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Dallas Signature US Coin Sale 1261 2-3 Nov 2017
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1792 P1C One Cent, Judd-1, Pollock-1, High R.6 -- Plug Replaced, Repaired, Scratched -- NGC Details. VG. (3.9 g).Although the famous 1792 half dismes were struck earlier, in Philadelphia saw-maker John Harper's cellar, the 1792 Silver Center cents were probably the first coins struck inside the confines of the Philadelphia Mint. The Mint Act of 1792 specified the cent should contain 264 grains of pure copper, but it was felt a coin of that size would be too large and unwieldy for practical use. The Silver Center cent was an ingenious attempt to produce a coin with the intrinsic value of one cent in a more manageable size. The proposed cent consisted of a copper planchet worth 1/4 of a cent, with a small hole in the center in which a silver plug worth 3/4 of a cent was inserted. When the coins were struck, the silver plug would flatten and spread out on both sides, resulting in a secure bond with the host copper planchet, creating the nation's first bimetallic coin. The coins were struck in early December of 1792, as evidenced by Thomas Jefferson's December 18, 1792-dated letter to President George Washington:
"Th. Jefferson has the honor to send the President two cents made on Voigt's plan by putting a silver plug worth ¾ of a cent into a copper worth ¼ of a cent. Mr. Rittenhouse is about to make a few by mixing the same plug by fusion with the same quantity of copper. He will then make of copper alone of the same size, and lastly he will make the real cent as ordered by Congress, four times as big."
While Chief Coiner Henry Voigt was probably responsible for the actual design of the coin, the innovative bimetallic concept was originally suggested by famous patriot and author Thomas Paine (see 1792: Birth of a Nation's Coinage, by Len Augsburger, Joel Orosz, and Pete Smith, for the definitive origin story). Unfortunately, the multi-step production process for the Silver Center cent proved too complicated for high-speed coinage operations, and the design was deemed impractical. Only a limited number of specimens were actually struck, to illustrate the concept to VIP's and congressmen. A total of 14 examples are known today, along with a single copper specimen that was struck without the plug in the center.
The history of the present coin can only be traced back to 2006, when it surfaced in a Modesto, California Police Department auction of unclaimed property. The value of the coin went unrecognized in that non-numismatic event, and a lucky collector from Northern California secured the lot for a mere $400. It was later submitted to ANACS for certification, where it received a VG10 Details grade. The dark olive-brown surfaces of this coin are smooth, not granular, with no planchet voids. However, both sides show a number of long file marks that explain the Details grade. The date and about half of the obverse legend remain legible, and the bust is complete in outline, with some interior detail still intact. The reverse peripheral legend remains bold, but much of the central design detail has been effaced by the filing. No design details can be discerned on either side of the plug, which is also heavily filed. One possible prior appearance of this piece is known in the literature. Lot 209 of the H.G. Brown Collection (Lyman Low, 10/1904) reads:
"Silver Center Cent, 1792. LIBERTY PARENT OF SCIENCE & INDUSTRY: Head r. R Type of the wreath Cent of 1793. The centre has been abused, probably when reinstating the small silver piece, otherwise good. Extremely rare."
Low's description certainly fits this coin well, but a definitive link to the present specimen cannot be established. Auction sales of comparable examples include the Fine 15 PCGS example sold by American Numismatic Rarities in 2006 for $253,000 and the VF30 NGC specimen offered by Heritage Auctions in 2012, which brought $305,500. The unique copper specimen struck with no silver plug (MS62 Red and Brown NGC) was sold in lot 5502 of the Donald G. Partrick Collection (Heritage Auctions, 1/2015), where it realized $446,500.
Unfortunately, when Heritage numismatists examined this coin, the lack of detail on the silver plug caused concern. It was decided to have the piece recertified by NGC, to maximize collector confidence and interest. In their initial investigation, the NGC graders determined that the "silver" plug was magnetic (apparently, ANACS failed to perform this simple test when they certified it in 2008). Elemental analysis revealed the plug is actually ferrous alloy (iron). The copper planchet is undoubtedly genuine, however. Colonial specialists and prominent numismatists Allen Weinberg, John Kraljevich, Ken Bressett, Julian Leidman, and Tony Terranova all examined this piece in November of 2008 and believed the copper planchet was authentic, but they had no way to test the composition of the plug. The silver plug was probably removed from the coin at an early date, before there was any numismatic market for rare coins in this country. The copper planchet was then carried as a pocket piece for some time. After coin collecting became widespread in the late 1850s, some enterprising coin doctor must have substituted the ferrous alloy plug to restore the coin's original appearance, if not its original composition. The noted scratches probably occurred when the plug was replaced, as the protruding plug would have to be filed down to the level of the copper planchet. The appearance is not unlike some early silver dollars that were holed, plugged, and filed to adjust their weight.
The Silver Center cent occupies a unique place in American numismatics, as one of the first products of the United States Mint and the precursor of the small-size cents we are so familiar with today. The coin offered here is one of only 14 survivors from the small early issue and this offering represents an important opportunity for some lucky collector to acquire a rare and valuable piece of numismatic history. Coin World article and ANACS certification tab accompanies the lot.
Ex: Possibly the H.G. Brown Collection (Lyman Low, 10/1904), lot 209; unknown intermediaries; Modesto California police auction (2006); the present consignor. Mentioned on page 219 of Birth of a Nation's Coinage by Len Augsburger, Joel Orosz, and Pete Smith.
HID02901242017
1792 P1C One Cent, Judd-1, Pollock-1, High R.6 -- Plug Replaced, Repaired, Scratched -- NGC Details. VG. (3.9 g).Although the famous 1792 half dismes were struck earlier, in Philadelphia saw-maker John Harper's cellar, the 1792 Silver Center cents were probably the first coins struck inside the confines of the Philadelphia Mint. The Mint Act of 1792 specified the cent should contain 264 grains of pure copper, but it was felt a coin of that size would be too large and unwieldy for practical use. The Silver Center cent was an ingenious attempt to produce a coin with the intrinsic value of one cent in a more manageable size. The proposed cent consisted of a copper planchet worth 1/4 of a cent, with a small hole in the center in which a silver plug worth 3/4 of a cent was inserted. When the coins were struck, the silver plug would flatten and spread out on both sides, resulting in a secure bond with the host copper planchet, creating the nation's first bimetallic coin. The coins were struck in early December of 1792, as evidenced by Thomas Jefferson's December 18, 1792-dated letter to President George Washington:
"Th. Jefferson has the honor to send the President two cents made on Voigt's plan by putting a silver plug worth ¾ of a cent into a copper worth ¼ of a cent. Mr. Rittenhouse is about to make a few by mixing the same plug by fusion with the same quantity of copper. He will then make of copper alone of the same size, and lastly he will make the real cent as ordered by Congress, four times as big."
While Chief Coiner Henry Voigt was probably responsible for the actual design of the coin, the innovative bimetallic concept was originally suggested by famous patriot and author Thomas Paine (see 1792: Birth of a Nation's Coinage, by Len Augsburger, Joel Orosz, and Pete Smith, for the definitive origin story). Unfortunately, the multi-step production process for the Silver Center cent proved too complicated for high-speed coinage operations, and the design was deemed impractical. Only a limited number of specimens were actually struck, to illustrate the concept to VIP's and congressmen. A total of 14 examples are known today, along with a single copper specimen that was struck without the plug in the center.
The history of the present coin can only be traced back to 2006, when it surfaced in a Modesto, California Police Department auction of unclaimed property. The value of the coin went unrecognized in that non-numismatic event, and a lucky collector from Northern California secured the lot for a mere $400. It was later submitted to ANACS for certification, where it received a VG10 Details grade. The dark olive-brown surfaces of this coin are smooth, not granular, with no planchet voids. However, both sides show a number of long file marks that explain the Details grade. The date and about half of the obverse legend remain legible, and the bust is complete in outline, with some interior detail still intact. The reverse peripheral legend remains bold, but much of the central design detail has been effaced by the filing. No design details can be discerned on either side of the plug, which is also heavily filed. One possible prior appearance of this piece is known in the literature. Lot 209 of the H.G. Brown Collection (Lyman Low, 10/1904) reads:
"Silver Center Cent, 1792. LIBERTY PARENT OF SCIENCE & INDUSTRY: Head r. R Type of the wreath Cent of 1793. The centre has been abused, probably when reinstating the small silver piece, otherwise good. Extremely rare."
Low's description certainly fits this coin well, but a definitive link to the present specimen cannot be established. Auction sales of comparable examples include the Fine 15 PCGS example sold by American Numismatic Rarities in 2006 for $253,000 and the VF30 NGC specimen offered by Heritage Auctions in 2012, which brought $305,500. The unique copper specimen struck with no silver plug (MS62 Red and Brown NGC) was sold in lot 5502 of the Donald G. Partrick Collection (Heritage Auctions, 1/2015), where it realized $446,500.
Unfortunately, when Heritage numismatists examined this coin, the lack of detail on the silver plug caused concern. It was decided to have the piece recertified by NGC, to maximize collector confidence and interest. In their initial investigation, the NGC graders determined that the "silver" plug was magnetic (apparently, ANACS failed to perform this simple test when they certified it in 2008). Elemental analysis revealed the plug is actually ferrous alloy (iron). The copper planchet is undoubtedly genuine, however. Colonial specialists and prominent numismatists Allen Weinberg, John Kraljevich, Ken Bressett, Julian Leidman, and Tony Terranova all examined this piece in November of 2008 and believed the copper planchet was authentic, but they had no way to test the composition of the plug. The silver plug was probably removed from the coin at an early date, before there was any numismatic market for rare coins in this country. The copper planchet was then carried as a pocket piece for some time. After coin collecting became widespread in the late 1850s, some enterprising coin doctor must have substituted the ferrous alloy plug to restore the coin's original appearance, if not its original composition. The noted scratches probably occurred when the plug was replaced, as the protruding plug would have to be filed down to the level of the copper planchet. The appearance is not unlike some early silver dollars that were holed, plugged, and filed to adjust their weight.
The Silver Center cent occupies a unique place in American numismatics, as one of the first products of the United States Mint and the precursor of the small-size cents we are so familiar with today. The coin offered here is one of only 14 survivors from the small early issue and this offering represents an important opportunity for some lucky collector to acquire a rare and valuable piece of numismatic history. Coin World article and ANACS certification tab accompanies the lot.
Ex: Possibly the H.G. Brown Collection (Lyman Low, 10/1904), lot 209; unknown intermediaries; Modesto California police auction (2006); the present consignor. Mentioned on page 219 of Birth of a Nation's Coinage by Len Augsburger, Joel Orosz, and Pete Smith.
HID02901242017