Among early cents, an outstanding grade for certain varieties might be VF-20 or VF-30. A 1793 cent in either one of these grades is highly desirable and will attract many bids if offered at auction. The charm of worn early cents is difficult to describe to investment oriented readers who are accustomed to buying bright Uncirculated coins in MS-63, MS-65, or some other high level in other series. However, as the popularity of later "investment grade" MS-65 coins in other series fluctuates over a period of time, the popularity of large cents has remained constant. In up markets and down markets there has always been a strong demand whenever a choice collection has been offered for sale. Perhaps one reason for this is that few collectors of large cents buy for investment's sake alone. Thus the pieces are spread over a wide population of serious numismatists, who are not apt to sell them quickly during an economic turndown or if some investment writer reports that they have lost favor.

Dr. Sheldon's commentary: In Penny Whimsy Dr. William H. Sheldon discussed the appeal of early cents. His words have been quoted many times, but they bear repeating here:

"One of the remarkable features of American life has been the sustained and almost universal affection shown for the humble copper cent. When the Mint started operations in 1793, cents were the first United States coins struck for circulation. This was at the old Mint building on Seventh Street in Philadelphia, and cents have been issued every year ever since, except during 1815 when an acute scarcity of copper resulted from the second war with England. No other coin was issued with comparable regularity during the early years of the nation, but it is necessary to look beyond mere occurrence of dates to account for the traditional vogue and charm of the `old coppers.'

"At least three other factors must have contributed:

"First, a relatively great number of cents found their way into circulation. Almost everybody could afford to keep a few, especially bright, new ones. Being too big to swallow, they were safe as well as frugal gifts for infants and young children, and so they have been among the first familiar memories of childhood. Hundreds of thousands of them have been hidden away and forgotten, to be rediscovered and resurrected by rummaging offspring or descendants. Even now, occasional new discoveries of early cents enter the arteries of numismatic distribution. Viewed as a numismatic commodity, cents of early dates are sufficiently numerous to have prevented any individual or group from being able to corner the market and control prices. Early coppers have long been looked upon by coin dealers as the bellwethers of the market, and for a century and a half now they have been the backbone of American numismatics. They are less influenced by depressions and booms than are other coins, are less subject to speculative buying, and in the lower grades of condition, at least, can be obtained in decent numbers by people of slender means. For generations American schoolboys bought, sold, swapped, or swiped old coppers. Some of these boys, especially in old age, have returned to the early enchantment, there to forget or condone the singular incompatibility between human dreams and fulfillments.