The small cent was not industrially feasible but this coinage was eagerly awaited. The development of the large cent has certainly been done in great emergency. When it is emitted on March 1, 1793 several blunders remain in its text and drawing.
This model is known as the Chain cent describing the circle of rings at the center of the reverse to symbolize the fifteen States. The correction is feverish. No less than three changes are made in less than two weeks, probably by at least two engravers who have not been identified. These four variants are numbered S-1 to S-4 in Sheldon's nomenclature.
The adventure of the production of the Chain cent ends on March 12. 36,103 pieces had been released which corresponds to a total monetary value of 361 dollars only but that was enough to trigger the political scandal : under the pressure of the opinion it is impossible to continue with this reverse which can evoke a chain of slavery.
The S-4 has removed the original defects. On the reverse the word America appears in full. On the observe the figure of the Liberty is more flexible, the word Liberty and the date 1793 are more readable at the top and bottom of the image and both are improved with periods.
An S-4 MS66 Brown was sold for $ 2.35M including premium by Heritage on January 7, 2015, an S-2 MS65 Brown for $ 1M including premium by Stack's Bowers on January 22, 2013 and an S-3 MS65 Red and Brown for $ 1M including premium by Stack's Bowers on February 9, 2016. The best ranked Chain cent is an S-4 SP (specimen) 67 Brown. The grades listed above were awarded by PCGS.
An S-4 graded MS65 Brown by PCGS has already been discussed in this column. It was sold for $ 1.38M including premium by Heritage on January 4, 2012. It will be sold as lot 3776 by Heritage in Long Beach on June 14. Please watch the video shared by the auction house.
SOLD for $ 990K including premium
This model is known as the Chain cent describing the circle of rings at the center of the reverse to symbolize the fifteen States. The correction is feverish. No less than three changes are made in less than two weeks, probably by at least two engravers who have not been identified. These four variants are numbered S-1 to S-4 in Sheldon's nomenclature.
The adventure of the production of the Chain cent ends on March 12. 36,103 pieces had been released which corresponds to a total monetary value of 361 dollars only but that was enough to trigger the political scandal : under the pressure of the opinion it is impossible to continue with this reverse which can evoke a chain of slavery.
The S-4 has removed the original defects. On the reverse the word America appears in full. On the observe the figure of the Liberty is more flexible, the word Liberty and the date 1793 are more readable at the top and bottom of the image and both are improved with periods.
An S-4 MS66 Brown was sold for $ 2.35M including premium by Heritage on January 7, 2015, an S-2 MS65 Brown for $ 1M including premium by Stack's Bowers on January 22, 2013 and an S-3 MS65 Red and Brown for $ 1M including premium by Stack's Bowers on February 9, 2016. The best ranked Chain cent is an S-4 SP (specimen) 67 Brown. The grades listed above were awarded by PCGS.
An S-4 graded MS65 Brown by PCGS has already been discussed in this column. It was sold for $ 1.38M including premium by Heritage on January 4, 2012. It will be sold as lot 3776 by Heritage in Long Beach on June 14. Please watch the video shared by the auction house.
SOLD for $ 990K including premium
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