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Description

1793 S-4, B-5 With Periods Chain Cent, AU53
Tied for Fifth Finest
First Public Auction Appearance

1793 1C Chain, AMERICA, Periods, AU53 PCGS. S-4, B-5, R.3. Our EAC Grade XF45. Periods / AMERICA. This distinctive obverse die only appears on S-4, with periods following the date and LIBERTY. The reverse die has AMERICA spelled in full, appearing on four of the five known Chain cent varieties (S-2, S-3, S-4, and NC-1).

Sylvester Crosby and His 1793 Cents
Sylvester Sage Crosby is best known in numismatics for the incredible Colonial coinage reference that he published in 1875, Early Coins of America. After years of painstaking research, he assembled all of his notes into a book-length study that is still the standard reference in some series, and remains the single most important Colonial coinage reference in the libraries of collectors today.
Only specialized early copper collectors realize that Crosby was also a student of early federal copper issues, the half cents and large cents, especially those issued in 1793. His initial work on that series appeared in the late 1860s, in the American Journal of Numismatics. Working in conjunction with Joseph N.T. Levick, Crosby authored the first variety identification guide to any large cent series, and the famous photographic plate that Levick compiled was the first illustrated attribution guide to any series of U.S. coins. Crosby and Levick's work was extraordinary. Only S-7 and S-12 were unknown among the 16 Sheldon numbers.
A quarter-century later, Crosby compiled a book-length study published in 1897 of the 1793 copper varieties, including cents and half cents. He described and illustrated every known die pair of 1793 cents and half cents with the solitary exception of NC-6, a Liberty Cap variety that was discovered in the 1970s. Nearly 80 years passed until a new variant was discovered that Crosby did not describe, and no new 1793 varieties have been found since.

The Loring 1793 S-4 Cent
the Loring S-4 shows an early stage of Breen Die State II, with the crack from the border to hair at 7 o'clock faint, and additional cracks extremely faint. The reverse has been resurfaced since its appearance on S-3 and now has light field roughening below UNITED. This cataloger grades the Loring specimen XF45, following the strict early copper grading standards established by Dr. William H. Sheldon. It is tied for fifth finest known in the Noyes photo book and in a seventh-place tie in the Bland census. This specimen has been known in large cent circles since the early part of the 20th century but has never been offered for sale at public auction.
Both sides of this impressive With Periods cent exhibit intermingled olive and chocolate-brown color with virtually flawless surfaces that show only a few minuscule handling marks, consistent with the grade. The strike is excellent, and both sides show a full raised border. A tiny rim nick over the R of AMERICA is the only pedigree marker on either side.
Those collectors who have a copy of United States Large Cents 1793-1794, by William C. Noyes, published in 2006 (the Noyes photo book), should know that the illustration of this cent in that reference looks nothing like the actual coin, although the reverse image is close. The actual color of the Bement-Loring specimen is nearly identical to the printed appearance of the adjacent Weinberg specimen in that reference.
Ex: Clarence S. Bement, privately; Henry Chapman (privately, 1/24/1936); Judge Thomas L. Gaskill; New Netherlands Coin Co. (privately, 11/1956); Dorothy Paschal (8/1975); Denis W. Loring (9/1975); Kenneth M. Goldman (3/1987); Martin Haber; Caesar Julian; Heritage Rare Coin Galleries (privately, 8/10/1996); Dennis Mendelson (12/1996); Denis W. Loring.

About Clarence Bement
Clarence Sweet Bement, an early owner of this specimen, was born in Mishawaka, Indiana, on April 11, 1843, and died in Philadelphia on January 27, 1923. He is buried at Laurel Hill Cemetery in Philadelphia. He and his partners, Frederick Miles and William Rhodes, were Philadelphia tool manufacturers. In 1870 he became a partner in his father's manufacturing firm. He formed a remarkable coin collection, collected rare books, and is considered one of the greatest American mineral collectors of all time. He reportedly spent more than $100,000 on minerals for his collection during the late 1800s. He sold his collection of 12,500 mineral specimens to financier J.P. Morgan in 1900. Morgan then presented the collection to the American Museum of Natural History in New York. It is said that two railroad boxcars were required to transport the collection.
Much of Bement's genealogy is undocumented, but sources suggest he was descended from a 17th century Colonial American family, the surname "Americanized" from Beaumont. There is some reason to believe that the daughter of a direct Bement ancestor was married to famed Colonial coin maker Samuel Higley.
From The Denis W. Loring Collection of 1793 Large Cents.(Registry values: P5) (NGC ID# 223F, PCGS# 91341)

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

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Auction Info

Auction Dates
January, 2012
3rd-8th
Internet/Mail/Phone Bidders: 7
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Page Views: 6,653

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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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