United States Coin of the Week: The Garrett Specimen of the 1793 S-3 Chain Cent

By: John Salyer, Numismatist and Cataloguer, U.S. Coins

Amazing Gem Certified MS-66 BN by NGC Featured in Stack’s Bowers Galleries’ 2012 Philadelphia ANA Auction

The upcoming Stack’s Bowers Galleries Official August 2012 Philadelphia ANA World’s Fair of Money auction sale is gearing up to be an exciting and memorable event for the entire numismatic community. On Thursday evening, August 9, our eagerly anticipated Rarities Night session will feature a truly impressive array of numismatic offerings. Among them will be an amazing Gem Mint State 1793 S-3 Chain AMERICA cent, certified MS-66 Brown by NGC. The coin was previously sold in our (Bowers and Ruddy’s) sale of the magnificent Garrett Collection, Part I, as lot 53.

According to the catalog description for the upcoming Philadelphia ANA auction, this coin is an example of the Leaning R variety, so-called from the position of the fifth letter in LIBERTY. The style is similar to S-1 with one exception: AMERICA is spelled out in full. The strike is superb, with the hair detail excellent even on the highest portions. The reverse is likewise sharp with exquisite detail in all areas. This important example was apparently not known to Dr. Sheldon when he was compiling his book as he was only able to locate one Mint State example.

This 1793 Chain cent is from the first year of coinage at the fledgling United States Mint in Philadelphia, and it is the only date on which the Chain cent design type appears. 1793-dated Wreath cents and Liberty Cap cents would soon follow, with the Liberty Cap design type continuing through 1796. Indeed, an article in the Boston Argus of March 26, 1793 noted in part: "The chain on the reverse is but a bad omen for Liberty, and Liberty herself appears to be in a fright." Comments such as this no doubt brought about the demise of the Chain type after just 36,103 pieces -- $361.03 face value -- were produced. That Chain cents of any grade exist today is a fortuitous happening, given the small production run and the ensuing 219 years since their inception, but that several Mint State examples exist is nothing short of a numismatic miracle. The presently offered 1793 S-3 Chain AMERICA cent from the famed Garrett Collection is obviously high in the Condition Census -- representing the top six finest coins -- for the type, and it will certainly enjoy strong bidding activity when it appears at auction in Philadelphia.