RZM Fine Arts and Antiques Inc: Ask the Appraiser

Good morning Mr. Felz. I recently became the owner of this coin / token from my deceased uncle’s estate. It was found in a small manila envelope, in his jewelry box, with written instructions; “DO NOT SELL!” I can barely read a date of 1793 and appears to read “UNITED STATES OF AMERICA” on the back. It is rather large, so I am really not sure if it is a coin. I have shown it to several people. No one seems to know what it could be.  A friend thought it was a token from an exposition, yet someone else believed it to be fake. Everyone I’ve shown it to has a different idea as to what it is. Very frustrating. It is very worn. I do intend to honor my late uncle’s wishes and not sell it, but I certainly would like to know what I have and what it is worth. Can you help me?

Linda

Based on your excellent photographs, I can definitively identify the coin that you possess as an authentic, American large copper one cent coin, minted at the Philadelphia Mint in 1793. Your Wreath Lettered Cent is the second official design for the one cent coin for the United States, following the Chain Cent. It was produced only during 1793 in response to public criticism regarding the design of its predecessor. Its controversial predecessor, the 1793 Chain Cent, was actually the first official cent. It featured a chain of (15) links on the reverse. This was meant to symbolize the unity of the states, but many people found it objectionable, interpreting the chains as representing slavery. Prompted by public outcry, the mint commissioned a new design. Coiner Adam Eckfeldt was tasked with replacing the chain design with a more traditional wreath design. Hence, the coin in your possession. It was short-lived, however. Your coin is among the rarest of the rare. Here’s why. Your Wreath cent was replaced the same year 1793, by the “Liberty Cap” design, which lasted until 1796. Approximately 63,000 Wreath cents were struck. A little bit of history to put all this in perspective. The coinage act of 1792 established a national mint located in Philadelphia. Congress chose decimal coinage in parts of 100 and set the United States dollar to the already familiar Spanish milled dollar and its fractional parts (half, quarter, eighth and sixteenth). Please see the reverse of your coin and notice the “ONE CENT” and the corresponding fraction 1/100 beneath. The reverse’s central design figure, for which the coin got its name, is a wreath. The obverse design consists of a stylized Liberty head with flowing hair. Your particular coin is very worn in this area, but a trace of the hair can still be seen. The inscription “LIBERTY” appears above the portrait and the date of 1793 is easily readable. These inscriptions, or the lettering on a coin, are known as legends by numismatics. These features are very important in terms of evaluating a coin’s potential value. I’ve seen a number of these coins where the date has completely worn off and the portrait is all but gone. It’s important to note that the 1793 Wreath Cents are generally found in lower grades due to crude production techniques used at the time of production and the age of the coins. Keep in mind this coin is 232 years old. Please also remember that collectors of rare coins tend to be more forgiving of a coin’s condition when it comes to extremely rare or historically significant pieces. As I like to say, Rarity reigns supreme. Your coin is rare, quite rare as a matter of fact. This coin’s current value is $4,000 USD. It is my strong suggestion to have this coin graded by a third-party grading service. If this coin were to grade higher, the price literally starts to skyrocket. There just aren’t many higher-grade examples of this coin in existence. I hope I’ve been able to clear up any confusion relative to this coin.