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Jeff T. might consider "a penny for your thoughts" a high price to pay at least if the "penny" in question happens to be the 1793 Chain cent he found in a cache of early American coppers!
"I was hunting in a wooded area which has a history of habitation at least as early as 1740, and where I'd made a lot of older finds in the past. This time I was detecting along a large stone wall when I got a clear, coin-range signal.
"As I dug next to one of the stones, I began uncovering more and more half cents, large cents, and state-issued coppers... every one of them dated earlier than 1820! Of course, at that point I realized that I'd located a cache, although whatever once held the coins had long since rotted away. Judging from their condition, it must have been hidden nearly 175 years ago.
"When I got home and started sorting through the coins, I noticed that one of them seemed a bit thicker and heavier than the rest. Wondering what it was, I brushed away some of the dirt clinging to it and saw chain and the date 1793!
"A Chain cent! I looked at it again and again, and still couldn't quite believe it. Knowing how rare they are, I never dreamed of finding one of these coins, and especially in such nice condition."
Jeff's next step was to submit his find to the ANACS numismatic service for professional authentication, even though the circumstances of its recovery left little room for doubt. They certified it as genuine and also encapsulated or "slabbed" it for protection. The cent was then consigned to Bowers & Merena Auctions, Inc., where it was graded VF-35, but assigned a net grade of F-12 due to surface corrosion.
A Flowing Hair "Chain" type reverse 1793 cent, "America" variety S-4, it currently lists for about $5,500 in Fine condition. Yet even that price only hints at its incredible scarcity. Just how uncommon is it? Estimates vary, but the total recorded mintage of Chain cents (all varieties) is 36,103, and of that number only a very small fraction survive in collections today.
America's first regular-issue cent, the coin was produced only briefly at the Philadelphia Mint in 1793. Although its distinctive circular chain of 15 links was meant to represent the strength and unity of the states of the Union, many Americans viewed it instead as an offensive symbol of enslavement or oppression. In fact, the coin proved so unpopular that its designer, Henry Voigt, was fired; and the chain was soon replaced by a wreath and bow.
"I feel fortunate to have found an important part of our nation's numismatic history," says Jeff. "I've been metal detecting for a couple of years now, and so far this is my best find. I've also learned that you need three things to succeed in this hobby: research, persistence, and a good attitude in the field." |
