1794 1C Head of 1794, BN
The 1794 1C Head of 1794, BN (Regular Strike) is a significant piece in American numismatic history. Minted at the Philadelphia Mint, the 1794 Liberty Cap Large Cent is part of the early batch of coins that represents the commencement of coinage in the United States. The minting of this coin followed the Coinage Act of 1792, which laid the groundwork for the U.S. Mint and the country's first national currency.
Mintage and Production
The mintage of the 1794 1C is estimated to be around 918,521 pieces. However, the survival rate is relatively low, making high-quality examples particularly rare and sought after by collectors. According to the Professional Coin Grading Service (PCGS), this coin bears the PCGS #901374, a specific identifier for collectors and dealers for reference and authenticity verification.
Design and Historical Features
The 1794 Head of 1794 features the iconic Liberty Cap design by Joseph Wright. On the obverse, the portrait of Lady Liberty is shown facing to the right with flowing hair and a liberty cap, emblematic of freedom, supported on a pole. The reverse showcases a wreath encircling the denomination of “ONE CENT,” further encapsulating early American ideals. The design sparked debates in Congress over its symbolism and the portrayal of Liberty, adding a layer of historical interest to each piece.
Rarity and Collectibility
The rarity of the 1794 1C varies depending on the variety and grade. Varieties of the 1794 cent primarily differ in the number of leaves in the wreath or the appearance of the "LIBERTY" lettering. Collectors particularly prize Full Red (RD) examples, although such pieces are almost non-existent due to the passage of time. This results in Brown (BN) colored surfaces dominating the surviving population.
Numismatic Value and Market Sales
The value of the 1794 1C BN can skyrocket based on its condition, rarity, and appeal to collectors. Well-preserved examples with minimal wear can fetch significant sums at auction. The finest known specimens have sold for upwards of $100,000, with notable sales conducted through major auction houses. Price records often reflect the coin’s grade, provenance, and historical significance. Coins with a provenance, linking them back to renowned collections, often carry a premium.
Historical Significance
From a numismatist's perspective, the 1794 1C represents not only a piece of early American coinage but also a snapshot of the fledgling nation’s attempt to establish itself economically and politically. The coins circulated primarily within the United States at a time when foreign coins were more common, serving as a crucial step in distinguishing the U.S. monetary system from European influences. For collectors and historians alike, the 1794 Head of 1794 Large Cent is more than a currency; it is a tangible connection to the past, embodying the challenges and triumphs of a new nation asserting its independence and identity through its coinage.
