From the Desk of Q. David Bowers: 1793 Large Copper Cents

By Q. David Bowers, Chairman Emeritus

Welcome to my current commentary. Stack’s Bowers Galleries recently announced the acquisition of one of the most marvelous collections we have ever had the opportunity to offer at auction. Formed over a period of years by a discriminating connoisseur, the cabinet consists primarily of scarcities and rarities -- trophy coins so to speak. The initial announcement by the firm showcases a superb Gem 1793 Wreath cent graded MS-69 by PCGS. No other early large copper cent, never mind just 1793, has ever been certified this high by either PCGS or NGC!

This brings me to comment on 1793 large copper cents in general. A glance at the Guide Book of United States Coins will reveal that there are several distinctive varieties from this year. The very first is the Chain cent with AMERI. on the reverse. It seems that the engraver felt that the name of our country would not fit symmetrically and therefore abbreviated it. This was quickly overcome by the next variety, with AMERICA in full, nicely arranged by adjusting the other words as well.

Next came the Wreath cent, the type featured in the recent Stack’s Bowers Galleries announcement. Coins of this design have an incredibly high relief to the obverse portrait and wonderful details in the wreath on the reverse, a masterpiece of coinage art. Wreath cents were made in several different die varieties and with two edge types. Concluding the year 1793 is the Liberty Cap type, the rarest of the three major portraits.

When the small diameter (19mm) Flying Eagle cent was introduced in 1857, replacing the large copper cent, a wave of nostalgia spread across the country. Citizens thought about the history and romance of the large copper cents that had been familiar since childhood days, and many attempted to look through change and acquire as many different dates as possible. At the time these could be found all the way back to 1793, although the earlier issues were apt to be worn smooth. The scarcest date was 1799. Much effort was spent in trying to find pieces dated 1815, which seemed to be rarer than all the others. There were no coin reference books at the time, and hardly anyone knew that no cents had been coined in that year. As interest increased, more and more information about coins began to be published in newspapers, in Historical Magazine (which was established in 1857), and elsewhere. Year by year more knowledge was gained, including in auction catalogs which first appeared on a regular basis in 1858.

The American Journal of Numismatics was launched by the American Numismatic & Archaeological Society in the summer of 1866, becoming the first regularly issued national publication on the hobby. Significant to my comment today, the very first photographic illustrations of American coins to appear in print anywhere were in the American Journal of Numismatics in 1869 -- and featured large copper cents of various varieties, all dated 1793.

As the weeks progressed other landmark coins from this marvelous consignment will be featured in print. The coins themselves will be presented in two auctions, first in our sale with the Whitman Coin & Collectibles Baltimore Expo this coming November, and after that, in our ever-popular Americana Sale to be held in New York City in January.

See you next week!