Feb. 16, 2001, The Benson Collection Part 1, Sale 8
Lot 249
1793. Chain reverse,
"AMERICA" in legend. Sheldon-2, Rarity-4. PCGS graded AU-55 and Del
Bland graded AU-50. With slight blunt striking on the highest parts of the
hair. Superb dark chocolate brown surfaces. On the forehead is a tiny nick,
another is well hidden on the edge of the hair behind the eye and right of
UNITED is an almost unnoticeable edge dent, these mentioned for the sake of
accuracy. An incredible cent worth of a home in the finest of collections. Tied
for sixth finest with one other example. Color photo.
Estimated Value
$75,000-UP.
Ex: From a little old lady who carried the coin in her
purse; Sotheby's (London) #LN5588 10/95:1392; William P. Paul (American
Heritage Minting) 8/16/96; Denis W. Loring; John B. MacDonald.
Lot 250
1793. Chain reverse,
"AMERICA" in legend. Sheldon-3, low Rarity-3. Del Bland graded Fine-15.
The obverse has a long, wide planchet defect in the lower right obverse
field near the rim, and another very small one on the reverse. On both sides
are a few minor nicks and scratches consistent with the grade. Medium dark
steel brown with lighter brown undertones.
This coin has appealing surfaces
and color, the obverse fields are a bit lighter in color than the devices and
there is a slightly darker area below Liberty's lowest curls. As to the
planchet flaw, it is not too deep, and has the appearance of a long flake of
metal which has fallen from the coin after striking. Located near the rim, the
flaw is somewhat hidden, and does not affect the devices on either side. On the
reverse, the tiny planchet flaw is located on the outside of the chain link
nearest the E of ONE. A pair of very minor scratches are noted on the E of
AMERICA, and there is a tiny pit on the lower right base of the M of the same
word.
Sheldon notes that this is the commonest chain cent, but one that is
seldom found in very high grades. The leaning "R" obverse and "AMERICA" spelled
out reverse is found on about one half of the chain cents known. Keep in mind
that the chain cents were the very first coins produced at the new Philadelphia
Mint on March 1-12, 1793, as money was not available to pay for the required
bond which would allow Mint employees to coin silver or gold coins. The need
for coinage was very great in the new country, as 1793 began a large mix of
foreign coins, state issues, tokens and an array of paper money (which
circulated at a discount to face value) served as the primary circulating
medium. Many transactions were by barter, trading goods for goods or
services.
The 1793 chain cent dies were prepared by Chief Coiner Henry
Voigt, with letter punches by Jacob Bay. No Chief Engraver had yet been found,
thus the dies needed to be simple in design, with low relief and plenty of
blank space in the central areas as the hand presses in use were small and
unable to fully strike complex designs. Even boarders were simple raised lips,
without beading or ornamentation, which allowed the coins to wear easily, and
apparently not stack. Die steel was of poor quality, and seldom lasted for more
than 30,000 coins, often far less. The coinage of these was halted simply
because the Mint ran out of planchets on March 12.
Public reaction to the
new cents was poor, within a week of their release the chain cents were
ridiculed in the press, and Director David Rittenhouse ordered the design
changed for the next issue of cents before any more were coined.
Certainly
one of the most historic American coins, the very first regular issue from the
new Philadelphia Mint.
Estimated Value $6,000-7,500.
Ex. Howard R.
Newcomb; J.C. Morgenthau & Co #458, 2/45:3 at $51.
Lot 251
1793. Wreath reverse, vine
and bars edge. Sheldon-9, Rarity-2. Del Bland graded VF-20.
Sharpness of Very Fine 30 but faintly porous with an edge dent left of L of
LIBERTY, a long scratch along the dentils in the same area and two more long,
ancient scratches through the lower face that blend well into the patina. Dark
olive with light high points.
This is a very appealing cent despite the
minor problems noted, the rim bump is very light, and the scratch on the upper
left can scarcely be seen with a glass. The scratches on Liberty's face are
well hidden by time and circulation, and are barely noticeable. If you have
been looking for a high grade example of this variety, or need this important
type, then this would make a very desirable acquisition for the advanced
numismatist. The surfaces are far better than one would expect for the grade.
Estimated Value $2,000-3,500.
Lot 252
1793. Wreath reverse, vine
and bars edge. Sheldon-10, Rarity-4. Del Bland graded VF-20.
Sharpness of Extremely Fine 40 but uniformly porous with a few very small
pit marks on both sides, most noticeable on the neck. Darkish steel
brown.
The coin is appealing despite the minor porosity. Minimal handling
marks are visible, and the surfaces are well preserved on both sides. An
important and popular variety, and certain to attract attention, especially
with the Newcomb collection pedigree.
As 1793 continued, more planchets were
made for coining, and new dies were engraved by Adam Eckfeldt. These wreath
cents were coined from April through July of 1793, as a direct response to
public opinion, and remain immensely popular today.
Estimated Value
$1,500-2,500.
Ex Howard R. Newcomb; J. C. Morganthau & Co., #458,
2/45:11 at $70.
Lot 253
1793. Wreath reverse, vine
and bars edge. Sheldon-10, Rarity-4. Del Bland graded Fine-15.
Sharpness of Very Fine 25 but uniformly and lightly porous, otherwise
completely free from any defects. Dark olive, slightly lighter on the hair and
not unattractive.
This is a later die state than the other example in this
sale, we note the "injured rim" is present across from Liberty's face, and the
reverse has the rim break over NITE of UNITED. Aside from the light porosity,
the coin is very well preserved and certain to generate excitement from true
collectors who can appreciate the ample history offered from a well preserved
Wreath Cent.
Estimated Value $1,500-2,250.
Ex. Ira S. Reed,
privately 10/17/44.