Impressive Census Level 1793 S-2 Chain Cent

1793 Chain 1C AMERICA MS60 Details, Light Surface Damage, ANACS. S-2, B-2, High R.4. Bland MS61; CC-1. Noyes AU50; tied for CC-6. Photo #35070. Our EAC Grade AU55.

Equivalents. Crosby-Levick 1B; Frossard 1, second reverse; Proskey 2; Doughty 2; Crosby 1-C; McGirk 1-B; EAC 2; Encyclopedia 1633; PCGS #1341.

Variety. Widest date of all Chain cents. Full legend, AMERICA. The obverse appears on S-1 and S-2. The reverse appears on S-2, S-3, S-4, and NC-1. The obverse die was resurfaced to remove clash marks, also diminishing the appearance of the die bulge that appeared during striking of the earlier S-1 coins.

Surfaces. A remarkable Chain cent with lustrous medium olive color and considerable red on exceptional surfaces. The slightest smoothing of the surfaces are mentioned by ANACS. There is no trace of wear, but a blunt strike is described by Del Bland in his Condition Census, evident on the hair around the ear and on letters of the legend. According to the New Netherlands cataloger, one of America's greatest collectors described the appearance as "liquid fire" when he first saw this coin.

Die State II. A late die state with clash marks visible in the obverse field. The earlier obverse clash marks from the S-1 were polished off the die, and production of the S-2 cents began. Soon, another die clashing occurred, and the late state S-2 cents appeared. Theoretically, early state examples of this die marriage could exist with clash marks from the AMERI. reverse.

Appearances. The obverse and reverse are illustrated in Walter Breen's Encyclopedia of Early United States Cents 1793-1814 and in Noyes (2006).

Census. Del Bland lists this piece as finest known in his Census, followed by five pieces graded AU55 and one other graded AU50. Bill Noyes had apparently not seen this coin when his 1991 photographic study was published. In United States Large Cents 1793-1814, he listed this piece as finest known with a grade of MS60+. A number of years later, in The Official Condition Census for U.S. Large Cents and in United States Large Cents 1793-1794, he listed the coin as AU50 and tied for sixth finest known, based on his personal examination.

The disparity in grade between Del Bland and Bill Noyes results from differing opinions regarding the appearance of this piece. Noyes believes the coin may have been cleaned and recolored, while Bland suggests that the appearance is fully original. However, the bottom line is the opinion of the owner. Certainly Walter Husak likes this piece or he would not have it in his collection, and we are sure the new owner will be equally delighted.

Commentary. When considering all varieties of Chain cents certified by both NGC and PCGS, the population figures suggest that 23 different pieces have been certified MS60 or finer. Comparing current Condition Census notes with population reports will show that only about a dozen Chain cents have legitimate claims to Mint State status in today's commercial grading environment.

Various proposals were presented for the establishment of a Mint in the United States or for the supply of coinage from overseas. Thomas Jefferson received a proposal from John H. Mitchell, who stated that he could furnish a supply of copper coinage of better quality and at less cost than anyone else in any country. Mitchell claimed that his coinage dies would be engraved by the finest artist in that line of work in Europe, that his coinage would be struck by a "fire engine," and that his process would strike the edge at the same time as the faces of the coin. Furthermore, his coinage would be produced of pure, unalloyed copper, wrapped and packed in casks ready for shipping, at the rate of 14 pence sterling per pound.

Based on specimens that Jefferson personally saw, he commented: "He [Jefferson] is, therefore, of opinion, that the undertaker, aided by that artist, and by his own excellent machines, is truly in a condition to furnish coin in a state of higher perfection than has ever yet been issued by any nation." However, Jefferson recommended that the coinage proposal be declined. "We lose the opportunity of calling in and re-coining the clipped money in circulation, or we double our risk by a double transportation. We lose, in like manner, the resource of coining up our household plate in the instant of great distress. We lose the means of forming artists to continue the works, when the common accidents of mortality shall have deprived us of those who began them."

Provenance. F.C.C. Boyd (1957); New Netherlands Coin Co. (Sale 50, 12/1957), lot 881, $1,350; Corrado Romano (Stack's, 6/1987), lot 145, $31,900; Martin Paul; Superior (1/1988), lot 50, $50,600; Martin Paul; Dr. Kenneth Baer; Auction '89 (David Akers), lot 1003, $88,000; American Rare Coin Fund, LP; Auction '90 (Superior), lot 1007, $132,000; Martin Haber; Heritage (10/1990), lot 453; later, Bowers and Merena (1/1993), lot 217; later, Superior; Spectrum Numismatics (9/1996).

Personality. Frederick C.C. Boyd was born in New York City, on April 10, 1886, and died on September 7, 1958, in East Orange, New Jersey. Over many years he was employed in a variety of fields, beginning as an apprentice printer at age 13. He spent some time as a traveling salesman and an advertising manager before taking a managerial position with the Union News Company. Boyd was a vice president with Union News when he retired in 1946. He kept busy as a part-time coin dealer, conducting three auction sales including the 1922 ANA auction. He held Life Member number 5 in the ANA, was a life fellow of the ANS, and served as president and secretary-treasurer of the New York Numismatic Club over a period of many years. Boyd assembled an amazing collection, much of it sold by Numismatic Gallery over a series of six sales billed as "The World's Greatest Collection" in 1945 and 1946. His pattern coins were sold to King Farouk, and his Colonials to John Ford. (#35435)

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