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

Summer 2025 Global Showcase Auction U.S. Coins

Auktionator

Stack's Bowers

Losnummer

3004

Erhaltungsgrad

AU50BN

Preis

108.000

Losbeschreibung

Breen Die State V. A remarkable offering for this rare and conditionally challenged <em>Guide Book</em> variety of the historic 1793 Chain cent. Surface preservation is outstanding with a hard, tight appearance that remains free of porosity, sizeable handling marks, and other significant post-production blemishes. A few wispy marks over and around the obverse portrait are barely noticeable during in-hand viewing, and are hardly unusual in a circulated early date large cent. More useful for identification purposes are a number of planchet flaws on the reverse, through the top of the chain motif and at the border outside the word UNITED. Lightly struck at central obverse, typical of the type, although detail is sharp elsewhere in the absence of all but minimal wear. Faded mint orange color blends with warm medium and olive-brown patina to deliver strong eye appeal.<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, and an even more occasional EF. Examples at the About Uncirculated level attract much excitement; the presently offered piece in its PCGS AU-50 holder will see spirited bidding among high grade type collectors and advanced early copper enthusiasts.