1793 Flowing Hair Cent. Chain Reverse. S-1. Rarity-4. AMERI. AU-50 (PCGS).
This is an ideally struck, nicely centered example of the scarce and popular Chain Ameri. cent, with plenty of sharp definition remaining after what must have been a very short stint in circulation. Wear is largely confined to the central obverse high point, typical of the type. Otherwise warmly toned in medium brown, blushes of light steel-olive are evident at the lower left obverse border, upper left reverse. More significantly, there is faded mint color in the protected areas within the chain motif in the center of the reverse - rare for a Sheldon-1 cent at any AU or Mint State grade level. The surfaces are hard, frosty, and predominantly smooth, with a single mentionable mark on the reverse between the words OF and AMERICA, a few smaller marks in and around the central obverse. The two shallow planchet flaws along the right border on the obverse are as made. 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 serious collectors 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. 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. Over the years the cents of 1793 have had special place in the hearts of numismatists. Indeed, the first photographic plate printed in The American Journal of Numismatics in 1869 was a panel of cents of this year gathered from various collections. Ever since numismatics became a widely popular hobby in 1857-1858, 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. Today 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 PCGS AU-50 is sure to see spirited bidding among both type collectors and early copper enthusiasts. It is making its first market appearance in nearly 40 years.
PCGS# 1340. NGC ID: 223G.
From the George Henry Carman Collection. Earlier from our (Stack's) sale of September 1984, lot 7. Lot tag included.

Estimate: $75000