Gem Mint State 1793
Wreath Cent, the Next Million Dollar Cent, Acquired by Tom Pilitowski by CoinWeek | June
30, 2014
US Rare Coin Investments
has acquired an historic and significant 1793 Gem Mint State
Vine and Bars Wreath Cent, S-9, B-12. Finding a Gem Wreath
Cent is rather remarkable since they are usually seen in
low grades with numerous problems. This outstanding one
is certified MS65 BN by PCGS and also comes with a CAC (Collectors
Acceptance Corp) approval sticker. The coin has spectacular
eye-appeal. Its light brown and olive surfaces are splashed
with bits of mint red in some of the protected areas. There
is also a small area of darker patina on the reverse at
ATES. The boldly struck design motifs are well centered
on hard, reflective fields. The dentils are complete and
strong on both sides. The few marks that appear on both
sides were probably on the planchet before the coin was
struck.
In
its population report, PCGS shows one Wreath Cent, S-9,
the present coin in MS65 BN condition with one finer at
MS65+BN. (PCGS also list a Wreath Cent at MS69BN, which
was auctioned as an S-9 variety.) At NGC the finest S-9
in their Consensus is an MS62 BN piece. As of June 2014,
the present coin is the finest and only specimen confirmed
by CAC at the Gem MS65 BN grade level.
Early in 1793 the first United States cent
was issued. The Chain Cent, designed by Henry Voigt, was
not well received. Liberty seemed to be in a fright; her
unkempt look conveyed fear not peace or strength, and the
chain links of the reverse reminded the populace of bondage,
tyranny, or slavery not freedom and unity, which they were
trying to symbolize. In April the new design was used. Adam
Eckfeldt created the dies from sketches provided by David
Rittenhouse, the Mint Director. (Earlier credit for the
design was given to Henry Voigt by Yeoman in the Guide Book;
however, there is speculation that neither man designed
the coin since neither was trained as an engraver or had
the skill.) The Wreath Cent shows a more sophisticated view
of Liberty than on the Chain Cent. It better reflects the
French influence of Augustin Dupre’s Libertas Americana
Medal of 1776, which was engraved at the behest of Benjamin
Franklin in 1782. Although the profile is reversed and the
Phrygian cap and pole are missing, the portrait on the Wreath
Cent resembles Liberty of the medal with her strong profile
reminiscent of Greco-Roman sculpture. The streaming hair
shows Dupre’s attempt to convey the feeling of excitement
among intellectuals in France and in the colonies as the
United States came into existence. Because early Americans
were used to thinking in terms of pounds, shillings, and
pence, the fraction beneath the wreath told them what the
denomination meant and serves to remind us that it was a
new concept for them. The design included a cotton sprig
above the date and the use of linear strings of berries
woven into the wreath. The wreath seems to be made of bay
laurel with strands of cotton woven in adjacent to CENT.
It is unclear what the strings of berries were intended
to represent. Between April and July the whole production
run took place. The yellow fever epidemic then forced the
mint to close. In September the Liberty Cap Cent was issued,
making it the third major design change for the year.
The modern history of the coin is seen in
its provenance. Thomas Elder sold it to Henry Miller in
1917; it went from the noted dealer B. Max Mehl to Dr. George
P. French in 1929; in 1933 Henry A. Sternberg acquired it
from the J.C. Morgenthau sale; it was subsequently owned
by Charles Green in 1954, Dr. William Sheldon, Virgil Brand,
Dorothy Paschal, and, most recently, Dean Oakes.
The early Mint in Philadelphia had many
challenges. Conditions were poor even at times chaotic.
Each of the specialists, the designers, engravers, and press
operators were men who had previously worked in other fields.
Coin manufacturing was a new trade for them. Production
was sporadic. For the new Mint to coin each of the mandated
denominations, it took four years. This delay was partly
because of inexperience and governmental obstacles. Bonds
that were unrealistically high were impediments to engravers
working with precious metals. Congress was not united on
the need for a government mint since private and foreign
coinage seemed to work. Because of the non-existent or low
production numbers in the early years of the Mint, foreign
copper, silver and gold circulated along with American made
coins for many years until they were later demonetized.
Record keeping in the Mint’s early years
was fairly inaccurate. At the end of the eighteenth century
Philadelphia had recovered from the British occupation and
Revolutionary War. It was the second largest city in the
English-speaking world, but it could do nothing to protect
its citizens from the mosquito-borne epidemic of yellow
fever. Thomas Jefferson described the epidemic in the summer
of 1793, “It has now got into most parts of the city [Philadelphia]
and is considerably infectious….At first 3 out of 4 died.
Now about 1 out of 3. It comes on with a pain in the head,
sick stomach, then a little chill, fever, black vomiting
and stools, and death from the 2nd to the 8th day.” Wealthy
citizens went to the countryside to escape, but the poor
grimly waited their fate. Of course these annual epidemics
caused havoc with all manufacturing that required continuity,
such as a coinage sequence. The Mint shut operations during
the late summer and early fall every year. In addition to
yellow fever, disorder at the Mint was also caused by chronic
bullion shortages and coin dies that would wear out and
had to be re-engraved because they were not taken out of
production until they failed completely. Often dies were
locked up and later taken out of storage without great attention
and care.
Speaking of the S-9 Wreath Cent, Tom Pilitowski,
president of US Rare Coin Investments said, “The coin is
a fabulous example of its type and variety. It represents
outstanding value for a collector and would be an excellent
addition to any fine numismatic cabinet. With a provenance
such as this and the coin’s excellent appeal, it might well
be a future million dollar Large Cent. This coin is destined
for the finest early US coin collection or investment portfolio.”
HISTORICAL HIGHLIGHTS
Philadelphia, February 18, 1793: Supreme
Court rules in Chisholm v. Georgia that a citizen of one
state may sue a different state in federal court.
Philadelphia, February 28, 1793: Nine
resolutions submitted in House against Hamilton’s policies.
Charleston, South Carolina, April 8,
1793: Citizen Edmond Charles Genet, French minister to United
States, arrives seeking American support for French war
effort.
United States, April 28, 1793: Jefferson
on relations with France: “An injured friend is the bitterest
of foes”.
Monticello, Virginia: Jefferson designs
classic American plow, but does not patent it.
New York City: Noah Webster founds city’s
first daily newspaper, American Minerva.