With limited exceptions, collectors usually want the first or earliest version of what they prize. Book collectors seek first editions, philatelists may pay top dollar for first-day covers, and a star player’s rookie card is commonly more valuable than later cards. Rare coins follow the same pattern: coins that represent the “first” of something have historical importance that makes them desirable to collectors and rare-coin dealers. The Chain Cent was the first regular-issue coin made by the U.S. government and remains a valued collector coin.
How the Chain Cent Began
On April 2, 1792, the Coinage Act established the U.S. Mint and assigned it responsibility for coins of consistent weight and composition to circulate among the newly united colonies. The Mint’s first production was the Birch Cent, though none entered public circulation. In 1793, the Mint released 36,103 Chain Cents. They show Liberty’s head on one side; the other bears “one cent” within a chain of 15 links, intended to represent colonial strength and unity.
At the time of original publication, the article described the following: The Chain Cent in PerspectiveAt the time of original publication, the article described the following:
When Chain Cents were released, many people criticized them: some believed Lady Liberty appeared frightened, while others viewed the chain as a representation of slavery. The image above, supplied by the National Numismatic Collection at the National Museum of American History, shows both unpopular sides. The design changed quickly, and few people felt motivated to preserve coins they disliked. Consequently, fewer than 2% of the Mint’s issued coins remain today. Even poor-condition Chain Cents can sell for as much as $3,000. Uncirculated examples can be valued in the hundreds of thousands of dollars.
The Chain Cent is an authentic piece of American history and can be a meaningful addition to a coin collection. When this article was originally published, people seeking to buy or sell rare coins in metro Atlanta were invited to visit Atlanta Gold & Coin Buyers. The original article said people outside metro Atlanta, including out-of-state readers, could use its trusted mail service. It also reported a & Coin Buyers large inventory of gold, silver, platinum coins, and bullion. At publication, readers were invited to call Atlanta Gold & Coin Buyers at (404) 236-9744 or schedule an appointment online.
