The development of federal coins of 5 cents (the half disme), and 1 cent was started in parallel between the Coinage Act of April 2, 1792 and the installation of production equipment in Philadelphia's official factory on September 7, 1792.
The half disme, which is the smallest denomination authorized in silver by the Coinage Act, has not been a major problem. The $ 100 bullion deposit by President Washington on July 9, 1792 is a major political event.
Several experimental tests are carried out for the federal one cent, probably by the same engraver who did the half disme. The half disme is not signed but these early one cents are marked Birch at the base of Miss Liberty's portrait.
Eleven copper Birch cents survive in three variants. One of them, graded MS65 by NGC, was sold for $ 2.6 million including premium by Heritage on 8 January 2015. The second best copy of the same sub-variant (Judd-4), graded AU58 by PCGS, is for sale by Stack's Bowers in Baltimore on March 26, lot 2577.
The sudden increase in the price of copper terminated this first federal cent before the production phase. Bimetallic copper-silver trials of 1792, which could not be industrially viable, were probably made in December. The first 1 cent released for circulation will be the chain cent, in March 1793.
The half disme, which is the smallest denomination authorized in silver by the Coinage Act, has not been a major problem. The $ 100 bullion deposit by President Washington on July 9, 1792 is a major political event.
Several experimental tests are carried out for the federal one cent, probably by the same engraver who did the half disme. The half disme is not signed but these early one cents are marked Birch at the base of Miss Liberty's portrait.
Eleven copper Birch cents survive in three variants. One of them, graded MS65 by NGC, was sold for $ 2.6 million including premium by Heritage on 8 January 2015. The second best copy of the same sub-variant (Judd-4), graded AU58 by PCGS, is for sale by Stack's Bowers in Baltimore on March 26, lot 2577.
The sudden increase in the price of copper terminated this first federal cent before the production phase. Bimetallic copper-silver trials of 1792, which could not be industrially viable, were probably made in December. The first 1 cent released for circulation will be the chain cent, in March 1793.
SOLD for $ 1.18M including premium
Big news from @WhitmanCoin Expo: 1792 Birch cent brings $1,175,000: https://t.co/aTStJhuLPg pic.twitter.com/aQLSLxxx0q
— Coin World (@CoinWorld) March 27, 2015
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