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Lot
5026

1793 Chain 1C AMERICA VF20 PCGS. S-3, Low R.3. The Leaning R variety, with the R in LIBERTY large, high, and leaning to the...

2006 August Denver, CO Signature & Platinum Night Auction #414

 
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Auction Ended On: Aug 14, 2006
Item Activity: 8 Internet/mail/phone bidders Number of Bidders
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Description:
Attractive 1793 S-3 Chain Cent VF20
1793 Chain 1C AMERICA VF20 PCGS. S-3, Low R.3. The Leaning R variety, with the R in LIBERTY large, high, and leaning to the right. The Chain cents were the first coins produced at the nascent Philadelphia Mint after construction was completed in 1792. Actual coinage had to wait until equipment was in place and other issues taken care of. Copper scrap had already been acquired during the later months of 1792. Copper scrap on hand for coinage amounted to 6,345 pounds, enough to produce more than 200,000 large cents. Once all was ready, a small coinage of 36,103 Chain cents was produced in late February and early March of that year, with deliveries taking place during the first 12 days of March. Walter Breen stated that coinage halted for lack of blanks, suggesting that the available copper had not yet been made into planchets, or that much of it was used for other purposes. Although not applicable in 1793, some copper was necessarily used as alloy for silver and gold that was deposited over the next few years and beyond.
The surfaces are deep brown, with lighter-brown accents over the devices. Numerous small abrasions are scattered about, as well as a few minor rim bruises on the reverse, but there is no evidence of porosity or corrosion, as often seen on these early copper coins. EAC 8.(Registry values: N4719) (NGC ID# 223F, PCGS# 1341)

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