|
Sale 8
|
|
press UP arrow key to increase the zoom ratio.
press DOWN arrow key to decrease the zoom ratio.
press RIGHT arrow key to increase the zoom window size.
press LEFT arrow key to decrease the zoom window size.
|
|
Lot 250
1793. Flowing Hair Cent. Chain reverse, "AMERICA" in legend. Sheldon-3, low Rarity-3. . S-3. Del Bland graded Fine-15. The obverse has a long, wide planchet defect in the lower right obverse field near the rim, and another very small one on the reverse. On both sides are a few minor nicks and scratches consistent with the grade. Medium dark steel brown with lighter brown undertones.
This coin has appealing surfaces and color, the obverse fields are a bit lighter in color than the devices and there is a slightly darker area below Liberty's lowest curls. As to the planchet flaw, it is not too deep, and has the appearance of a long flake of metal which has fallen from the coin after striking. Located near the rim, the flaw is somewhat hidden, and does not affect the devices on either side. On the reverse, the tiny planchet flaw is located on the outside of the chain link nearest the E of ONE. A pair of very minor scratches are noted on the E of AMERICA, and there is a tiny pit on the lower right base of the M of the same word.
Sheldon notes that this is the commonest chain cent, but one that is seldom found in very high grades. The leaning "R" obverse and "AMERICA" spelled out reverse is found on about one half of the chain cents known. Keep in mind that the chain cents were the very first coins produced at the new Philadelphia Mint on March 1-12, 1793, as money was not available to pay for the required bond which would allow Mint employees to coin silver or gold coins. The need for coinage was very great in the new country, as 1793 began a large mix of foreign coins, state issues, tokens and an array of paper money (which circulated at a discount to face value) served as the primary circulating medium. Many transactions were by barter, trading goods for goods or services.
The 1793 chain cent dies were prepared by Chief Coiner Henry Voigt, with letter punches by Jacob Bay. No Chief Engraver had yet been found, thus the dies needed to be simple in design, with low relief and plenty of blank space in the central areas as the hand presses in use were small and unable to fully strike complex designs. Even boarders were simple raised lips, without beading or ornamentation, which allowed the coins to wear easily, and apparently not stack. Die steel was of poor quality, and seldom lasted for more than 30,000 coins, often far less. The coinage of these was halted simply because the Mint ran out of planchets on March 12.
Public reaction to the new cents was poor, within a week of their release the chain cents were ridiculed in the press, and Director David Rittenhouse ordered the design changed for the next issue of cents before any more were coined.
Certainly one of the most historic American coins, the very first regular issue from the new Philadelphia Mint.
Estimated Value $6,000 - 7,500.
Ex. Howard R. Newcomb; J.C. Morgenthau & Co #458, 2/45:3 at $51.
|
| |
| Realized $8,050 |
|
