1793 Chain 1C AMERICA MS62 Brown PCGS. S-3, B-4, Low R.3. ...
Bid InformationFor your convenience, the bid information on this page automatically refreshes with the most up to date data so you don't have to refresh/reload this page.
Minimum Next BidBid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the Current Bid. However, podium, fax, phone and mail bidders submit bids at various times without knowing the current bid and must be on-increment or at a half increment (called a Cut Bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment.
Internet bids are required only to bid the increment past the Current Bid, or more. Internet bids greater than one increment over the Current Bid can be any whole dollar amount.
It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
Number of BiddersThis number represents the number of individual bidders prior to the close of Internet bidding on each lot. An individual who bids more than once is still counted only once. During the live session, only the winning bidder is included in this number, although detailed records are kept of all forms of bids.
Reserve (If Any) Not Posted Yet:
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.
Consignor Has Not Yet Submitted a Reserve:
Although the consignor's agreement allows a reserve on this lot, the deadline for submitting such a reserve has elapsed. If consignor submits a reserve post-deadline and the item fails to meet that reserve, we may charge the consignor a higher reserve fee.
This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Our Auction Results Archives now allow our members to make anonymous offers on items that may not be auctioned again for some time. Please note that the winner of this Heritage auction lot may or may not still own this item and may or may not be willing to sell.
Heritage retains 10% (minimum $40 per lot) of the total price as its commission (compared with a 12%-25% Buyer's Premium charged on auction transactions), from which Heritage absorbs all credit card/PayPal costs. This service is free to the buyer (no Buyer's Premium), includes a 7 day return policy, and protects the identity of both parties. Because no Buyer's Premium is charged on Make Offer to Owner transactions, auction consignment discount coupons are invalid.
Our software allows offers and counter-offers, but we suggest making your best offer the first time as most owners will not respond to low offers at all. You will receive a response or no-response email from Heritage within 72 hours.
What's This?The owner of this item has indicated that they would sell this item at the amount, although their acceptance of your offer is required before the item can be purchased.
BP - Buyer's Premium per LotA Buyer's Premium will be added to each successful bid. For this sale: 15% of the successful bid (minimum $9) per lot. Please see #2 in our Terms & Conditions.
Not SoldThis indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.
Opening Bid:Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Extended Payment Plan
Available on select items as noted on the item page in the bidding area.
- Minimum invoice total is $2,500.
- You may take up to four (4) months to pay the balance (monthly payments of at least 1/4th of invoice total).
- Interest is calculated at only 1% per month (12% annually) on the unpaid balance, and must be kept current.
- Minimum down payment is 25% within two weeks of the sale date. All down payments made beyond this 2 week window will require a 35% down payment, and the term will be shortened to 3 months.
- Subject to a refundable 3% set-up fee, which will be paid as part of your 1st monthly installment. This fee will be refundable upon completion of the plan if the following conditions are satisfied:
- All payments (including the down payment) must be made on-time per your specific EPP schedule (there will be a brief grace period).
- All payments must be made using one or a combination of the following payment methods: cash, check, cashier's check, eCheck, money order, or bank draft.
- There is no penalty for paying off early.
- Non-dealers only
- With pre-approved credit application
All traditional sales policies still apply. Due to the nature of the business and market volatility, there is no return privilege once you have confirmed your sale, and penalties can be incurred on cancelled orders.
- Get pre-approved by filling out a credit application.
- Bid normally and win some lots.
- Heritage will maintain possession of all the lots until paid in full. Therefore, you must notify us of your intent to use our Extended Payment Plan on or before the day of the auction. All pre-shipped material must be returned to Heritage in order for the plan to be in effect.
- When you get your electronic invoice, select "other" from the payment options.
- Send an e-mail to EPPGroup@HA.com indicating the invoice number and your intention to use the Extended Payment Plan.
Note: This offer may not be available on some items.
Terms and Conditions
Extended Payment Plan for Heritage Owned Inventory Items(excludes Virtual Bourse, Comic Market and Virtual Sports Show)
- Minimum invoice total is $2,000.
- You may take up to 6 months to pay the balance (monthly payments of at least 1/6th of invoice total).
- Minimum down payment is 20%.
- Payments (including the down payment) must be made on-time per your specific EPP schedule (there will be a brief grace period).
- Payments must be made using one or a combination of the following payment methods: cash, check, cashier's check, eCheck, money order, bank draft, bank wire or PayPal.
- There is no penalty for paying off early.
- Non-dealers only
SMS Alerts- Receive a text message approximately 35 lots ahead of your item being up for bidding at auction, with a link to bid in Heritage Live in the text message. Haven't registered? Visit MyProfile to sign-up for free by entering your mobile number. The green icon indicates Live Bidding Text Alerts are on for that lot. Live Bidding Text Alerts are only available for lots in live sessions.
Note: The extra increment won't be placed until the item is up for live bidding, so it is possible that you could be outbid by a bid placed prior to live bidding, such as another proxy bid, live proxy bid, mail bid, etc., which could result in your losing the lot by that one increment. For the same reason, it is also possible that a currently losing bid with bid protection placed could potentially win the lot once the lot is subject to live bidding and the Bid Protection increment(s) is placed.
|Sold for:||Sign-in or Join (free & quick)|
|Claim Item:||Sign-in or Join (free & quick)|
|Auction Ended On:||Feb 15, 2008|
11 Internet/mail/phone bidders
6,140 page views
Long Beach Convention Center
Equivalents. Crosby-Levick 2B; Frossard 3; Proskey 3; Doughty 3; Crosby 3-C; McGirk 1-E; EAC 4; Encyclopedia 1635; PCGS #1341.
Variety. Close date with R large and leaning right. Full legend, AMERICA. The obverse appears on S-3. The reverse appears on S-2, S-3, S-4, and NC-1. The obverse has a smoothly curved bust line and a close date with the digits 1 and 9 higher than the 7 and 3.
Surfaces. A lustrous steel and golden-brown Chain cent with frosty surfaces faded from original mint color. Both sides are splendid and problem-free with the exception of a couple of insignificant rim bruises on the obverse. Noyes assigns a sharpness grade of AU55 and deducts five points for the rim bruises.
Die State III. The obverse has heavy clash marks around the profile, while the reverse is rough near UNITED STATES. In 1897 Crosby correctly identified the clash marks: "The form or outline of the chain upon the reverse is often found incused on this obverse in front of the mouth and throat, and under the neck, probably caused by a partial impression of the reverse die being received by the obverse from an accidental contact without an intervening planchet." The reverse is rotated to 12:30.
Appearances. The obverse and reverse are illustrated in Noyes (2006) and in the 1914 ANS Exhibition Catalogue. In 1914 the American Numismatic Society mounted an exhibit of the most impressive numismatic specimens known at the time. The exhibit brought together examples from the society's own collection, as well as those from many of the most famous collectors of the day. An extensive plated catalog of the collection was published, and remains a valuable source of provenance information to this day.
Census. In addition to two Mint State pieces, three coins are graded AU55 by Del Bland, followed by a small group graded XF45. One of the AU55 coins is in the ANS collection, leaving only four AU or finer examples of the Sheldon-3 variety available to collectors.
Commentary. Sheldon-3 is easily the most common Chain cent, with enough pieces available that every interested collector can acquire an example. This variety represents fully half of all known Chain cents that exist today, so it probably also represents half of those pieces originally struck in 1793, or about 18,000 coins. It is unknown who first identified the Sheldon-3 die marriage. Since it was illustrated on the Crosby-Levick plate along with all other Sheldon-numbered Chain cents, it was recognized as a variety before 1869.
On January 28, 1791 Treasury Secretary Alexander Hamilton submitted an extensive report that examined the issues relative to the establishment of a Mint: "A plan for an establishment of this nature, involves a great variety of considerations-intricate, nice, and important. The general state of debtor and creditor; all the relations and consequences of price; the essential interests of trade and industry; the value of all property; the whole income, both of the State and of individuals, are liable to be sensibly influenced, beneficially or otherwise, by the judicious or injudicious regulation of this interesting object."
Hamilton examined all aspects of such an establishment in an extremely detailed report, which was the basis for the Mint Act of April 2, 1792. In his report, Hamilton considered numerous particulars:
"1st. What ought to be the nature of the money unit of the United States?
"2nd. What the proportion between gold and silver, if coins of both metals are to be established?
"3rd. What the proportion and composition of alloy in each kind?
"4th. Whether the expense of coinage shall be defrayed by the Government, or out of the material itself?
"5th. What shall be the number, denominations, sizes, and devices of the coins?
"6th. Whether foreign coins shall be permitted to be current or not; if the former, at what rate, and for what period?"
Provenance. Malcolm N. Jackson (United States Coin Co., 5/1913), lot 1226, $140; Carl Wurtzbach (1919); Virgil M. Brand (2/1941); B.G. Johnson (St. Louis Stamp & Coin Co.); Dr. J. Hewitt Judd; Abe Kosoff (Illustrated History, 1962 fixed price list), lot 16; Kreisberg and Schulman (5/1966), lot 753, $6,750; Jake Browning; Harmer, Rooke (11/1969), lot 807A, $9,000; 1970 ANA (RARCOA), lot 1602A, $8,500; Stack's (10/1990), lot 1590, $33,000; Anthony Terranova, Kenneth M. Goldman, and Martin Paul; Denis W. Loring (7/1994); John B. MacDonald; Denis W. Loring.
Personality. A resident of Omaha, Nebraska, Dr. J. Hewitt Judd was born on May 12, 1899, and died on December 23, 1986. Judd was a professor at the University of Nebraska from 1930 to 1964, and accepted the position of chairman of the Ophthalmology Department in 1942. He is best known for his interest in patterns, and wrote the standard reference to the series, United States Pattern, Experimental, and Trial Pieces. Judd was active in ANA operations, serving on the board of governors from 1945 to 1951, as vice president from 1951 to 1953, and as president from 1953 to 1955. He also served on the 1965 Assay Commission. (Variety PCGS# 35438, Base PCGS# 1341)
Service and Handling Description: Coins & Currency (view shipping information)
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.