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Lot
5029

1793 Chain 1C AMERICA XF45 NGC. S-3, Low R.3. The Chain AMERI was the first coin struck at the new Philadelphia Mint buildi...

2006 August Denver, CO Signature & Platinum Night Auction #414

 
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Auction Ended On: Aug 14, 2006
Item Activity: 10 Internet/mail/phone bidders
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Description:
Collectible Quality 1793 S-3 Chain Cent
1793 Chain 1C AMERICA XF45 NGC. S-3, Low R.3. The Chain AMERI was the first coin struck at the new Philadelphia Mint building, and these were followed by the Chain AMERICA cents, including the present example. All of the Chain cents were coined during the first two weeks of March, with eight deliveries dated from March 1 through March 12, 1793 totaling 36,103 coins. It has been suggested by some that the first Chain cents may have been struck on February 22, to celebrate Washington's birthday, although we are not aware of any documentary evidence to support such an occurrence. It is believed that the Sheldon-3 Chain cents represented about half of the mintage for the entire design, some 15,000 to 18,000 coins.
The reverse design was meant to symbolize unity among the individual states of the young nation. Public opinion took a different view, suggesting that the chain was "a bad omen for Liberty." Mint Director David Rittenhouse soon ordered a change in the design, and the first Wreath cents were coined the following month.
This is an exceptionally attractive representative of this ever-popular first-year cent. The hair detail on Liberty's portrait is uncommonly sharp, this despite a little light wear, and the reverse chain is crisp. All other features are bold, and the planchet is problem-free save for some light porosity. The only singularly mentionable blemishes are a planchet void (as struck) in the right obverse field and a not overly conspicuous spot in the reverse field below the E in UNITED. The otherwise medium brown toning yields to crimson colored accents in a few isolated areas. Worthy of a strong bid. EAC 20.
From The Chief Paduke Collection.(Registry values: N7079) (NGC ID# 223F, PCGS# 1341)

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Rasmussen Special Edition Catalog
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