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1793 1C Chain, AMERICA, Periods AU53 NGC. S-4, B-5, R.3. Our EAC Grade VF35. ...
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Sold on Jan 10, 2014 for:
$88,125.00
Bid Source: Internet bidder
Description
1793 S-4, B-5 Chain Cent, AU53
Periods Obverse
1793 1C Chain, AMERICA, Periods AU53 NGC. S-4, B-5, R.3. Our EAC
Grade VF35. Most Chain cents are heavily worn, sometimes to the
extent that 1793 and UNITED STATES OF AMERICA cannot be read, even
under a strong light, and all that remains of the portrait is a
faint outline. This important Chain coin has minimal wear, limited
to the high points of the chain links and the hair behind Liberty's
ear. The walnut-brown surfaces lack spots, abrasions, or planchet
deficiencies. A tiny edge bump at 3:30 is the best identifier that
can be found to track any future auction appearances. Chain cents
are the initial type struck by the fledgling U.S. Mint, and
high-grade examples are greatly outnumbered by those seeking
quality examples.Breen Die State I. This is the earliest example we have seen, and has no evidence of the die crack from the rim to hair curls. Breen comments: "Claimed to exist from perfect dies, but I have seen none." Today, a few examples are known from perfect dies.
Commentary. Sheldon-4 is the sole die marriage with periods after LIBERTY and the date. The reason for this may have been a different engraver than the initial Chain cent varieties. Liberty has a smaller nose, more luxuriant hair, and a youthful appearance. In his posthumous early cent Encyclopedia published in 2000, Walter Breen hypothesizes that "perhaps this was a sample die by Joseph Wright leading to the engravership." Breen notes that the Judd-12 1792 quarter engraved by Wright has a period after LIBERTY. He then backtracks, adding "if Wright did this, why is there no record of his part-time employment before appointment as engraver?"
Market Notes. The Periods variety is an important subtype of the Chain design. This example is the second finest that NGC has certified behind a sensational MS67 Brown example. The Mervis specimen is tied for the fifth finest Periods Chain cent in our Permanent Auction Archives, tracking Heritage auction records since 1993.
Provenance. From our Chicago Platinum Night Sale (8/2011), lot 7012.
From The Adam Mervis Large Cent Collection.
Coin Index Numbers: (NGC ID# 223F, Variety PCGS# 35444, Base PCGS# 91341, Greysheet# 76721)
Auction Info
2014 January 10 The Adam Mervis Large Cent Collection FUN Signature Auction - Orlando #1200 (go to Auction Home page)
Auction Dates
January, 2014
10th
Friday
Bids + Registered Phone Bidders: 15
Lot Tracking Activity: N/A
Page Views: 1,496
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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