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2060

1794 1C Head of '94. XF45 PCGS. S-58, B-56, R.3

Currency:USD Category:Coins & Paper Money / US Coins Start Price:2,800.00 USD Estimated At:1.00 - 1,000,000.00 USD
1794 1C Head of '94. XF45 PCGS. S-58, B-56, R.3
<B>1794 1C Head of '94. XF45 PCGS. S-58, B-56, R.3.</B></I> <B>Bland VF30; tied for CC-10. Noyes VF35; CC-6. Photo #35436. Our EAC Grade VF35.</B></I><BR><BR><B>Equivalents. </B></I>Maris 40; Frossard 7.2; Doughty 60; Hays 16; McGirk 4-A; Ross 10-J; Chapman 39; EAC 48; <I>Encyclopedia </B></I>1668; PCGS #901374.<BR><BR><B>Variety. </B></I>Date is widely spaced, hair is thick and luxuriant. Fraction bar begins over right edge of 1. The obverse appears on S-58 and S-59. The reverse appears on S-58. Lettered Edge, leaf points up.<BR><BR><B>Surfaces. </B></I>Intermingled tan, golden-brown, and dark steel on both sides with a small patch of maroon verdigris on the reverse. Several heavy planchet defects are evident along the reverse border. These defects are strictly "as made" and should not affect the grade, but are certainly a tie-breaker in the case of borderline decisions.<BR><BR><B>Die State III.</B></I> The reverse has a heavy die crack through UNIT, although not developed to a retained cud or full cud.<BR><BR><B>Appearances. </B></I>The obverse and reverse are illustrated in Noyes (2006).<BR><BR><B>Census. </B></I>Finest known for the variety is an AU55 specimen, followed by several XF coins (three per Noyes, seven per Bland), and several more in the VF grade range. Opportunities to acquire a high quality example of S-58 are limited.<BR><BR><B>Commentary. </B></I>On October 28, 1794, David Rittenhouse communicated his report to the President and the Senate:<BR><BR>"The expenses of the mint have hitherto been chiefly applied only preparatory towards carrying on the business of the establishment; in erecting the necessary buildings, furnaces for melting, refining, and assaying, etc. (for which purpose it has been found necessary to purchase an additional lot of ground) and the very extensive machinery used in the different operations of coining; nearly one million of cents have, however, been coined and paid into the treasury of the United States, and a beginning has been made in coining the precious metals; near 120,000 ounces of bullion have already been deposited in the mint for coinage, a considerable quantity of which, being too base for the standard of the United States, has, in part, been successfully refined by the assayer, who is still going on with that process. A large parcel of blank dollars is ready for coining, waiting for a more powerful press to be finished, in order to complete them for currency. A large quantity of copper still remains on hand, part of it not yet refined. This will be wrought occasionally, so as not to interfere with the silver coinage."<BR><BR><B>Provenance. </B></I><I>B.G. Johnson; Mary Cowan Cruzan (Spink America, 6/1997), lot 96, $1,210; Jack Wadlington.</B></I><BR><BR><B>Personality. W.M. "Jack" Wadlington</B></I> is a retired commodities trader whose large cent collection, recently sold through Chris McCawley, was characterized by both completeness and quality. His collection was nearly complete by both Sheldon and Newcomb number, lacking only three unique late-date varieties. In addition, he acquired 33 of the Sheldon "NC" varieties. His additional collecting interests include Colonial coins and numismatic literature.<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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