1793 Chain 1C AMERI. AU53 PCGS. S-1, B-1, R.4. ...
Lot: 2000,
Auction: 2008 February Long Beach, CA Signature Coin Auction #460
Bid Information
For your convenience, the bid information on this page automatically refreshes with the most up to date data so you don't have to refresh/reload this page.Minimum Next Bid
Bid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the current bid. However, podium, fax, phone and mail bidders submit bids at various times without knowing the current bid and must be on-increment or at a half increment (called a cut bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment. However, for Internet bids, these increments only apply to the current bid. Internet bids greater than one increment over the current bid can be any whole dollar amount. It is possible under several circumstances for winning bids to be between increments, sometimes only $1 above the previous increment.Number of Bidders
This number represents the number of individual bidders prior to the close of Internet bidding on each lot. An individual who bids more than once is still counted only once. During the live session, only the winning bidder is included in this number, although detailed records are kept of all forms of bids.Status
Reserve (If Any) Not Posted Yet:
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions.
Consignor Has Not Yet Submitted a Reserve:
Although the consignor's agreement allows a reserve on this lot, the deadline for submitting such a reserve has elapsed. If consignor submits a reserve post-deadline and the item fails to meet that reserve, we may charge the consignor a higher reserve fee.
No Reserve:
This lot is being sold without a consignor reserve.
(Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserve Met:
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
Minimum Bid:
Lots bearing bidding estimates shall open at Auctioneer's discretion (approximately 25% to 60% of the low estimate).
What's This?
Our Auction Results Archives now allow our members to make anonymous offers on items that may not be auctioned again for some time. Please note that the winner of this Heritage auction lot may or may not still own this item and may or may not be willing to sell.This Make Offer to Owner (MOTO) program is still in the Beta Test phase, and we would appreciate any suggestions to help us improve our system. Please email your suggestions to Webmaster@HA.com.
Heritage retains 10% of the total price as its commission, from which Heritage absorbs all credit card/PayPal costs. This service is free to the buyer (no Buyer's Premium), includes a 7 day return policy, and protects the identity of both parties.
Our software allows offers and counter-offers, but we suggest making your best offer the first time as most owners will not respond to low offers at all. You will receive a response or no-response email from Heritage within 72 hours.
What's This?
The owner of this item has indicated that they would sell this item at this amount, although their acceptance of your offer is required before the item can be purchased.Our Auction Results Archives are not only the best resource for market research, but now you have the opportunity to acquire very rare items that may not be auctioned again for some time by making an anonymous offer that will make the owner sell.
BP - Buyer's Premium
A "Buyer's Premium" is charged in addition to the successful bid according to the rate defined in our terms and conditions.Not Sold
This indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.Description:
Steel-Brown 1793 S-1 AMERI. Cent
1793 Chain 1C AMERI. AU53 PCGS. S-1, B-1, R.4. Bland XF40; tied for CC-11. Noyes VF35; CC-12. Photo #33333. Our EAC Grade XF40.Equivalents. Crosby-Levick 1A; Frossard 1, first reverse; Proskey 1; Doughty 1; Crosby 1-A; McGirk 1-A, 1-G; EAC 1; Encyclopedia 1632; PCGS #1340.
Variety. Widest date of all Chain cents. Legend abbreviated AMERI. The obverse appears on S-1 and S-2. The famous Abbreviated Reverse die was only used for S-1, taken out of service when a large piece of the die broke away over TAT. The edge of all the Chain cents consists of a Vine and Bars design, as on most of the Wreath cents. At about the time of the Civil War, this edge was commonly called "Stars and Stripes." A continuous chain of 15 links appears on the reverse, one for each state at the time (Kentucky became the 15th state in 1792). The public disapproved of the initial design concept intended to represent unity of the country, feeling that the chain suggested slavery.
Surfaces. Excellent surfaces with the sharpness slightly finer than the net grade. Both sides have smooth steel-brown and dark olive color with only the slightest handling marks expected for the grade. A faint scratch across the neck into the hair and another at the chin are the only visible provenance markers, with a few fainter scratches and other blemishes mostly hidden in the devices. Traces of cartwheel luster remain on both sides.
Die State III. This piece represents an intermediate die state with faint clash marks below the bust truncation, but no evidence of the die crack that eventually forms through the tops of TATE. Aspects of this piece seem to meet Breen's criteria of different die states recorded in his Large Cent Encyclopedia. While the clash marks of Breen's Die State III are faintly visible on the obverse, there is no indication of the die bulge over the U on the reverse, recorded for State II.
Appearances. The obverse and reverse are illustrated in Noyes (2006).
Census. Several high-grade examples of the Chain AMERI variety are known, including two Mint State pieces and four others that grade AU. Breen often explained the existence of high grade coins by stating they were saved as the first of their kind. No documentation is known to support such a claim. Just seven of the top 15 pieces were known prior to 1900.
Commentary. Most numismatists consider the Chain AMERI. to be the first variety struck, and therefore the first American coin produced at the new Philadelphia Mint. Sheldon wrote in Early American Cents: "This coin is in strong demand at all times, and the high value arises in part from the fact that it is the first coin struck for circulation at the U.S. Mint." His comments are equally valid today, nearly 60 years after he wrote them. Although considered just Rarity-4, with 150 to 200 examples known, the Chain AMERI. is hard to locate in higher grades due to a typical weak obverse, quickly affected by wear. Sheldon also noted that older cent collectors sometimes called this the "weak obverse" variety. It is unknown who was the first to identify the Chain AMERI. cent as a new variety, although it was clearly discovered before publication of the Crosby-Levick plate in 1869.
The history of large cent collecting dates back to at least 1858, when Edward Cogan conducted a small sealed bid sale of 77 large cents. Although he did not publish the results until 1862, it is clear that there were several active collectors in the late 1850s. The 77 pieces realized a total of $128.68, for an average of $1.67 each. While seeming unimpressive today, the results were astonishing at the time.
In the 1860s some numismatists discouraged collecting these "insignificant" pieces. In the introduction to his Monographs reference, John Adams quotes an 1865 address by Dr. Winslow Lewis, president of the Boston Numismatic Society, to the members: "Are we not somewhat degenerate at this present time in our Numismatic pursuits? Will the possession of fifty or sixty cents from the first coinage to this year, a series not certainly strikingly artistic nor elegantly suggestive, be called a lofty pursuit? Let us ... do all we can to discourage the folly of collecting worthless pieces of metal, whose sole value is their scarcity." Adams comments that the Boston society would soon devote entire evenings to large cents. Die variety references for 1793 and 1794 large cents were published in 1869, and critics were silenced.
Prior to the establishment of the Mint in Philadelphia, coinage in circulation consisted of a mixture of Colonial issues and foreign coins. Gold and silver coins were primarily issues from England, France, Spain, and Portugal, while copper coins included issues from those countries, as well as various state coinage issues and private tokens. As there was no standard coinage, the system created a nightmare for bankers, merchants, and consumers. Gold and silver issues were accepted at weight, based on their approximate content, requiring each merchant to test the pieces and weigh them.
David Rittenhouse submitted an assay report to Congress on January 7, 1793 (reprinted in American State Papers), indicating the content of various gold and silver coins then in common circulation. David Ott conducted the actual assay work, indicating that Spain used the lowest quality gold and Portugal, the highest. Similar assays were conducted periodically for many years, as long as various world coinage remained in circulation. Although weighing was still necessary, those assays lessened the need to test individual pieces.
Provenance. Purchased in 1941 by J.S. Gensheimer (Stack's, 2/1951), lot 396, $240; Willard C. Blaisdell; J.J. Teaparty (1976); Ed Hipps; Dean Oakes; Julian Leidman (7/1994); John B. MacDonald; Denis W. Loring.
Personality. John B. MacDonald is a retired manufacturer's representative from Dayton, Ohio. Consulting initially with Jack Borckardt and later with Denis Loring, MacDonald formed several specialty collections of high-grade cents, his favorite being the cents of 1793. Three of Walter Husak's four Chain cents are from the MacDonald Collection. (#35432)
View Entire Collection
View large image(s) of this item
Shipping Description: Coins & Currency (view shipping information)
After Internet bidding closes, live bidding will take place through www.HA.com/Live. Your secret maximum bid placed prior to the live event will compete against the live bids. To maximize your chances of winning, enter realistic secret maximum bids on our site. Many of our proxy bidders are successful at winning lots in these auctions, and usually below their secret maximum. You can also place last minute bids directly with us by e-mailing Bid@HA.com or calling 1-866-835-3243. (Important note: Due to software and Internet latency, live bids may not register in time, so enter realistic proxy bids.)
Signature Floor Sessions
Internet bidding ends at 10:00PM CT the night before the floor session for this lot. During the live auction event, bidding in person is encouraged, and Heritage Live includes streaming audio and often video during the event.
|
Rasmussen Special Edition Catalog
This hard bound volume contains the magnificent Wes Rasmussen Large Cent Collection, formed by a former President of the Early American Coppers society which was auctioned at the 2005 Florida United Numismatic Auction. Reserve your copy of this remarkable volume for just $75 today. |
|
Rasmussen Signed Limited Edition Catalog
A hard bound limited library edition of the Wes Rasmussen Collection Catalog, signed by Wes Rasmussen, Mark Borckhardt, Greg Rohan, and Denis Loring, is available while supplies last. Only 100 produced. Reserve your copy of this remarkable limited edition signed volume for just $150 today. |
Guides and Pricing Information:
Previous Prices from Heritage Auctions
| Lot | Date | Grade | Service | Realized |
|---|---|---|---|---|
|
No previous prices realized recorded for this item in this grade. View prices realized from this item in other grades (you must be signed in) |
||||
PLEASE NOTE:
All prices realized reflect the final hammer price PLUS the buyer's premium
in auctions that charge a buyer's premium.
Each item has a notation at the top of the listing indicating whether that lot included a buyer's premium.
All information listed is intended to be as accurate as possible, but errors are possible.
Please use this guide carefully and inform us of any inaccuracies.
|
||||
BP - Buyer's Premium
A "Buyer's Premium" is charged in addition to the successful bid according to the rate defined in our terms and conditions.Price Guide*
| Grade | Coin World (Coin Values) |
Numismedia Retail |
Numismedia Wholesale |
Numismedia NGC (nmn) |
Numismedia PCGS (nmp) |
PCGS Price Guide |
||
|---|---|---|---|---|---|---|---|---|
| 50 | --- | --- | --- | --- | --- | --- | ||
| 53 | --- | --- | --- | --- | --- | --- | ||
| 55 | --- | --- | --- | --- | --- | --- | ||
| *All information listed is intended to be as accurate as possible, but errors are possible. No item may be returned or refused based on this information which is provided as a service to our customers. You should contact each pricing source directly to determine the accuracy of this information. | ||||||||
Population Guide
| Service | Grade | Population in this Grade | Population of Higher Grade | Population in All Grades | Mintage | Engraver |
|---|---|---|---|---|---|---|
| PCGS | 53 | 1* | 2* | 4 | 0 | |
| NGC | 53 | 0 | 0 | 0 | ||
| *This information is provided and owned by PCGS. Its display and use are subject to the licensed agreement between PCGS and Heritage Auction Galleries. | ||||||


)




]&sink=preservemd[true])
]&sink=preservemd[true])
]&sink=preservemd[true])
]&sink=preservemd[true])














