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Chain Backlash Put Mint's First Coin to Rest
 | By Paul M. Green, Numismatic News
August 19, 2008 |
The question of which U.S. coin is the most historic can produce a heated debate. Whatever you opt for, it is pretty hard to keep the 1793 large cent with a chain reverse off the list.
The 1793 chain reverse cent was the first coin to be produced at the United States Mint, but we cannot really be sure of the thought process behind it. In fact, we cannot be sure whether the cent was actually intended to be the first denomination produced from the start.
The building was barely open and already there was a glitch. A $10,000 bond needed to be posted by officials before they could produce gold or silver coins, and they were having no part of that. The matter would take time to resolve and since the nation had a dire coin shortage, coins had to be made.
This left only the cent and half cent as choices.
The choice was the large cent. Henry Voight cut the dies. Allegedly that was not his best skill so designs were to be kept simple. And they were with a Flowing Hair Liberty on the obverse and a chain reverse similar to one used on Continental Currency dating back to Benjamin Franklin and his printing business. The linked chains were symbolic of the colonies' unity.
The first cents were struck from Feb. 27 through March 12 of 1793. The first ones read, "UNITED STATES OF AMERI." We are not sure why or how many of this variety was produced, but estimates range from 5,000 to 10,000. Grading service totals suggest that there are less "AMERI" cents than "AMERICA" cents known today.
The presence of the two varieties puts collectors in something of a bind. Some consider them two different types. The "AMERI" variety is likely to bring higher prices since it is tough and thought to have been produced first.
Finding a nice example is not easy. There were immediate problems with the coin, and the mintage was just 36,103.
People saw the reverse of the 1793 chain cent and were very upset. This, despite the fact that the design had been used over and over again from the time of the Declaration of Independence. In 1793, however, this symbol of unity had become one of slavery and oppression. It had to go, and the design was quickly changed.
There were a few 1793 chain reverse cents saved when they were made. After all, it was the first U.S. coin anyone had seen. However, most of the mintage went into circulation where it did not fare well. In 1793 coins in circulation tended to get treated rather harshly. Damage and extensive wear, as well as an obverse that was often weakly struck, are not uncommon characteristics. Sometimes it is only identifiable by that offending chain.
The combination of its rarity and historical significance makes the 1793 chain reverse cent a treasure - one that it is always in demand in any grade.
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