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1794 1C S-38 R5 Head of 1794 MS63 Brown PCGS....

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Description

1794 S-38 Head of 1794 Cent, MS63 Brown
The Finest Known

1794 1C S-38 R5 Head of 1794 MS63 Brown PCGS. Frosty steel brown and light chocolate with slightly lighter steel brown faded down from mint color in a few protected areas, especially around the cap. Sharply struck with great eye appeal. The surfaces are satiny and the only defects are a pair of faint hairline scratches in the field left of the lower part of the cap, a few tiny planchet flakes on the end of the bust (as struck), and a small nick on the diagonal of the N in CENT. The reverse could easily pass as fully mint state, but there are traces of rub on the very highest points of the hair design. E-MDS, Breen state II, Heck state 2. The chips in the field left of the hair are bold and many of the fine die lines remain clearly visible on the obverse. (Note: The sequence of die states for this variety as described by Walter Breen and Chuck Heck may be reversed. Both say the early state has weak chips in the left obverse field, and those chips grow stronger as the die wears to create the later state. Your cataloger believes the chips start out strong and that subsequent die wear and lapping weaken the chips. Therefore, Breen and Heck would call this example with strong chips a later die state for the variety rather than an earlier one as I have done here.) Regardless, there should be no disagreement that this cent is a fantastic example of a rare variety. Called MS60 net AU55 and finest known in the Noyes census list by 10 points, his photo #21540. Bland says AU55 as well but tied for CC#1 with the ANS example (which Noyes grades as EF45). These two are followed by a single VF35 and one VF25. This cataloger's EAC grade is AU55. A superior cent in every respect and undisputed as the finest available to collectors. The attribution and COL Ellsworth Collection provenance are noted on the PCGS Gold Shield label (35579.63/13457903).
Discovered in England-Lester Merkin (privately)-C. Douglas Smith 1965-Alfred L. Bonard-French's Fixed Price List 5/1967-R. E. "Ted" Naftzger, Jr., 2/23/1992-Eric J. Streiner-R. E. "Ted" Naftzger, Jr., (via William C. Noyes) 2/16/2001-Walter J. Husak, Heritage Auctions 2/15/2008:2040 ($57,500)-Chris McCawley 3/17/2008-Daniel W. Holmes, Jr., Goldbergs held in association with McCawley & Grellman Auctions 9/6/2009:60 ($86,250)-Walter J. Husak (via Del N. Bland) 8/2/2014-Larry A. Bland Collection, Early Cents Auctions 9/3/2022:512 ($114,000)-COL Steven K. Ellsworth.

The September 2009 Goldberg sale of the Dan Holmes Collection, Part I, was devoted entirely to early date large cents (1793-1814) and is remembered as one of the most important copper auctions ever conducted. Holmes's pursuit of completeness and quality made this dispersal historic: the sale opened with 27 different 1793 Chain, Wreath, and Liberty Cap cents, many in Condition Census standing, and continued with an unparalleled run of 1794s, including rare Sheldon numbers, Mint State coins, and numerous examples singled out for sharpness and originality. The catalog then moved through 1795-1797 Liberty Caps and Draped Busts, highlighted by rare varieties such as the "LIHERTY" error cent and multiple 1797 and 1799 cents, including high-grade survivors of great rarity.

The later years of the early date series were equally remarkable. Holmes's cabinet included Condition Census representatives of the 1800/1798, 1801 1/000, and 1802 varieties, plus strong showings of the 1803 and 1804 cents. Classic rarities like the 1807 "Comet" and exceptional 1808 and 1811 cents were also present, many in Mint State or AU condition. Unique highlights included Holmes's personal Sheldon Color Set, an assembly of cents showcasing color designations, offered as a single lot. With over 570 coins carefully cataloged by Bob Grellman and accompanied by extensive photographic plates, the Holmes Part I sale set new benchmarks for both completeness and scholarly documentation of early large cents, cementing its status as a landmark event in copper numismatics.
From The COL Steven Ellsworth Collection of U.S. Large Cents 1793-1796.

Coin Index Numbers: (NGC ID# 223P, Variety PCGS# 35579, Base PCGS# 901374, Greysheet# 76762)

Weight: 13.48 grams

Metal: 100% Copper

View all of [The COL Steven Ellsworth Collection of U.S. Large Cents 1793-1796 ]

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Auction Info

2026 January 8 US Coins Signature Auction - FUN Special Sessions: Ellsworth & Jacobson #1389 (go to Auction Home page)
Auction Dates
January, 2026
8th Thursday
Bids + Registered Phone Bidders: 26
Lot Tracking Activity: N/A
Page Views: 474

Buyer's Premium per Lot:
22% of the successful bid per lot.

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Sold on Jan 8, 2026 for: $91,500.00
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