Coins of the Issue: Early Large Cents Rumble in the PCGS Set Registry Exhibition at the Central States Numismatic Society Show, April 27-30, 2022

Among the first areas of American numismatics that enjoyed fervent collector interest in the mid-19^th century were within the milieu of the large cent. These hefty copper coins predate the more familiar “small cent” that arose in the United States during the late 1850s, and they constituted the nation’s workhorse coinage at a time when a typical laborer may have earned only a dollar for an entire day’s work. Large cents were officially struck by the United States Mint from 1793 through 1857 and were piquing the interests of collectors like Joseph Mickley (also known as “The Father of American Numismatics”) when the nation’s numismatic scene was still in its infancy.

While one can easily trace the numismatic allure of the large cent back to at least the 1810s and 1820s, it wasn’t until 1949 when Dr. William Herbert Sheldon’s seminal work Early American Cents, revised and popularly retitled several years later as Penny Whimsy, stirred the interests of copper collectors. Serving as the authoritative tome of reference for collectors of United States large cents, the book focuses on the myriad varieties counted among issues from 1793 through 1814. That was a period when dies were made by hand, leading to countless minor and major variances among large cent issues that have long since been widely dubbed “Sheldon varieties” by modern-day collectors and hobby authorities.

Two of the most celebrated collectors of these early large cent varieties are Colonel Steven K. Ellsworth and Walter J. Husak, both of whom are longtime numismatists with broad name recognition in the hobby. Both gentlemen were avid collectors by their middle-school years, and both — decades on — have built extensive collections of large cents, in some cases buying them from each other at various points to fill gaps in their respective sets. While dear friends going way back, they’re rolling their sleeves up for some friendly competition at the Central States Numismatic Show in Schaumburg, Illinois, held April 27-30, 2022, where the two are submitting several of their large cents for a head-to-head matchup in the proverbial numismatic boxing ring.

In either corner stands one representative each of the Sheldon-39 and Sheldon-78 – a pair from Husak and another from Ellsworth. The Sheldon-39, more formally known as the 1794 Marred Field Head of 1794, is a rare coin with a few dozen survivors. Meanwhile, the Sheldon-78, classified as the 1795 Plain Edge, is a rarity boasting even slimmer numbers. Both coins are rarer still in the grades of the specimens owned by the two congenial contenders and thrown into the Schaumburg bout. Rocky Balboa and Apollo Creed would’ve been proud…

Ellsworth’s Sheldon-39 is graded PCGS AU55BN, while his PCGS-encapsulated Sheldon-78 gleams in MS64BN. Husak’s Sheldon-39 grades PCGS AU50BN, and his Sheldon-78 carries a PCGS MS64BN grade akin to its Ellsworth counterpart. It’s not merely a battle of grades — it’s a contest in eye appeal. “Walt and I look at coins for what they are,” remarks Ellsworth, owner and operator of The Butternut Company, a coin establishment named for a type of desirable coloration of early American copper coinage. “That’s what is so fun about this exhibit.” Ultimately, both Ellsworth and Husak reign victorious, for their collections, which are far more expansive than represented in the four coins profiled here or their few dozens showcased at the CSNS show, which are — for so many collectors — the stuff of numismatic dreams.

For Ellsworth and Husak, their large cent collections represent much more than numismatic rarity and monetary value. They are a time capsule of a young America, when the fledgling United States Mint was ordering many of its planchets from overseas and striking coins with the brute might of human power and manual equipment.

“Back when these coins were minted, they were the people’s money,” explains Ellsworth. “These one-cent coins are what people used to buy bread, horseshoes, and the other things that people used to buy. If you had a silver dollar or a $2.50 gold piece, you were carrying a lot of money. But large cents were spent on everything, and some of these coins saw thousands of uses.” He adds, “in some cases the finest-known example of a certain variety may be AG3 or G4. Anything XF or over can be exceedingly rare.”

The sociopolitical history and rich artistry of these early large cents are what drew Husak into the fold. “I first went to an auction in New York during the Louis E. Eliasberg [Collection] sales of 1982 and there were lots of his gold coins on the block at that time.” While attracted to these and other precious-metal coins, Husak eventually gravitated toward early American coppers and eventually focused on Sheldon varieties. “The Sheldon-39 isn’t offered too often, and it’s a rare coin,” intimates Husak, who indulges collectors with more information through his Liberty Cap Foundation, which serves as an exhibition of early American coins. “Plus, it’s a 1794 — my favorite date.”

When asked which coin in his vast collection of large cents is his favorite, Ellsworth doesn’t miss a beat when blurting, “There’s not a favorite — they’re all my favorite!” He continues, “Walt and I love the history, the beauty, the art of these coins. They’re real pieces of Americana.”

To see this display in person, make your plans to attend the Central States Numismatic Society show in Schaumburg, Illinois, April 27-30, 2022, visit https://www.centralstatesnumismaticsociety.org/convention