The 1793 Chain Cent is more than just an old coin – it’s a piece of early American history. It was the very first cent made by the United States Mint in Philadelphia and holds a special place in the hearts of coin collectors around the world. This guide will help you understand what makes this coin so rare and valuable, even after more than 230 years.
What Is the 1793 Chain Cent?
The 1793 Chain Cent was the first one-cent coin produced by the United States. It was made at the Philadelphia Mint between March 1 and March 12, 1793. This coin got its name because of the chain of 15 links on the back side, which represented the 15 U.S. states at that time.
- Front Side (Obverse): It shows a picture of Liberty with flowing hair, the word “LIBERTY” at the top, and the year “1793” at the bottom.
- Back Side (Reverse): It has a ring of chains around the words “ONE CENT.” Around the edge, it reads “UNITED STATES OF AMERI.” or “UNITED STATES OF AMERICA,” depending on the version.
Who Designed the Coin?
Henry Voigt, the first Chief Coiner of the U.S. Mint, designed the coin. However, the style was inspired by the Libertas Americana medal, a piece of art by French engraver Augustin Dupré. His design was meant to show freedom, but not everyone liked the coin’s look at first.
Why Was the Chain Controversial?
Many people at the time thought the chain symbolized slavery or imprisonment. Some newspapers even called it “Liberty in Chains.” A letter from Newark and a newspaper in Philadelphia criticized the coin, saying the chain was a “bad omen for liberty” and that Liberty looked scared. Because of this criticism, the Chain Cent was soon replaced by the Wreath Cent, which had a different design.
How Many Were Made?
Only 36,103 Chain Cents were made during those 12 days in March 1793. That might sound like a lot, but in the coin collecting world, it’s a small number – especially since not all have survived.
Production by Date:
- March 1: 11,178 coins
- March 2: 2,009 coins
- March 4: 4,000 coins
- March 5: 3,765 coins
- March 6: 1,573 coins
- March 8: 7,000 coins
- March 9: 1,000 coins
- March 12: 5,578 coins
Different Types of Chain Cents
There are a few different types of 1793 Chain Cents. Experts tell them apart by small differences in the design. These are often called “die varieties” because each version was made using a different set of dies (metal molds used to stamp the coins).
S-1 (AMERI.)
This version has “AMERI.” on the reverse instead of “AMERICA.” It’s one of the rarest types. Around 7,000 of these were made, and experts believe only 118 to 158 still exist.
S-2 (AMERICA, No Periods)
This one has the full word “AMERICA” and no punctuation. It’s also very rare, and collectors have paid more than $500,000 for well-preserved examples.
S-3 (Leaning R Variety)
In this version, the “R” in “LIBERTY” leans to the right. It’s easier to recognize because of that and is popular among collectors.
S-4 (LIBERTY With Period)
This is the only version where there’s a period after both “LIBERTY” and the date. This unique detail makes it even more interesting to collectors.
NC-1
This variety is extremely rare. Only a few examples are known, and they have been sold at high-profile auctions for huge prices.
What Are These Coins Worth Today?
Because of their rarity and historical importance, 1793 Chain Cents are worth a lot of money. Prices can range from $100,000 to over $2 million, depending on the coin’s condition and variety. Coins that are better preserved or have a special backstory (called a pedigree) sell for even more.
Some famous sales include:
- A PCGS MS-65BN S-4 coin sold for $2.35 million in 2015.
- A PCGS MS-61BN S-1 coin from the Pogue Collection sold for $470,000 in 2016.
- Another MS-64+ CAC sold for $1.5 million in 2019.
Conclusion
The 1793 Chain Cent is not just a piece of copper – it’s a piece of America’s story. It marks the beginning of official coin-making in the United States and reflects the country’s early struggles with how to show its values on money. Even though it was only made for a short time, this coin has become one of the most important and valuable collector items in the world. Whether you’re a beginner or a serious numismatist, learning about the Chain Cent helps you understand how much history can be packed into something as small as a coin.
FAQ’S
1. What is the 1793 Chain Cent?
The 1793 Chain Cent was the first cent coin minted by the United States Mint, produced in Philadelphia between March 1 and March 12, 1793. It features a design by Henry Voigt, inspired by the Libertas Americana medal by French engraver Augustin Dupré.
2. Why is the 1793 Chain Cent valuable?
The 1793 Chain Cent is valuable due to its historical significance as the first cent produced by the U.S. Mint and its rarity. Only 36,103 pieces were made, with specific varieties fetching high prices among collectors.
3. What are the key features of the 1793 Chain Cent?
The coin features Liberty with flowing hair on the front and a chain of 15 links on the reverse, symbolizing the 15 U.S. states at the time. It was struck in copper and measures 26mm in diameter, weighing 13.48g.
