1793 1C Chain, Periods, BN (Regular Strike)

The 1793 Chain Cent, AMERICA, Periods (Sheldon-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, Periods (S-4) Die Chararacteristics

Rarity 3+. The Sheldon 4 is the presumed final die marrage of the Chain Cent design. The variety features the same AMERICA reverse with the Sheldon 2, Sheldon 3, and NC-1, but is married to an obverse die that inexplicably features a period after LIBERTY and the date. This act of artistic caprice by the engraver is unique within the entire Large Cent series. Likely struck between March 8 and March 12, Walter Breen estimated a total mintage that exceeded 8,000 pieces.

Mint State examples survive, typically in Die States II and III. In the latter state, a prominent rim cud develops at 8 o’clock, with associated cracks extending through Liberty’s hair and toward the date. A third significant crack runs through LIBERTY, extending into the obverse field and toward the rim at 3 o’clock.

Market Snippets

When the Zanoni-Eliasberg PCGS MS65BN specimen sold at Heritage in January 2012 for $1.38 million, it was only the second Large Cent to sell for seven figures. Since then, others have crossed that threshold, including the Parmelee-Naftzger PCGS MS66BN example, which brought $2.35 million in 2015. Some of the prettiest Mint State 1793 Chains come in the Sheldon-4 variety.

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