1793 1C Chain, S-3, BN MS(PCGS#35438)

Summer 2025 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

3006

Grade

XF45BN

Price

66,000

Lot Description

Breen Die State I. This is an elegant Choice EF Chain cent that would be difficult to improve upon. The surfaces are smooth with a hard, frosty texture and some nice gloss; the toning is an appealing blend of warm autumn-orange and olive-brown shades. Not even close inspection with a loupe reveals more than a few small, widely scattered marks, these acquired during normal commercial use, and none worthy of individual attention. A tiny, shallow planchet flake in the lower left obverse field, just inside the border at 8:30, is as made. The strike is well executed and universally sharp, the light wear that defines the grade largely confined to the central obverse, typical for the type given the high relief of Liberty's portrait.<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. Problem free and attractive EF and AU examples are as rare as they are in perpetual demand, so expect lively competition to acquire this specimen.