1793 1C Flowing Hair Large Cent PCGS XF-45 Chain, with Periods CAC ~ Price Upon Request

1793 Chain Cent, Periods — Sheldon-4, Breen-5 — Die State III PCGS XF-45 — Rarity-3 — One of the Finest Known

Among the foundational issues of American coinage, the 1793 Chain cent with Periods occupies a position of singular importance, both historically and typologically. This example — Sheldon-4, Breen-5, the Periods variety — presents in a deeply late die state and ranks firmly among the top dozen survivors for the variety, distinguished by its wholesome planchet, honest brown surfaces, and the remarkable legibility that survives into Die State III.

Variety Identification

S-4 is the most readily identified of the Chain cent varieties, defined by the periods appearing after both the date and LIBERTY, and by the notably compressed spacing between those legends — the L and B nearly touching — a proximity not replicated on any other Chain variant. Walter Breen, in his Encyclopedia of United States Large Cents, raised a question that has never been satisfactorily resolved: the obverse hair treatment is so stylistically distinct from the remainder of the die work that it implies a separate hand entirely. Breen speculated on Joseph Wright, whose 1792 pattern quarter obverse exhibits the same softly rendered hair and the same practice of placing a period after LIBERTY. The attribution remains unresolved, but the question itself illuminates the imperfectly documented engraving history of the earliest Philadelphia Mint.

Die State and Surface Analysis

The die state documented here is fully consistent with the latest stage described for this marriage. The two primary obverse cracks — converging at the rim in Breen's delineation — have merged into a pronounced rim break, substantial enough to be identified at a glance. A secondary crack runs through the terminal letters RTY, continuing through BER and I to the rim, visible in precisely the faint, linear character Breen describes. The die clash impressions before the mouth, chin, and neck — raised, wavy lines transferred from the chain reverse — are bold and unambiguous, as one expects in advanced die state material.

The surfaces are a pleasing, consistent medium brown throughout. A small retained planchet lamination is visible between the 2:30 and 3 o'clock positions near the rim, just forward of Liberty's nose — a pre-strike planchet flaw that neither detracts from the coin's integrity nor its strong collectible appeal. Despite the advanced die state, the obverse retains meaningful hair detail: individual strands resolve into thick tresses in the manner characteristic of the finest examples, allowing the collector to appreciate the engraver's uncommon skill. The reverse, as is typical for this pairing, is the stronger face and is high AU in opur opinion. Faint hints of muted mint red survive near the borders, preserved beneath the brown patina — evidence of exceptional original surfaces. A single small tick on the rim above CA is the only contact of mention. The chain links, lettering, and fraction are all sharply rendered.

Census and Significance

This coin, certified by PCGS in XF-45 and housed in a green-label holder, places confidently within the top dozen examples documented for S-4 — a variety with a relatively modest survivor population at the problem-free, collectible grade level. For the specialist in early American copper, in inaugural Philadelphia Mint issues, or in the history of the 1793 large cent series broadly, this example represents a genuinely uncommon opportunity: an honest, high-grade survivor of the most dramatic and historically resonant coinage type produced by the new Republic.