1793 1C Chain, America, RB (Regular Strike)

The 1793 Chain Cent, AMERICA, No Periods Varieties (Sheldon-2, Sheldon-3, NC-4).

The 1793 Chain Cent, occasionally referred to as the “Link” Cent in 19th-century numismatic literature, was the first regular-issue one-cent coin produced by the United States Mint. Struck at the first Philadelphia Mint facility and most likely included in the March 1 delivery, it holds the distinction of being the first federal coin struck for circulation.

While the dies were executed by Henry Voigt (sometimes spelled Voight), the first Chief Coiner, the obverse was inspired by the Libertas Americana medal designed by the famed French engraver Augustin Dupré. The obverse depicts Liberty with "flowing" hair, the inscription LIBERTY above, and the date 1793 below the bust truncation.

The reverse displays a chain of 15 interlocking links, symbolizing the 15 states in the Union in 1793, which encloses the denomination ONE CENT. The legend is spelled UNITED STATES OF AMERI. on the Sheldon-1 and UNITED STATES OF AMERICA on Sheldon-2 through Sheldon-4. This inscription encircles the central motif clockwise from the top of the coin.

The design was poorly received by the public. Critics decried the reverse as "Liberty in chains," perhaps a subtle nod to the ongoing slave trade or a more general fear of federal overreach. A contemporary report from Newark noted:

"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."

A similar sentiment appeared in the March 18, 1793, edition of Philadelphia’s The Mail, which stated:

"The chain on the reverse is but a bad omen for liberty."

Over the twelve-day production period, 36,103 pieces were struck using five distinct die combinations. The initial delivery on March 1 consisted of roughly 7,000 cents of the AMERI. variety (S-1), while the remaining 4,178 coins from that first delivery were of the Sheldon-2 variety. The Sheldon-2 and subsequent four Chain Cent varieties utilized the same reverse die where "AMERICA" was spelled out in full. These inaugural coins were struck in relatively low relief; their successor, the Wreath cent, would feature a more robust, higher-relief design. Three of these four varieties feature obverse dies that do not display periods after LIBERTY or the date. The fourth (S-4) does.

America, Wide Date (S-2) Die Chararacteristics

Rarity-4+. The Sheldon-2 variety features a very wide date, with a noticeable gap between the 17 and the 93. LIBERTY is well-spaced, with the letters more precisely aligned than on other Chain Cent varieties. This is the first use of the AMERICA reverse. This specific reverse die was also used to strike the Sheldon-3, Sheldon-4, and NC-1 varieties; only the Sheldon-1 (AMERI.) used a different reverse die. Excluding the ultra-rare NC-1, the S-2 is considered the scarcest variety of the Chain Cent.

America, Close Date, Leaning R (S-3) Die Chararacteristics

Rarity-3. The Sheldon-3 variety features a very closely spaced date and a distinctive positioning of LIBERTY. On this variety, the R is slightly larger than the surrounding letters and is canted to the right. This creates a unique visual effect, making it appear as though "LIBE" and "RTY" are two separate, crowded words. The positioning of the date is similarly irregular; the numerals were punched in a staggered formation, placing the tops of the 1 and 9 slightly above the tops of the 7 and 3. It is these artisanal characteristics of the Mint’s early, hand-cut dies that provide early American coinage with such enduring charm.

This reverse die shows AMERICA fully spelled out and was also used to strike the Sheldon-2, Sheldon-4, and NC-1 varieties; only the Sheldon-1 (AMERI.) used a different reverse die. Walter Breen and Mark Borckardt suggest a mintage of up to 18,000 pieces for this variety, accounting for the bulk of the March 2-8 deliveries. Die clash frequently seen at Liberty's mouth and neck.

AMERICA, Widest LIBERTY (NC-1) Die Chararacteristics

Only two examples are known to exist. The first, graded an estimated XF45 by PCGS, is permanently impounded in the American Numismatic Society (ANS) Collection. The second specimen was described by Goldberg Auctioneers as being in Basal State 1+. It is a true tale of two extremes.

The NC-1 utilizes the same AMERICA reverse die seen on the Sheldon-2, Sheldon-3, and Sheldon-4 varieties. However, its distinguishing feature is the placement and spacing of LIBERTY. As noted by Walter Breen and Mark Borckardt, this obverse exhibits the widest letter spacing of any 1793 die. Possibly struck in extremely limited numbers and included in the March 2 delivery.

Save for a few minor obverse marks and a planchet flaw at 6 o’clock, the ANS specimen is breathtaking. If a third example exists, it likely remains hidden in a European collection, having escaped notice for more than 230 years.

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