SOLD
4,300.00USDto floor+ buyer's premium
This item SOLD at 2021 Feb 10 @ 23:10UTC-05:00 : EST/CDT
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***Auction Highlight*** PCGS 1793 CHAIN "AMERICA" Flowing Hair large cent 1c Graded g details By PCGS. On January 28, 1791 Treasury Secretary Alexander Hamilton submitted an extensive report that examined the issues relative to the establishment of a Mint: "A plan for an establishment of this nature, involves a great variety of considerations-intricate, nice, and important. The general state of debtor and creditor; all the relations and consequences of price; the essential interests of trade and industry; the value of all property; the whole income, both of the State and of individuals, are liable to be sensibly influenced, beneficially or otherwise, by the judicious or injudicious regulation of this interesting object."Hamilton examined all aspects of such an establishment in an extremely detailed report, which was the basis for the Mint Act of April 2, 1792. In his report, Hamilton considered numerous particulars:"1st. What ought to be the nature of the money unit of the United States?"2nd. What the proportion between gold and silver, if coins of both metals are to be established?"3rd. What the proportion and composition of alloy in each kind?"4th. Whether the expense of coinage shall be defrayed by the Government, or out of the material itself?"5th. What shall be the number, denominations, sizes, and devices of the coins?"6th. Whether foreign coins shall be permitted to be current or not; if the former, at what rate, and for what period?"When finally prepared and enacted The Mint Act of April 2, 1792 specified that the copper cents were "each to be the value of the one hundredth part of a dollar, and to contain eleven penny-weights of copper." The weight of 11 pennyweight, or 264 grains, heavier than the brass Continental Currency coins. Congress reduced the weight to 208 grains when they amended the Mint Act on January 14, 1793 in what may be one of the shortest Acts ever passed:"Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That every cent shall contain two hundred and eight grains of copper, and every half cent shall contain one hundred and four grains of copper; and that so much of the act, entitled "An act establishing a mint, and regulating the coins of the United States," as respects the weight of cents and half cents, shall be, and the same is hereby repealed."The first copper coins struck at the fledgling U.S. Mint in Philadelphia were the Chain cents, including this example. While heavily worn, The Chain, symbolizing the rag tag colonies brought together to form this nation, is still strong, clear and bold. A Corey's Pick, Bid to Win, Don't let it get Away, you might not find its equal Coin. I give this coin my highest recommendation
Auction Location:
148 Route 73, Suite 3-284, Voorhees, New Jersey, 08043, United States
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| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
21% |
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