither side reveals so much as a single detracting mark, spot or other blemish. The planchet is choice, as well, and free of the flaws often seen in these early large cents. In a word: exceptional.<p>While Chain cents often attract the most interest for their position as the first made, there is not a collector alive who would assert that Chain cents are more beautiful than their Wreath reverse counterparts. Breen boldly suggested that the elegance of the Wreath cents "was Director David Rittenhouse's answer to the newspaper criticisms" lodged against the Chain cent. Though no evidence exists to support this, the fact remains that the Wreaths represented a substantial step up in both design artistry and engraving execution. The details of this fine style design are lost with even light wear, making high grade Wreath cents such as this the crown princes of the early copper world.<p>In any numismatic season a 1793 Wreath cent is an object of desire, and even coins that are worn nearly smooth command interest and attention. The 2000 reference <em>Walter Breen's Encyclopedia of Early United States Cents: 1793-1814</em> states that approximately 4% of the mintage of 63,353 coins for the 1793 Wreath cent is extant, or 2,400 to 2,800 in all grades. The Sheldon-11c variety represented here probably comprised 6,500 to 7,000 of the 11,825 cents that the Mint delivered on July 6, 1793. Copper for this variety was supplied by Greenleaf & Watson, the planchets apt to show laminations or other natural flaws, although remarkably not seen here, as related above. Production of Sheldon-11c was intermingled with that of S-11b (Lettered Edge, Double Leaf). The reason the Mint abandoned the vine and bars edge device in favor of a lettered edge is unknown, especially since its expression ONE HUNDRED FOR A DOLLAR is yet another statement of the denomination, which is already given twice as part of the reverse design of the Wreath cent (ONE CENT and 1/100).<p>The Clark-Naftzger-Weinberg specimen is a superior quality Wreath cent irrespective of die pairing, and one of the most celebrated examples of the S-11c variety. Bill Noyes and Del Bland each assign a conservative EAC grade of EF45, and they both rank this piece as tied for the CC#6 for the S-11c Wreath cent.