It’s also controversial and was only minted for one year, which increases the rarity value of any survivors today.
The 1793 Chain Cent is one of the earliest coins that American collectors started to acquire during the 1800s.
Today, the 1793 Chain Cent is still highly prized among collectors. Its auction record stands at an impressive $1.5 million USD.
The large Chain copper cent is about the size of a quarter, much larger than modern-day pennies. It was the first circulating coin officially produced by the United States Mint. A total of 36,103 were struck in 1793, the only year the coin was produced. Only a tiny number of these magnificent Chain Cents have survived over the last 226 years.
The big Chain Cent is roughly the same size as a quarter, much bigger than today’s pennies. It holds the distinction of being the first coin officially released by the U.S. Mint for circulation. In 1793, only 36,103 were made, and that was the sole year of its production. Over more than two centuries, just a small fraction have remained intact.
Jumping Over Hurdles
David Rittenhouse, the U.S. Mint Director at the time, faced multiple challenges when producing the Chain Cent.
Due to rising global copper prices and limited availability in 1792, Rittenhouse arranged for copper sheets to be imported from Great Britain. He also petitioned Congress successfully to reduce the coin’s weight from 264 to 208 grains to lower costs.
Another obstacle was that the U.S. Mint did not have an official engraver. Rittenhouse convinced Henry Voight, the chief coiner and a former watchmaker, to create the first dies. Although Voight lacked engraving experience, he proceeded and engraved the Chain Cent dies in February 1793.
The front side showed Liberty’s head with flowing hair. On the back, there was a chain with 15 links symbolizing the 15 states that made up America then.
The Chain Cent Controversy
A Boston Argus article from March 26, 1793, criticized the design:
“The chain on the reverse is but a bad omen for Liberty, and Liberty herself appears to be in a fright.”
Liberty’s somewhat frightening look was likely due to Voight’s inexperience. While the chain was meant to symbolize unity and strength, many critics felt it resembled a symbol of slavery.
Because of this backlash, the government redesigned the coin the following year. The chain was replaced by a wreath, and a more refined Liberty was engraved on the obverse.
FAQs
Q: Why was the 1793 Chain Cent only minted for one year?
A: It was replaced due to controversy over its design and concerns about Liberty’s appearance.
Q: How rare is the 1793 Chain Cent today?
A: Very rare; only a small number of the original 36,103 coins have survived.
Q: What did the chain on the reverse symbolize?
A: It was meant to represent the unity of the 15 states but was controversially interpreted as a symbol of slavery.
Q: Who engraved the first Chain Cent dies?
A: Henry Voight, the chief coiner, who had no prior engraving experience, engraved the dies in 1793.
