1795 1C Lettered Edge, BN MS64BN Certification #02571362, PCGS #1377

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Expert Comments

Charles Morgan

The 1795 Liberty Cap Cent

1795-dated Liberty Cap Cents come in two planchet varieties: thick lettered-edge planchets (BN #1378), which were all struck earlier in 1795, and thin plain-edge planchets (BN #1380), which were struck in late December — likely on December 26, 27, and 31. Based on this timeline and the fact that plain-edge cents far outnumber lettered-edge examples, numismatists presume that production of 1795-dated plain-edge cents continued into the spring of 1796. Walter Breen speculated that production shifted from 1795-dated to 1796-dated dies around March or April.

Three obverse dies and three reverse dies were used to strike the 37,000 Lettered Edge cents. Struck on heavy copper planchets weighing 208 grains, these coins bore the incuse edge inscription ONE HUNDRED FOR A DOLLAR.

Why the Edge Changed

The one word answer is cost. Rising raw copper prices pushed production costs beyond face value. By October 1795, it cost $1.22 to manufacture $1.00 worth of cents.

Although Congress had authorized a weight drop earlier in March, official action took place late in the year. In December 1795, President George Washington instructed newly appointed Mint Director Elias Boudinot to reduce the cent's weight to 168 grains (formalized by presidential proclamation in January 1796).

This weight reduction resulted in thinner planchets, prompting the Mint to drop edge lettering altogether.

Plain Edge cents far outnumber Lettered Edge cents, with estimates ranging from 4:1 to 13:1 (according to numismatist Walter Breen). A few experimental Reeded Edge cents (BN #1383) were also produced; these remain extreme rarities that survive only in lower, circulated grades.

Lettered Edge Die Varieties

Sheldon-73 (BN #35711): Widely spaced date. The "1" nearly touches Liberty's hair, while the "5" is spaced away from the bust. Lettering: The "ER" in LIBERTY is positioned notably higher than the surrounding letters. History: Discovered by numismatist Sylvester Crosby prior to 1883.
Sheldon-74 (BN #35714): Obverse Die: Shared with S-75; distinguished by the upper flag of the "5" burrowing directly into the truncation of Liberty's bust. Reverse Die: Carried over from S-73; features distinct single leaves below "IT" (in UNITED) and "CA" (in AMERICA). Overall a challenging die marriage. PCGS records a single S-74 in Mint State Red-Brown, boasting an illustrious provenance tracing back to the legendary Virgil Brand collection.
Sheldon-75 (BN #35717): Obverse carried over from S-74. Doubled leaf at the top right branch.
Sheldon-76a (BN #35720): The "5" in the date is buried into the bust truncation. The placement of LIBERTY (positioned farther left) distinguishes this obverse from that of S-73. The reverse is notable because ONE CENT is positioned high above the center.

* * *

PCGS #

1377

Designer

Attributed to Robert Scot

Edge

Lettered: ONE HUNDRED FOR A DOLLAR

Diameter

28.00 millimeters

Weight

13.48 grams

Mintage

37000

Metal

Copper

Pop Higher

Pop Lower

119

Region

The United States of America

Price Guide

PCGS Population

Auctions - PCGS Graded

Auctions - NGC Graded

Rarity and Survival Estimates Learn More

Grades	Survival Estimate The Survival Estimate represents an average of one or more experts opinions as to how many examples survive of a particular coin in three categories: 1) all grades, 2) 60 or better, and 3) 65 or better. These estimates are based on a variety of sources, including population reports, auction appearances, and personal knowledge. Survival estimates include coins that are raw, certified by PCGS, and certified by other grading services.	Numismatic Rarity Numismatic Rarity converts the Survival Estimate for a particular coin into a number from 1 to 10 (with decimal increments) based on the PCGS Rarity Scale. The higher the number, the more rare the coin.	Relative Rarity by Type Relative Rarity By Type ranks the rarity of this coin with all other coins of this Type. Lower numbers indicate rarer coins.	Relative Rarity by Series Relative Rarity By Series ranks the rarity of this coin with all other coins of this Series. Lower numbers indicate rarer coins.
65 or Better	500	R-6.0	7 / 11	8 / 12
All Grades	15	R-9.3	4 / 11 TIE	5 / 12 TIE
60 or Better	3	R-9.8	4 / 11	4 / 12

Survival Estimate The Survival Estimate represents an average of one or more experts opinions as to how many examples survive of a particular coin in three categories: 1) all grades, 2) 60 or better, and 3) 65 or better. These estimates are based on a variety of sources, including population reports, auction appearances, and personal knowledge. Survival estimates include coins that are raw, certified by PCGS, and certified by other grading services.
65 or Better	500
All Grades	15
60 or Better	3

Numismatic Rarity Numismatic Rarity converts the Survival Estimate for a particular coin into a number from 1 to 10 (with decimal increments) based on the PCGS Rarity Scale. The higher the number, the more rare the coin.
65 or Better	R-6.0
All Grades	R-9.3
60 or Better	R-9.8

Relative Rarity by Type Relative Rarity By Type ranks the rarity of this coin with all other coins of this Type. Lower numbers indicate rarer coins.
65 or Better	7 / 11
All Grades	4 / 11 TIE
60 or Better	4 / 11

Relative Rarity by Series Relative Rarity By Series ranks the rarity of this coin with all other coins of this Series. Lower numbers indicate rarer coins.
65 or Better	8 / 12
All Grades	5 / 12 TIE
60 or Better	4 / 12

Condition Census Learn More

Pos	Grade	Pedigree and History
1	PCGS MS65BN	"The C.T. Whitman Collection," Samuel Hudson & Henry Chapman, August 1893, Lot 831; "The John G. Mills Collection," (Samuel Hudson & Henry Chapman, April 1904, Lot 1246; Samuel Hudson Chapman; unknown intermediaries; Dr. James O. Sloss, September 1958; R.E. "Ted" Naftzger, Jr., December 11, 1986; "The Herman Halpern Collection," Stack's, March 1988, Lot 109; Julian Leidman; Donald H. Kagin; Martin Paul; Superior Galleriies, September 1989, Lot 3098; Martin Paul; Superior Galleries, 1999, Lot 1997; "The Essex Palm Collection," Heritage Auctions, January 2007, Lot 773 - $69,000; Heritage Auctions, August 2011, Lot 7015 - $80,500. As PCGS MS65BN #20343990. "The Presidio Collection, Part II," Heritage Auctions, April 29, 2026, Lot 3010 - $91,500. As PCGS MS65BN #54945326. S-75. Die State V.
1	PCGS MS65BN	"The R.W. Randall Collection," New Netherlands, March 1973, Lot 42 - $4,750; R. Tettenhorst (Bernard Edison), October 1995, via private treaty to Jay Parrino; Jay Parrino to Thomas D. Reynolds, June 1997, via private treaty. As PCGS MS65BN #32730157. “The Thomas D. Reynolds Collection,” Goldberg Auctioneers, January 2016, Lot 53; “The B.S.T. Collection,” Legend Rare Coin Auctions, April 27, 2023, Lot 3 – $61,687.50. S-75.
1	PCGS MS65BN	Richard B. Winsor; Carl Wurtzbach; Virgil M. Brand; Burdette G. Johnson, 1940; "The C. David Pierce Collection," Hollinbeck Stamp & Coin Co. 1945 Fixed Price List, Lot 16; Dr. William H. Sheldon, April 19, 1972; R.E. "Ted" Naftzger, Jr., February 23, 1992; Eric Streiner; Jay Parrino (The Mint), April 16, 1996; W.M. "Jack" Wadlington, May 2005; Bob Grellman & Chris McCawley, June 30, 2005; "The Daniel W. Holmes, Jr. Collection," Goldberg Auctioneers, September 6, 2009, Lot 120 - $155,250; "The Douglas F. Bird Collection," Goldberg Auctioneers, February 16, 2020, Lot 24; "The Collections of Walter J. Husak and the Liberty Cap Foundation," Heritage Auctions, January 4, 2024, Lot 2068 - $66,000. S-76a. A duplicate from the collection of C. David Pierce.
1	PCGS MS65BN	Stack's, ca. 1948; Raymond Gallo, October 1960; R.E. "Ted" Naftzger, Jr.; "The Edward H. Schwartz Collection," Abe Kosoff, October 1961, Lot 89; Gene Reale, 1961. As "Choice Uncirculated, MS65." "The Louis Helfenstein Collection," Lester Merkin, August 1964, Lot 6 - $2,300; F.E. Knoble; Lester Merkin, April 1970, Lot 421 - $1,900; C. Douglas Smith; Dr. Robert J. Shalowitz; Dr. Jesse Borden; Dr. Robert J. Shalowitz; Jim McGuigan. As "Mint State 63." "Auction '87," Superior Galleries, August 1, 1987, Lot 1632 - $6,325; Jim McGuigan; Loren Barnett; Anthony Terranova; Tom Reynolds. As PCGS MS65BN #60114766. "The EMS Collection," Stack's Bowers, August 6, 2020, Lot 1013 - $50,400. As PCGS MS65BN #40364249. "The JB Collection" (PCGS Set Registry). S-75.
1	PCGS MS65BN	Benjamin H. Collins; Dr. Thomas Hall, July 1897; Virgil Brand, September 1909; Charles R. Mathewson; Copley Coin Company; Dorothy Paschal, 1955; Charles E. Harrison; Haig Koshkarian; Jay Parrino, 1992; Superior Galleries, July /1993, Lot 12; Allan Kollar; Superior Galleries, May 2005, Lot 1014; American Numismatic Rarities, January 2006, Lot 22; "The Madison Collection," Heritage Auctions, January 2008, Lot 2669 - $80,500; "The Jim O'Neal Collection," Heritage Auctions, April 2013, Lot 4117 - $79,312.50. S-75. Die State V.

#1 PCGS MS65BN

"The C.T. Whitman Collection," Samuel Hudson & Henry Chapman, August 1893, Lot 831; "The John G. Mills Collection," (Samuel Hudson & Henry Chapman, April 1904, Lot 1246; Samuel Hudson Chapman; unknown intermediaries; Dr. James O. Sloss, September 1958; R.E. "Ted" Naftzger, Jr., December 11, 1986; "The Herman Halpern Collection," Stack's, March 1988, Lot 109; Julian Leidman; Donald H. Kagin; Martin Paul; Superior Galleriies, September 1989, Lot 3098; Martin Paul; Superior Galleries, 1999, Lot 1997; "The Essex Palm Collection," Heritage Auctions, January 2007, Lot 773 - $69,000; Heritage Auctions, August 2011, Lot 7015 - $80,500. As PCGS MS65BN #20343990. "The Presidio Collection, Part II," Heritage Auctions, April 29, 2026, Lot 3010 - $91,500. As PCGS MS65BN #54945326. S-75. Die State V.

#1 PCGS MS65BN

"The R.W. Randall Collection," New Netherlands, March 1973, Lot 42 - $4,750; R. Tettenhorst (Bernard Edison), October 1995, via private treaty to Jay Parrino; Jay Parrino to Thomas D. Reynolds, June 1997, via private treaty. As PCGS MS65BN #32730157. “The Thomas D. Reynolds Collection,” Goldberg Auctioneers, January 2016, Lot 53; “The B.S.T. Collection,” Legend Rare Coin Auctions, April 27, 2023, Lot 3 – $61,687.50. S-75.

#1 PCGS MS65BN

Richard B. Winsor; Carl Wurtzbach; Virgil M. Brand; Burdette G. Johnson, 1940; "The C. David Pierce Collection," Hollinbeck Stamp & Coin Co. 1945 Fixed Price List, Lot 16; Dr. William H. Sheldon, April 19, 1972; R.E. "Ted" Naftzger, Jr., February 23, 1992; Eric Streiner; Jay Parrino (The Mint), April 16, 1996; W.M. "Jack" Wadlington, May 2005; Bob Grellman & Chris McCawley, June 30, 2005; "The Daniel W. Holmes, Jr. Collection," Goldberg Auctioneers, September 6, 2009, Lot 120 - $155,250; "The Douglas F. Bird Collection," Goldberg Auctioneers, February 16, 2020, Lot 24; "The Collections of Walter J. Husak and the Liberty Cap Foundation," Heritage Auctions, January 4, 2024, Lot 2068 - $66,000. S-76a. A duplicate from the collection of C. David Pierce.

#1 PCGS MS65BN

Stack's, ca. 1948; Raymond Gallo, October 1960; R.E. "Ted" Naftzger, Jr.; "The Edward H. Schwartz Collection," Abe Kosoff, October 1961, Lot 89; Gene Reale, 1961. As "Choice Uncirculated, MS65." "The Louis Helfenstein Collection," Lester Merkin, August 1964, Lot 6 - $2,300; F.E. Knoble; Lester Merkin, April 1970, Lot 421 - $1,900; C. Douglas Smith; Dr. Robert J. Shalowitz; Dr. Jesse Borden; Dr. Robert J. Shalowitz; Jim McGuigan. As "Mint State 63." "Auction '87," Superior Galleries, August 1, 1987, Lot 1632 - $6,325; Jim McGuigan; Loren Barnett; Anthony Terranova; Tom Reynolds. As PCGS MS65BN #60114766. "The EMS Collection," Stack's Bowers, August 6, 2020, Lot 1013 - $50,400. As PCGS MS65BN #40364249. "The JB Collection" (PCGS Set Registry). S-75.

#1 PCGS MS65BN

Benjamin H. Collins; Dr. Thomas Hall, July 1897; Virgil Brand, September 1909; Charles R. Mathewson; Copley Coin Company; Dorothy Paschal, 1955; Charles E. Harrison; Haig Koshkarian; Jay Parrino, 1992; Superior Galleries, July /1993, Lot 12; Allan Kollar; Superior Galleries, May 2005, Lot 1014; American Numismatic Rarities, January 2006, Lot 22; "The Madison Collection," Heritage Auctions, January 2008, Lot 2669 - $80,500; "The Jim O'Neal Collection," Heritage Auctions, April 2013, Lot 4117 - $79,312.50. S-75. Die State V.