1793 1C Chain, AMERI., BN MS(PCGS#1340)

February 2026 Showcase Auction - The James A. Stack, Sr. Collection Part II

Auctioneer

Stack's Bowers

Lot Number

25024

Grade

XF40BN

Price

180,000

Lot Description

Breen Die State V. An exceptional offering for this rare and conditionally challenged <em>Guide Book</em> variety of the historic 1793 Chain cent. Limited CAC stickering rates throughout the numismatic grading scale confirm how difficult it is to locate an example of the Sheldon-1 die pairing with the solid, attractive originality that defines the Dean Oakes Family specimen. Hints of pale olive and flint gray visit otherwise light rose-brown surfaces. Not only is this coin originally preserved, but it is also carefully so with hard, tight surfaces that show a hint of frosty texture when viewed with the aid of direct lighting. We see neither porosity nor roughness on either side, and not even close inspection with a loupe reveals more than a few trivial marks that are far less extensive than one might expect for a Chain cent at the certified EF-40 grade level. A thin, shallow, horizontal planchet fissure at right reverse is as made and is the only readily evident identifier for provenance purposes. Ideally centered, the strike is superior for both the type and die state, the detail impressively sharp overall with most of the light wear concentrated at the central obverse high points, as expected for a Chain cent. More attractive and desirable even than many certified AUs that we have handled for this variety through the years, we cannot recommend this coin strongly enough. It is outstanding and will please even the most discerning collector.<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 a widely popular hobby in the late 1850s, the ownership of a 1793 Chain cent has been a badge of distinction. The Sheldon-1 die pairing, offered here, enjoys particularly strong demand not only as the first variety of large cent produced, but also as the only one of the Chain Reverse design with the AMERI. abbreviation in the legend.<p>Today in 2025, the typical 1793 Chain cent ranges in grade from Good to Fine, punctuated by an occasional VF. Premium examples at the Extremely Fine level attract much excitement, especially with rare CAC approval. The presently offered piece in its Generation 3.0 PCGS EF-40 holder and stickered by CAC will see spirited bidding among high grade type collectors and advanced early copper enthusiasts.