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1793 Chain AMERICA Cent, AU53 PCGS
The Eighth Finest S-2, B-2 Cent

1793 1C Chain, AMERICA, AU53 PCGS Secure. S-2, B-2, High R.4. Our EAC Grade XF45. Wide Date / AMERICA. The Wide Date obverse appears on S-1 (the famous AMERI.) and S-2 (the variety offered here). The reverse die has AMERICA spelled in full and appears on four of the five known Chain cent varieties (S-2, S-3, S-4, and NC-1).

Varieties of 1793 Chain Cents
Five varieties are known of the 1793 Chain cents. Those die pairs are responsible for a mintage of 36,103 coins, an average production of just 7,200 coins per pair. The standard attribution follows the work of Dr. William Sheldon in Penny Whimsy, first published in 1949 as Early American Cents.
The famous Chain AMERI. is known as S-1, a pairing of obverse die 1 and reverse die A. The distinctive reverse has the legend abbreviated as UNITED STATES OF AMERI. The usual reason given for the unfinished reverse is that the engraver ran out of space for the last two letters. Breen suggests that others (possibly Breen himself) have speculated "that the abbreviated legend was deliberate symbolism, after the style of the Masonic Unfinished Pyramid on the reverse of the Great Seal." The Chain AMERI. cent is rated low Rarity-4, suggesting that nearly 200 examples survive in all grades. The Loring collection does not offer the S-1.
The first Chain AMERICA variety offered here is known as S-2, pairing obverse 1 of the Chain AMERI. cent with a new reverse that includes the legend in its entirety. The S-2 is the scarcest of the four collectible Chain varieties, rated R.4, with a surviving population of about 125 to 150 pieces in all grades.
The next 1793 variety is the plentiful S-3, using a new obverse die and the single Chain AMERICA reverse. Perhaps as many as 600 to 700 examples of S-3, rated R.3, survive in all grades, a population greater than all other Chain cent varieties combined.
The final Sheldon Chain cent variety is the S-4, With Periods. The obverse die has periods following the date and LIBERTY. This obverse is distinctive and recognizable at a glance, even in low grades. Rated High R.3, the S-4 cent has a surviving population of about 250 coins.
One other variety is known. The extremely rare NC-1, a non-collectible variety, has only two surviving specimens. One is a remarkable XF45 coin in the American Numismatic Society collection, and the other is in the lowest possible grade, Basal State 1, the only collectible example.

Coins Included in the Loring Collection
Denis Loring's objective was a matched collection of attractive, problem-free 1793 large cent varieties. His goal was pleasing XF to AU coins. When he consigned the collection to the 2012 FUN auction, he elected to retain a three-coin type set, choosing S-1, S-7, and S-13 for that collection. Other omitted coins are the six NCs and the S-12, S-15, and S-16, as those varieties are unknown outside of museums in the grades Loring desired.

The Loring 1793 S-2 Cent
Breen Die State II, with light obverse clash marks and a thin die bulge at the base of 793. The Loring specimen is considered the eighth finest known 1793 S-2 cent, according to Del Bland. The census of top specimens includes one or two Mint State coins, five or six AU coins, and four XF examples, all based on early copper grading standards.
In Auction '81, Superior assigned the Loring S-2 a conservative grade of XF40 and suggested that a finer grade may be warranted:

"Extremely Fine 40, with splendid chocolate brown highly glossy surfaces, strongly suggestive of a higher grade; the reverse is especially sharp with faint indications of original mint frost. There are several minuscule signs of handling visible upon the obverse, including a thin, shallow scratch in field before jaw, but these do not impair the coin's beautiful appearance. A highly impressive coin for the serious collector."

Glossy medium olive and golden-brown surfaces retain considerable mint frost on both sides of this superlative specimen. A tiny flaw appears on Liberty's chin, and tiny handling marks are nearly invisible on the Choice surfaces of this cent. The strike is excellent with nice centering, the plain, raised border visible around nearly all of the perimeter. Del Bland and William "Bill" Noyes agree that the Loring specimen is the eighth finest S-2 Chain cent.
Ex: Rodney T. Grove; Robert Nofal and Lewis Kling; Superior Stamp & Coin Co.; Auction '81 (Superior, 7/1981), lot 507; Douglas F. Bird; Michael Kramer (10/25/1996); Dennis Mendelson (12/1996); John B. MacDonald; Denis W. Loring.
From The Denis W. Loring Collection of 1793 Large Cents.(Registry values: N7079) (NGC ID# 223F, PCGS# 1341)

View all of [The Denis W. Loring Collection of 1793 Large Cents ]

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Auction Info

Auction Dates
January, 2012
3rd-8th Tuesday-Sunday
Internet/Mail/Phone Bidders: 14
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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 Borckardt, 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.

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