1794 Liberty Cap Cent. S-48. Rarity-5. Starred Reverse. VG Details--Environmental Damage (PCGS). A respectable example of this rare variety with dominant medium brown patina to both sides. The surfaces show scattered pitting and are overall rough to further explain the PCGS qualifier. Light marks are commensurate with the grade, and none are worthy of individual attention. The reverse is well centered, the obverse is drawn trivially to 9 oclock, although on the latter side only the denticulation is affected by this feature. The obverse actually shows pleasingly bold detail to all major design elements. The reverse is more heavily worn with portions of the design lost, but virtually all stars from 5 oclock to 1 oclock (moving clockwise) are discernible, and most of these key features are quite bold for the assigned grade. Any Sheldon-48 is a rare find, and this piece will surely attract significant attention.<p>The S-48, Starred Reverse is one of the most popular, eagerly sought, and also enigmatic varieties in the early large cent series. The reason for including 94 stars on the reverse of this variety has been lost to history although, as with so many other aspects of U.S. numismatics, theories abound in the literature. Two of the more interesting are attributed to Dr. Edward Maris and R. Coulton Davis, both of which are related in Walter Breens large cent encyclopedia:<p><em>"Dr. Maris had conjectured that the number of stars was meant to allude to the Signers of the Declaration of Independence. Robert Coulton Davis connected it with the Mint Cabinets 1792 experimental copper coin today called Joseph Wrights pattern quarter dollar (Judd 12, Pollock 14, Encyclopedia 1365), which has 87 stars in the reverse border."</em><p><em></em>Exactly who discovered the Starred Reverse variety is also debated, although most numismatists credit 19th century dealer and numismatist Henry Chapman in 1876 or 1877. His brother, Samuel Hudson Chapman, told of the discovery in his work <em>United States Cents of the Year 1794</em> (second edition 1926):<p><em>"This die was discovered by Henry Chapman during 1877. Dr. Maris, the first man to make a study of the series, was standing between him and the author whilst we were examining a lot of 1794 Cents, when H.C., picking up the specimen and examining it, exclaimed, Here is a die with minute stars around the reverse. Dr. Maris confirmed the discovery and said, It was previously unknown."</em><p>Regardless of the intent of the stars and when and by whom the variety was discovered, the appeal of Sheldon-48 has remained strong throughout the 20th and into the 21st centuries. Its scarcity has also stood the test of time for today only 60 or so examples are believed extant, the actual total perhaps as low as 50 to 55 coins. On the vast majority of Starred Reverses, only a small portion of the stars may be seen - only above average pieces, as here, have most of the stars apparent. PCGS# 1374. From the Abernathy Collection.
