Lot 1500
1793 Flowing Hair Cent. Chain reverse, "AMERI." in legend. PCGS graded Fine-12 S-1. Uniform glossy brown with a steel iridescence, some greenish gold accents, and the usual small nicks and dents from its soft content. There are a few marks on the cheek and in the field to the right of the face; a small edge bruise below the 3 in date. The reverse, which is unusual, is actually extremely attractive, having the same shades of toning but without the often seen digs, corrosion or marks. A fairly choice appearing coin for this modest grade and one that bidders will want to give an aggressive bid.
Of the 36,103 Chain cents coined, probably about 5% (1,500-2,000) survive today in all grades (mostly low because of the inadequate borders): perhaps ten in UNC., a dozen in AU, and 35-50 in EF, saved as first of their kind.
Less than a week after the coins first appeared, The Mail, or Claypoole's Daily Advertiser (Philadelphia, March 18) ran a story with negative comments about the new design:
The American cents. do not answer our expectations. The chain on the reverse is but a bad omen for liberty, and Liberty herself appears to be in a fright. May she not justly cry out in the words of the Apostle, "Alexander the copper smith hath done me much evil: the Lord reward him according to his works!" (The last is a sly reference to Alexander Hamilton, America's first Treasury Secretary, erroneously believed to be in charge of the Mint.).
Estimated Value $18,000 - 20,000.
Ex: Rasmussen Collection.
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