3012: 1793 1C Chain, AMERI., S-1, B-1, R.4 -- Environme

1793 1C Chain, AMERI., S-1, B-1, R.4 -- Environmental Damage -- PCGS Genuine. VF Details. Sheldon-1 was likely the first variety produced of the Chain cent type, included in the slightly more than 11,000 large cents delivered on March 1, 1793. Chain cent production in general lasted only until March 12, by which time 36,103 pieces had been coined. The halt in coinage was primarily due to a shortage of planchets, though by the time additional blanks were prepared, the Wreath type dies had replaced those of the Chain variant. This first variety of the Chain type exhibits AMERICA abbreviated as AMERI. It has been suggested that this may have been deliberate, following the style of the Masonic Unfinished Pyramid on the reverse of the Great Seal. More likely, however, the word was abbreviated as a result of poor word spacing by the engraver, who seems to have run out of room for the entire word. This was corrected on later dies. A few examples of this variety are known in higher grades (XF and finer), likely saved as first-year issue curiosities, but most examples are well-worn and often impaired to some extent. This representative falls into the latter group; wear is not excessive, though the eye is drawn to some fine granularity over the right-hand portion of the reverse. All legends are clear and the borders are strong, with deep olive-brown color overall. A still-pleasing example of this scarce variety. Our EAC grade VG10. HID03101062020 © 2020 Heritage Auctions | All Rights Reserved