1795 1C Reeded Edge, BN (Regular Strike)
Series: Liberty Cap Cents 1793-1796
PCGS VG10BN
PCGS Genuine
PCGS G4BN
- PCGS #:
- 1383
- Designer:
- Attributed to Robert Scot
- Edge:
- Reeded
- Diameter:
- 28.00 millimeters
- Weight:
- 10.89 grams
- Mintage:
- N/A
- Mint:
- Philadelphia
- Metal:
- Copper
- Auction Record:
- $132,000 • G04BN • 08-11-2020 • Stack's Bowers
Major Varieties
Rarity and Survival Estimates Learn More
| Survival Estimate | |
|---|---|
| All Grades | 8 |
| 60 or Better | |
| 65 or Better | |
| Numismatic Rarity | |
|---|---|
| All Grades | R-9.6 |
| 60 or Better | R-10.1 |
| 65 or Better | R-10.1 |
| Relative Rarity By Type All Specs in this Type | |
|---|---|
| All Grades | 2 / 11 |
| 60 or Better | 1 / 11 |
| 65 or Better | 1 / 11 |
| Relative Rarity By Series All Specs in this Series | |
|---|---|
| All Grades | 2 / 12 |
| 60 or Better | 1 / 12 |
| 65 or Better | 1 / 12 |
Condition Census What Is This?
|
#1 PCGS VG10
Dr. S.T. Millard; B. Max Mehl, March 1915, Lot 75 – $15.50; G. Kraft; Robert D. Book, May 1930; George H. Clapp, traded for a “famous 1794 Cent”; “The Howard R. Newcomb Collection,” J.C. Morgenthau & Co., February 1945, Lot 76 – $165; James Kelly, Fixed Price Lists 21-23, 1945-1947 – $350 to $175; Celina Coin Co., March 1947, Lot 2037; James Kelly, November 1947, Lot 927 – $150; James Kelly, April 1948, Lot 1327 – $150; Christian M. Petersen; Hollinbeck Coin Co., October 1953, Lot 278 – $660; Dr. William H. Sheldon, April 1972; R.E. “Ted” Naftzger, Jr., February 1992; Eric Streiner; Anthony Terranova, December 1993. As PCGS VG10 #13666804. “The Daniel W. Holmes, Jr. Collection,” Goldberg Auctioneers, September 2009, Lot 128 - $1,265,000; “The Adam Mervis Large Cent Collection,” Heritage Auctions, January 10, 2014, Lot 2528 – $646,250. S-79. Finest known. |
|
#2 Est. VG08
W. Elliot Woodward, April 1890, Lot 866; Charles Steigerwalt; George W. Lewis; Henry Chapman, June 1916; Dr. Charles E. McGirk; Walter F. Webb, February 1937; George H. Clapp; American Numismatic Society. S-79. |
|
#3 Est G06
Homer K. Downing; As "Good Plus." New Netherlands, August 19, 1952, Lot 1712 - $130; K.P. Austin; Alan J. Brotman, 1973; First Coinvestors. As "Good 6. Close to Fine in Sharpness." Pine Tree Auctions, February 1975, Lot 663; First Coinvestors, April 1976; Denis W. Loring, June 1976. As "Good 6." "The Robinson S. Brown, Jr. Collection," Superior Galleries, September 30, 1986, Lot 105 - $24,200; ; "The Jack H. Robinson Collection," Superior Galleries, January 1989, Lot 147 - $63,800; G. Lee Kuntz; Superior Galleries, October 1991, Lot 90; John Franenfield, May 1995; Daniel W. Holmes, September 1995; "The Robinson S. Brown, Jr. Collection," Super Galleries, January 1996, Lot 112 - $88,000; W.M. Jack Wadlington; Dr. Ralph W. Rucker, August 2005. S-79. This is the second of two Reeded Edge 1795 cents discovered by Homer K. Downing, who found it in 1947 in an unnamed New York coin dealer's junk box. |
|
#4 PCGS G04
Henry Chapman; “George W. Lewis Collection,” Henry Chapman, June 1916, Lot 634 – $1,75; Henry Chapman, March 1917, Lot 549 – $5.75; Howard R. Newcomb, February 1939; Henry C. Hines, 1945; Dr. William H. Sheldon; Dorothy I. Paschal, January 1974; Denis W. Loring, May 1974; Dr. Robert J. Shalowitz; George Korsing; “The Newport Collection,” Bowers and Ruddy, January 1975, Lot 908 – $3,000; George Korsing; Hap Seiders; Ronald Cooper; “Matthew Bryan Collection,” NASCA, November 1977, Lot 96 – $6,200; As NGC Fine Details – Corrosion #121151-001. Heritage Auctions, January 2011, Lot 5422 – $431,250. As PCGS G04 #19252679. “The ESM Collection,” Stack’s Bowers, August 6, 2020, Lot 1015 – $132,000; Dell Loy Hansen. S-79. Discovery coin. Philadelphia coin dealer Henry Chapman discovered this coin when sorting through a large lot of old coins. |
|
#4 PCGS G04
Bowers & Merena, Novemeber 2008, Lot 1143 - $402,500. S-79. |
#6 PCGS FR02
Heritage Auctions, January 4, 2012, Lot 3034 – $74,750. S-79. |
#7 PCGS Genuine
An old Texas Collection; L.R. Davis McKinney, Jr.; House of Davis McKinney, January 1964, Lot 227 – Passed; L.R. Davis McKinney, Jr.; House of Davis McKinney, December 1968, Lot 36 – Passed; L.R. Davis McKinney, Jr.; McKinney Estate. As NGC VG Details - Corrosion #4184374-001. “The House of David McKinney,” Heritage Auctions, January 7, 2016, Lot 5225 – $258,500. S-79. VG Details. Corroded. Deep scrape at the top of the wreath. |
#7 PCGS Genuine
John Baker; Greg Hannigan; Goldberg Auctioneers, September 2010, Lot 796; “The Padula Family Foundation Collection,” Heritage Auctions, September 8, 2017, Lot 4230 – $192,000; “The Poulos Family Collection, Part II,” Heritage Auctions, September 6, 2019, Lot 4608 – $78,000. S-79. Porous, details of Good. |
#7 PCGS Geniune
Homer K. Downing; Dr. William H. Sheldon, 1945; New Netherlands, August 19, 1952, Lot 1712a; Dr. Charles L. Ruby, December 1972; Superior Galleries, February 1974, Lot 414; Alan J. Brotman; Kagin's, November 1974, Lot 51; Alan J. Brotman, November 1974; Denis W. Loring, January 1975; Alan J. Brotman. S-79. Downing discovered this specimen in a Chicago dealer's junk box in 1944. Holed with an obverse brockage. |
| #7 PCGS Geniune |
1795 Liberty Cap Cent, Reeded Edge, S-79
Highly coveted and confirmed to exist in grades no higher than PCGS VG10, the 1795 Reeded Edge Liberty Cap Cent (Sheldon-79, PCGS #1383) remains one of early American numismatics' greatest enigmas.
By late 1795, the United States Mint faced a severe financial bottleneck: high copper prices meant that producing $1.00 in cents cost the government $1.22 — a 22% loss that the fledgling Mint could ill afford. To restore profitability, President George Washington issued an official proclamation on January 26, 1796 (retroactive to December 27, 1795), authorizing Mint Director Elias Boudinot to reduce the cent's weight from 208 grains to 168 grains. This nearly 20% reduction dropped the manufacturing cost just below face value, returning the Mint to a modest profit through seignorage.
The thinner 168-grain planchets could no longer accommodate traditional edge lettering, prompting the Mint to transition permanently from Lettered Edges to Plain Edges. Yet, a tiny batch of anomalous Reeded Edge cents emerged from this transition.
Struck exclusively on 168-grain planchets, all surviving Sheldon-79 cents share a reverse die that was later reused across six die marriages of the 1796 Draped Bust Cent (Sheldon 106 through Sheldon 111). Because Draped Bust production did not commence until October 1796, scholars believe the Sheldon-79 pair was fielded in late 1795 or early 1796 as an experimental trial to test milled edges on thin coppers. Confronted with the technical limitations on the Mint's rickety machinery, Boudinot quickly abandoned the experiment. From there, the coins were released into circulation, served their purpose, and were only later discovered in well-worn and often environmentally damaged condition.
Vintage Market Snippet
The 1795 Reeded Edge Cent was the first early copper coin to sell at auction for over one million dollars, bringing $1,265,000 in Goldberg Auctions' September 2009 offering of the Dan Holmes Collection. Large cent specialist dealer Greg Hannigan purchased the coin on behalf of Adam Mervis, who later sold the coin through Heritage Auctions in January 2014 for $646,250, taking a substantial haircut. The rare coin market of 2026 is much different than the market of 2014, which was buckling under the weight of numerous historic sales and a lull in collector enthusiasm. Post-COVID, the market for major rarities has more than made up for lost time.
* * *
There are only seven known examples of this "experimental" striking. The PCGS VG10 from the Dan Holmes collection is the finest known. It was sold at the Ira and Larry Goldberg auction of the Holmes Collection September 6, 2009 for $1,265,000. The buyer was Florida dealer Greg Hannigan, bidding on behalf of a private collector.