1795 Liberty Cap Cent. S-78. Rarity-1. Plain Edge. MS-64 BN (PCGS).<strong>Type: </strong>Liberty Cap.<p><strong>Design:</strong> Obv: A head of Liberty faces right, the word LIBERTY above, the date 1795 below, and a liberty cap and pole behind the portrait. Libertys hair is partly confined by a narrow ribbon. The Liberty Cap motif closely resembles that on the obverse of Augustin Dupres famous Libertas Americana medal. Rev: A slender wreath surrounds the denomination ONE CENT, the base of the wreath bound by a ribbon tied into a bow. The legend UNITED STATES OF AMERICA is around the border and another expression of the denomination 1/100 is below.<p><strong>Weight Standard:</strong> 10.89 grams.<p><strong>Diameter:</strong> Approximately 29 mm.<p><strong>Die Variety:</strong> Sheldon-78, Breen-8. Obv: The entire digit 5 in the date is visible, the top barely touching the base of Libertys portrait. The digits 17 are a little closer than the 95, and the end of the pole touches a denticle. Sheldon-78 represents the only use of this obverse die. Rev: The denomination ONE CENT is centered within the wreath, there are three berries on the right branch of the stem, four on the left. This variety also represents the only use of this reverse die.<p>Sheldon-78 is one of several die marriages that correspond to the Plain Edge <em>Guide Book</em> variety of the 1795 Liberty Cap cent. The others are S-76B, S-77, NC-2 and NC-3.<p><strong>Die State:</strong> Noyes B/A, Breen IV. Obv: Light crumbling or a small break in the die is evident under Libertys chin. Rev: There are faint clash marks within the wreath below the letters TES in STATES, F in OF and AM in AMERICA.<p><strong>Edge:</strong> Plain.<p><strong>Mintage:</strong> The accepted mintage for 1795 Plain Edge cents is 501,500 coins. Coinage of this <em>Guide Book</em> variety began on December 27, 1795, and the coins were delivered in multiple batches from January 1 through March 12, 1796. Most examples were struck in 1796.<p><strong>Estimated Surviving Population for the Die Variety:</strong> Rarity-1: More than 1,500 coins in all grades.<p><strong>Strike:</strong> Well centered within uniformly denticulated borders, both sides are sharply to fully defined throughout the design.<p><strong>Surfaces:</strong> Smooth with a hard, satiny texture, even close inspection with a loupe fails to reveal more than trivial planchet pits and a few wispy handling marks. Dusky olive-brown patina with a tinge of pale silver, along with more vivid undertones of iridescent golden-apricot. A faint swirl of variegated color at the base of the cap, small spot at Libertys chin and equally small spot in the reverse field below the letter E in AMERICA are the most useful provenance markers.<p><strong>Commentary:</strong> As related above in our description for the S-75 cent in the ESM Collection, the October 27 delivery of 37,000 cents exhausted the Mints supply of copper. When coinage finally resumed in late December of 1795 -- following the acquisition of 6,476 pounds of copper on December 26 from Joseph Anthony & Son -- the weight standard had been reduced to 10.89 grams at the suggestion of Mint Director Elias Boudinot. This was a critical decision, made verbally by President George Washington (per Breen, 2000) because, unlike silver and gold coinage which was achieved solely at the request of bullion depositors, copper half cents and cents were struck on government account. The lower weight standard, combined with a reduction in copper prices, eventually allowed the Mint to realize a profit from production of these coins. The reduced weight necessitated the use of thinner planchets that could not accommodate lettering or ornate devices on the edge. Hence, and with few exceptions (see below), all cents struck to the 10.89-gram standard have a plain edge.<p>Sheldon-78 vies with S-76B as the most available die marriage of the 1795 Plain Edge cent, and examples of both varieties abound in type sets. While a number of Mint State coins exist from both pairings, they remain the province of only the most advanced type collectors and early copper enthusiasts. This is an important bidding opportunity that deserves serious consideration.PCGS# 1380. NGC ID: 223T.PCGS Population (all die marriages of the Plain Edge variety): 6; 6 finer in this category (MS-66 BN finest).From the ESM Collection. Earlier from Heritages sale of the Joshua and Ally Walsh Collection of United States Cents, January 2006 FUN Signature Auction, lot 3022.
