Gem Mint State 1794 S-45 Cent

1794 1C Head of '94. MS65 Red and Brown PCGS. S-45, B-35, High R.5. Bland MS64; CC-1. Noyes MS65; CC-1. Photo #21754. Our EAC Grade MS63.

Equivalents. Maris 34 (Plicae); Frossard 20b; Doughty 54; Hays 47; McGirk 5-D; Ross 29-GG; Chapman 33; EAC 33; Encyclopedia 1668; PCGS #901375.

Variety. Hair locks form five heavy braids. Die chip inside left ribbon bow. The obverse appears on S-45 and S-46. The reverse appears on S-45 and NC-5. Lettered Edge, leaf points up.

Surfaces. A stunning example with considerable original mint red that is blended with blue-brown on both sides. Well detailed with excellent borders on each side. Both sides have the usual tiny planchet marks that were present before this piece was struck, but only a couple of later imperfections are visible on either side.

Die State II. The reverse has a fine die crack from the border to the right top of I, continuing to the back of C and a leaf tip, but no further. Die chips extend diagonally across the center of the reverse, from TA in STATES to the border below the final A. These are constant in all die states.

Appearances. The obverse and reverse are illustrated in Noyes (1991 and 2006).

Census. By far the finest known of the variety. The second best grades AU50, and the third finest is VF35. After these three examples, the Condition Census drops sharply through the VF grades. When the St. Oswald coins came on the market in 1964, the Condition Census of certain varieties had to be adjusted. Both Early American Cents and Penny Whimsy were published before any of these coins were known to exist. This specimen, for example, took over the top position for the variety. Earlier, the Gilbert-Hines coin that later appeared in the John Adams collection was considered finest known, graded by Sheldon as MS60 but now considered AU50. Several of the St. Oswald coins have remarkable red and brown color, as does this piece. These coins are among the highest-quality 1794 large cents that are available to collectors today, and they are all coveted for their exceptional aesthetic appeal.

Commentary. The reverse die provides another opportunity for cherrypickers. The left ribbon bow has within it a die chip, sometimes called an extra berry. Only two varieties are known from the reverse die, the S-45 with about 40 pieces known, and the NC-5 rarity with only two known.

Dr. Maris named this the Plicae variety, a name he gave to three different varieties, numbers 34, 36, and 37 in his reference. Today, the others are S-62 and S-63 respectively. Maris also had another variety, number 38, that he called the Roman Plica, known today as S-67. Dr. Sheldon described the term Plicae in Early American Cents as "referring to the fact that the hair is partially twisted or coiled into heavy, separate braids, which point out behind in quite a novel manner."

Provenance. St. Oswald Collection (Christie, Manson, & Woods, Ltd., 10/1964), lot 147, $2,800; H. Van Colle; Dorothy Paschal; Dr. William H. Sheldon (4/1972); R.E. Naftzger, Jr. (2/1992); Eric Streiner (4/1992); Dr. Allen Bennett (2001).

Personality. Dr. Nicholas Way was hired as Mint treasurer in May 1794, replacing Tristram Dalton. He was also a prominent Philadelphia physician who was a member of the Committee of Citizens visiting yellow fever victims in 1797. He became a victim that year, and was buried on September 3. On September 4, Mint Director Elias Boudinot wrote to the Honorable Timothy Pickering:

"It is with inexpressible grief, that, I announce to you the unexpected death of our excellent friend Dr. Nicholas Way, Treasurer of the Mint. He dyed [sic] last Saturday evening of a most malignant yellow fever. The disorder in the city increases in its malignity, and, of course is more mortal than it was. I fear from the information that I have, that it will spread over the city. Enclosed is a letter giving the information to the President. I have seen Dr. Rush, whose mind is greatly clouded, by the present appearance of the disorder. He seems determined if he should live thro' this visitation of the city, to retire from business, and I suspect would gladly accept the office of Treasurer of the Mint. It would be a respectable appointment and therefore I mention it to you." (#35601)

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