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1793 1C Chain, AMERICA, S-2, B-2, High R.4, MS64 Brown PCGS Secure. CAC....

2014 August 5, 7 & 9 ANA US Coins Signature Auction - Chicago #1208

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Auction Ended On: Aug 7, 2014
Item Activity: 11 Internet/mail/phone bidders
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Location: Donald E. Stephens Convention Center
5555 N. River Road
Rosemont, IL 60018

1793 S-2 Chain AMERICA Cent, MS64 Brown
The Finest PCGS Graded and Attributed S-2 Cent
Tied for Second Finest in the Noyes Census
1793 1C Chain, AMERICA, S-2, B-2, High R.4, MS64 Brown PCGS Secure. CAC. Established by the Coinage Act of April 2, 1792, the Philadelphia Mint began actual coinage operations at the end of the year with a small number of pattern issues, and continued with copper coinage from March 1 through September 18, 1793. Coins were delivered on 20 specific dates in March, April, July, and September. A delivery date records the transfer of finished coins from the coining department to the mint's treasurer. The following table records all coinage deliveries for 1793:

Chain Cents
Date: Quantity
March 1: 11,178
March 2: 2,009
March 4: 4,000
March 5: 3,765
March 6: 1,573
March 8: 7,000
March 9: 1,000
March 12: 5,578

Wreath Cents
Date: Quantity
April 9: 12,000
April 13: 6,112
April 16: 8,000
April 17: 7,000
April 18: 6,000
April 19: 4,240
April 28: 8,000
July 6: 11,825
July 17: 176

Half Cents
Date: Quantity
July 20: 7,000
July 26: 24,934
Sept 18: 3,400

Liberty Cap Cents
Date: Quantity
Sept 18: 11,056

In Walter Breen's Encyclopedia of United States Large Cents, the author attempt to identify the specific varieties that were included in each delivery. Catalogers are fond of quoting those figures, but the reality is that such an accounting relies on uncertain variables. The accounting requires a precise determination of the rarity, or number known of each variety, and assumes that a single coinage press was used to strike all of the coins. There were at least two presses, and possibly three, in use for the 1793 coinage. The recorded mintage for 1793 Chain cents is given as 36,103 coins, equaling the total deliveries for March 1-12, but even that figure is not certain. All we can say for sure is that this Chain cent, and all others, were probably struck in March 1793.

There is no doubt that this Chain cent ranks among the several finest in existence. PCGS and NGC have certified a total of 29 Mint State Chain cents, including four MS64 Brown and 11 finer pieces (6/14). Those totals include all types and varieties, including the Chain AMERI., Chain AMERICA, and Chain Periods types. This example is the finest of only two Mint State Chain cents attributed by PCGS as Sheldon-2.

Del Bland, Bob Grellman, and Bill Noyes each grade this impressive piece AU55 and we concur with that EAC grade. In fact, this identical coin is plated for the AU55 grade in the recently published Grading Guide for Early American Copper Coins that was released in May. The most recent published census of 1793 large cents appears in United States Large Cents, 1793-1794, by William C. Noyes and published by Jon D. Lusk in 2006. That reference lists 12 Chain cents of all varieties that carry EAC grades between AU55 and MS62, and only six of those are finer than AU55. For Sheldon 2, there is one finer example recorded in the Noyes census that has been in the same eastern collection since the early 1970s. The present piece is the finest 1793 Sheldon-2 large cent available in the marketplace.

The lovely near-Gem Chain cent has lustrous chocolate brown and steel surfaces with frosty luster and slight high-point friction that accounts for the EAC grade. A tiny planchet mark appears below the chin and microscopic planchet flakes under the chin, remaining from inadequate striking pressure. This late die state example has clash marks and wavy fields. This amazing Chain cent has exceptional aesthetic appeal. Our EAC grade AU55.
Ex: H.W. Taffs; Glendining & Co., Ltd. (London, 11/1956), lot 506; Spink & Sons, Ltd. (London); New Netherlands Coin Co. (50th Sale, 12/1957), lot 880; Floyd T. Starr (Stack's, 6/1984), lot 2; Herman Halpern (12/11/1986; R.E. Naftzger, Jr. (2/23/1992); Eric Streiner; Jay Parrino (The Mint, 4/16/1996); W.M. "Jack" Wadlington; Bob Grellman and Chris McCawley (6/30/2005); Daniel W. Holmes, Jr. (Goldberg Coins, 9/2009), lot 3.
From The Collection of Oliver Jung. (Variety PCGS# 35435, Base PCGS# 1341)

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