1793 1C Chain, America, BN MS(PCGS#1341)

November 2025 Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

2014

Grade

G4BN

Price

11,100

Lot Description

Well circulated, as befits the assigned grade, yet originally preserved and problem free at the certified Good level to readily uphold CAC approval. The obverse exhibits a gentle marbling of olive-copper and orange-brown patina, reverse more warmly and evenly toned in olive-brown. Although heavy, wear has left a fully outlined Liberty portrait, tops of all four date digits bold, words LIBERTY and STATES faintly legible, central reverse bold with a clear chain motif and partially legible expressions of the denomination. Shallow edge bruises at lower left and right obverse, reverse at 7 o'clock, with the typical light marks and surface pits on both sides, although the latter fade from view when the coin is admired in hand.<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. Our offering of this problem free and attractive PCGS/CAC Good-4 example represents a significant bidding opportunity for many collectors.