You are the current high bidder on this lot with a secret maximum bid of %bidPretty%.
(%bidBP% w/Buyer's Premium (BP) ).
Notice: You are the current high bidder on this lot, but the next highest bid is within one increment. That means that any additional bids on this lot will outbid you. To increase your chances of winning, enter your highest maximum bid.
You are the current high bidder on this lot with a secret maximum bid of %bidPretty%.
(%bidBP% w/Buyer's Premium (BP) ).
You are the current high bidder on this lot.
(Sign-In to see your maximum bid)
Your secret maximum bid of %bidPretty% has been outbid.
Your secret maximum bid of %bidPretty% does not meet the reserve.
(Sign-In to see your maximum bid)
Your secret maximum bid does not meet the reserve.
(Sign-In to see your maximum bid)
1792 P1C One Cent, Judd-1, Pollock-1, High R.6, MS63+ Brown NGC....
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).
What's This?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.
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.
BP - Buyer's Premium per LotA Buyer's Premium will be added to each successful bid. For this sale: 17.5% of the successful bid (minimum $14) 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 CreditDept@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:||May 16, 2014|
26 Internet/mail/phone bidders
3,553 page views
Ukrainian Institute of America at The Fletcher-Sinclair Mansion
2 East 79th Street
New York, NY 10075
United States' First Bimetallic Coin
Ex: F.C.C. Boyd
Liberty faces right with hair flowing behind. The obverse periphery reads LIBERTY PARENT OF SCIENCE & INDUSTRY, with 1792 just below the bust. The reverse has a wreath tied with a ribbon at the bottom; ONE CENT is within. Around the rim is UNITED STATES OF AMERICA with the fraction 1/100 below. Struck in copper with a silver plug in the center with a reeded edge. Medallic alignment. Diameter of this coin is approximately 23 mm, weight = 79.8 grains.
The 1792 Patterns
The 1792 patterns represent the founding fathers' first attempt to establish a national coinage that was efficient to use (unlike the earlier Nova Constellatio patterns). The Mint Act of April 2, 1792 authorized the establishment of a national mint to issue coinage for the fledgling United States and set down some specific guidelines for that coinage. Section 9 of the Mint Act stipulated that cents were to contain 11 pennyweights (264 grains) of pure copper. Unfortunately, a copper coin of that weight would be too large and unwieldy for practical purposes. The ingenious chief coiner, Henry Voigt, suggested including a plug of silver in a more appropriately sized copper planchet to create a coin with an equivalent intrinsic value and a more convenient size than the originally envisioned large copper piece. The silver plug was to be conical in shape and inserted into a tapered hole in the copper planchet with the wider top of the plug on the obverse of the coin. When the resulting bimetallic planchet was struck on the screw press, the protruding edges of the plug would be fused with the surrounding copper and actually receive part of the design. A note in Henry Voigt's journal indicates that the first Silver Center cents were struck on December 17, 1792 and Thomas Jefferson reported on the new patterns in a letter to President George Washington the following day:
"Th. Jefferson has the honor to send the President two cents made on Voigt's plan by putting a silver plug worth ¾ of a cent into a copper worth ¼ of a cent. Mr. Rittenhouse is about to make a few by mixing the same plug by fusion with the same quantity of copper. He will then make of copper alone of the same size, and lastly he will make the real cent as ordered by Congress, four times as big."
The first pattern cent referred to in Jefferson's letter was the Silver Center cent (Judd-1), while the second pattern that Rittenhouse reportedly was about to make was the Fusible Alloy cent (Judd-2). The third coin mentioned, with a pure copper composition and the same design and dimensions as the Fusible Alloy cent, is also included in the Judd-2 designation today. The fourth large copper piece was the Birch cent (Judd-3 through 5).
The Judd-1 and 2 coins were of a manageable size, but both had serious drawbacks. The Fusible Alloy cent was visually indistinguishable from the pure copper pieces, meaning the coins would be easy to counterfeit and would probably not be readily accepted at their stated value. Only a few examples of Judd-2 have undergone metallurgical testing in modern times, and of those that have, only one shows the mixed silver and copper composition of the Fusible Alloy cent. The Silver Center cents were visually distinctive and conveniently sized, but the difficulties in preparing and striking the composite planchets were formidable, and the design was not suitable for high-volume coinage. Fortunately, Congress authorized a smaller, lighter version of the cent in 1793, resulting in the familiar large cent copper pieces that would be a staple in the national economy for many years to come. The Silver Center cent was abandoned, and it was not until 1857 that the rising cost of copper forced the U.S. Mint to produce a small-planchet cent for circulation. The U.S. would not issue another bimetallic coin until the year 2000, when the 2000-W Library of Congress commemorative ten dollar piece was struck in platinum and gold.
The Silver Center Cent in Numismatic Circles
The Silver Center cent has been a popular issue since the earliest days of the hobby. It was described in John H. Hickcox' An Historical Account of American Coinage in 1858 and in Montroville W. Dickeson's American Numismatical Manual the following year. It began appearing at auction at least as early as 1862 and has always commanded a high price because of its rarity and distinctive appearance. When B. Max Mehl sold a specimen in lot 1794 of the Will W. Neil Collection (6/1947), he noted:
"1792 Silver-Center Cent. Head of Liberty with flowing hair facing to right, date below. Inscription, LIBERTY PARENT OF SCIENCE AND INDUST:(ry). Reverse, ONE CENT in olive wreath with fraction 1/100 below. Legend UNITED STATES OF AMERICA. Milled edge. Copper with a small silver plug inserted in center, to bring up its value to the value of the metal. The silver center was placed in the planchet before striking. While this coin is listed as a pattern, it was undoubtedly struck for circulation, as it is found in various degrees of condition. Extremely fine, but I doubt if this coin has ever been in circulation, as it has considerable mint luster and only the highest portions show slight cabinet friction. Excessively rare. Only about eight specimens were minted. This particular specimen has an unusually interesting and valuable pedigree. It originally came from the great Earle Collection. At the Earle sale it was purchased by the eminent numismatist, Mr. Wurtzbach of Massachusetts, who in turn sold it to the great Chicago collector Virgil Brand. From the Brand Collection it went to the Belden Roach Collection of New York, and when I had the pleasure of selling the Roach Collection in 1944, Mr. Neil was the successful buyer. It brought $525.00. But it is certainly worth much more today, considering its rarity, beautiful condition, and outstanding pedigree, and last but not least, the tremendous increase in value of all these greater rarities."
Mehl was incorrect in his assumption that the Silver Center cent was a circulating issue. The coin he was describing grades MS61+ Brown PCGS today, and it recently sold for $822,500. There are no known auction appearances for the present coin and no similarly graded example has sold publicly for many years, but the MS61 Brown PCGS coin in lot 5403 of the Central States Signature (Heritage, 4/2012) realized $1,150,000. Eric P. Newman acquired the present coin in a trade with legendary collector F.C.C. Boyd in 1951. Newman traded the 1787 Clinton cent he had purchased as lot 14 in the Theodore Grand Collection (Stack's, 12/1947) for this remarkable Silver Center cent.
The present coin is a high-end Select example, the third-finest known, with razor-sharp definition on all design elements. The hair detail and lower part of Liberty's ear are crisply defined on the silver plug, a problem area for some examples. The design elements are well-centered and dentilation is complete on both sides. The planchet is perfect, with no visible flaws or areas of corrosion. The warm medium brown surfaces show a few highlights of lilac, with glossy luster, and no trace of carbon. Only a few minor contact marks are evident and eye appeal is extraordinary. The Silver Center cent was a well-produced issue, and most of the known examples are and attractive well-preserved, but the Eric P. Newman coin really stands out. This remarkable Silver Center cent combines absolute rarity, outstanding eye appeal and tremendous historical importance with a high technical grade that some would consider conservative. To the best of our knowledge, this coin has never been publicly offered before; this lot represents an important opportunity that will not be repeated soon.
1792 Silver Center Cent Roster
The following roster was expanded from earlier work by Scott Rubin, Saul Teichman, and Mark Borckardt with the important assistance of Wayne Burt, Stuart Levine, Pete Smith and Joel Orosz.
1. MS67 Brown PCGS. Peter Gschwend Collection (Thomas L. Elder, 6/1908), lot 116; Henry Chapman; James W. Ellsworth; purchased by Wayte Raymond and John Work Garrett via Knoedler Galleries in May of 1923; John Work Garrett; Johns Hopkins University; Garrett Collection, Part II (Bowers and Ruddy, 3/1981), lot 234; Joel Perlin; Robert Simpson Collection.
2. MS64 Brown. R.C.H. Brock Collection; University of Pennsylvania; Philip H. Ward; Charles Dochkus; Harry Forman; New Netherlands Coin Company; purchased by the Norwebs on 3/14/1958; Norweb Collection (Bowers and Merena, 11/1988), lot 3392; Americana Sale (Stack's, 1/2002), lot 724; Ed Milas; Texas Collection, purchased for $2.5 million and subsequently resold in 2011 by Stuart Levine, Joe O'Conner, and Anthony Terranova; Oliver Jung; private collection. Pollock plate coin.
3. MS63+ Brown NGC. F.C.C. Boyd; Eric P. Newman (traded the Clinton cent from the Theodore Grand collection for this piece in 1951); the present coin.
4. MS61+ Brown NGC. Possibly Edward Cogan Collection (Edward Cogan, 4/1863), lot 1075, per New Netherlands catalog of 12/1958; Charles Ira Bushnell (S.H. & H. Chapman, 6/1882), lot 1766; Lorin G. Parmelee (New York Coin & Stamp Co., 6/1890), lot 5; Harlan Page Smith (S.H. & H. Chapman, 5/1906), lot 1315; George H. Earle (Henry Chapman, 6/1912), lot 2179; Carl Wurtzbach; Virgil M. Brand; Col. E.H.R. Green; Belden Roach Collection (B. Max Mehl, 2/1944), lot 3111; Will W. Neil Collection (B. Max Mehl, 6/1947), lot 1794; Stockmayer Collection (Stack's, 7/1952), lot 174; Mrs. R. Henry Norweb; Landau Sale (New Netherlands, 12/1958), lot 104; Corrado Romano Collection (Stack's, 6/1987), lot 143; Jay Parrino FPL; Americana Sale (Stack's, 1/1999), lot 143; 66th Anniversary Sale (Stack's, 10/2000), lot 56; Southern Collection; Simpson Collection; Central States Signature (Heritage, 4/2013), lot 4113. The 1914 ANS Exhibition plate coin; Standard Catalog plate coin; former Guide Book plate coin. The October 2000 Stack's catalog cites an appearance in "Stack's sale of January 3, 1952," but there was no such sale. Scott Rubin suggests this might be a misprint for the Stack's 7/1952 sale listed in the pedigree above.
5. MS61 Brown PCGS. Charles Morris (S.H. & H. Chapman, 4/1905), lot 361; James O. Sloss; William Mitkoff; Great Eastern Numismatic Association Sale (Pine Tree, 9/1974), lot 1272a; William T. Anton; private collection; Liberty Collection (Heritage, 4/2012), lot 5403, realized $1,150,000. Breen Encyclopedia plate coin; former Guide Book plate coin. We believe this specimen is earlier from William J. Jenks Collection (W. Elliot Woodward, 9/1880), lot 1383; A. Dohrmann Collection (W. Elliot Woodward, 3/1882), lot 437; Lady of Western New York Collection (W. Elliot Woodward, 2/1887), lot 816.
6. Mint State. Thomas Warner (S.H. & H. Chapman, 6/1884), lot 3215; Richard B. Winsor (S.H. & H. Chapman, 12/1895), lot 291; Loye Lauder (William Doyle Galleries, 12/1983), lot 233; Alan Weinberg.
7. AU. Robert Coulton Davis (New York Coin & Stamp, 1/1890), lot 1008a; John Story Jenks (Henry Chapman, 12/1921), lot 5569; Waldo Newcomer; F.C.C. Boyd; Lenox R. Lohr; Empire Coin (1961 FPL); River Oaks Collection (Bowers and Ruddy, 11/1976), lot 908; New England Rare Coin Gallery; private sale; Robert Hughes; private collection; Smithsonian Institution. Judd plate coin for the ninth and 10th editions; current Guide Book plate coin.
8. XF. C.H. Stearns Collection (Mayflower, 12/1966), lot 280; Lester Merkin; Donald Groves Partrick; private Eastern collection.
9. XF. Hersch, Levick, Farrell Collections (Thomas Elder, 10/1907), lot 1732; later, Dr. J. Hewitt Judd; Illustrated History (A. Kosoff, 1962), lot 19; Julian Leidman; Eastern Collector. The original Judd plate coin.
10. VF30 NGC. Joseph J. Mickley (W. Elliot Woodward, 10/1867), lot 2135; Colonel Mendes I. Cohen (Bangs, Merwin & Co. for Edward Cogan, 10/1875), lot 380; William Sumner Appleton; later, Virgil Brand; Brand-Lichtenfels Collections (Abner Kreisberg and Hans M.F. Schulman, 3/1964), lot 1106; Gibson Collection (Stack's, 11/1974), lot 14; John L. Roper (Stack's, 12/1983), lot 425; Stuart Levine and Anthony Terranova; Bertram Cohen; San Diego Show (Dana Linnet, 10/1988), lot 9; Denis Loring; Stack's, privately; David Queller (Lemus Collection); Queller Family Collection (Heritage, 1/2009), lot 1500; offered at fixed prices by Heritage in 2010 and 2011; Philadelphia Signature (Heritage, 8/2012), lot 5015.
11. VF. Nigel Willmott; Glendining's Sale (1997); Anthony Terranova and Stuart Levine; Larry Stack; Martin Ohgigian; Ohgigian Estate.
12. Fine 15 PCGS. George Seavey; Seavey Descriptive Catalog (William Strobridge, 6/1873), lot 842; Lorin G. Parmelee; Virgil M. Brand (Brand Journal number 20765); Armin Brand, per his notebook; 311th Sale (J.C. Morgenthau, 10/1933), lot 78; Floyd Starr; Starr Collection (Stack's, 10/1992), lot 3; Jay Parrino, offered in several fixed price lists in the mid-1990s; unknown dealer intermediaries; Stuart Levine in 2004; purchased by Ed Price on 5/14/2004; Old West and Franklinton Collections (American Numismatic Rarities, 8/2006), lot 13.
13. VG10 Details, Scratched ANACS. A Northern California collector purchased this piece for $400 in 2006. The coin was offered at a police department auction of unclaimed property. Reported in Coin World, January 5, 2009.
14. SP63 PCGS. Silvano DiGenova and Stuart Levine; Anthony Terranova, 1993; Stack's (3/1995), lot 1400; Donald Groves Partrick Collection. Former Guide Book plate coin. The coin does not have a silver insert and may have been a trial striking before making the silver center pieces. In his 1984 provenance study, Scott Rubin mentions Thomas Elder's sale of October 1926, lot 1436, where a piece was described as: "1792. Pattern for Silver Centre Cent (freak)." That listing might represent an early appearance of this piece.
Additional Auction Appearances
With a single exception, none of the following were plated, and no further information in the catalog descriptions provided help determining provenance.
John K. Wiggin Collection (Edward Cogan, 3/1862), lot 747.
Finotti Collection (W. Elliot Woodward, 11/1862), lot 1528.
Benjamin Haines Collection (Bangs, Merwin & Co., 1/1863), lot 780.
Heman Ely Collection (W. Elliot Woodward, 1/1884), lot 444.
Matthews Collection (W. Elliot Woodward, 12/1885), lot 2120.
Woodside Collection (New York Coin and Stamp Co., 4/1892), lot 1. The Silver Center cent is plated (obverse only) and its appearance is bizarre, unlike anything else that we have seen. It is almost certainly a false piece.
H.G. Brown Collection (Lyman H. Low, 10/1904), lot 209.
Poillon, Lee, and Ralston Collections (Thomas L. Elder, 10/1926), lot 1436.
Lenz, Sloane, and Chapman Collections (Thomas Elder, 1/1936), lot 2968.
1941 ANA Sale (Ira Reed, 8/1941), lot 77.
12th Sale (Celina Coin Co., 2/1945), lot 2022.
Ohio State Numismatic Society Convention Sale (Celina Coin Co., 10/1949), lot 591.
Other Reported Appearances
A specimen in the collection of DeWitt Smith, sold to Virgil Brand in 1908 (Brand Journal number 46507).
Judson Brenner exhibited a Silver Center cent at the 1916 ANA Convention.
B. Max Mehl advertised an example as part of the Fred Joy Collection (which he had just acquired) on page 599 of the November 1925 issue of The Numismatist. (PCGS# 11001)
Service and Handling Description: Coins & Currency (view shipping information)