Flowing Hair Large Cent

The Flowing Hair Cent was America's first large cent and the first coin officially produced by the United States Mint. It was only struck in 1793.

Specifications

 * Wreath Reverse Designer: Attributed to Adam Eckfeldt
 * Chain Reverse Designer: Henry Voit
 * Obverse Design: Liberty Head with Flowing Hair
 * Reverse Design: Interlocking Chain or Wreath
 * Edge: Alternating vine and vertical bars
 * Weight: 13.5 grams
 * Diameter: 27 millimeters
 * Composition:  Copper (100%)
 * Dates Minted: 1793

Background
Flowing Hair large cents are huge. HUGE! I don’t mean by virtue of their size, though they are significantly bigger than the small cents of the present day. No, Flowing Hair large cents are huge in collector popularity. It’s easy to see why:


 * They were struck ONLY in 1793, the first official year of U.S. Mint operation.
 * They were struck in small numbers.
 * They have crude, but classic designs.
 * Their designs were controversial, which is why they were struck for less than a year.
 * U.S. collectors who collect by date, need a 1793 coin—and these cents are often it.
 * U.S. type coin collectors need BOTH types of Flowing Hair cents for their collections.

As you can see by the above statement, there are actually two types of 1793 Flowing Hair cents: the Chain reverse type and the Wreath reverse type. Let’s take a look at the first of these, the Chain reverse type.

Chain Reverse Type
The Flowing Hair Chain reverse large cent, more popularly known at the Chain cent, is considered by many numismatists to be the first official circulating coin to be struck at the United States Mint. Some experts give the 1792 silver half disme that distinction, since some 1,500 were struck by Mint officials (but not at the Mint itself as it has not yet opened). Either way, the 1793 Chain cent was at LEAST the first coin struck at the brand new U.S Mint in Philadelphia, in addition to being the first U.S. large cent struck for circulation! That alone makes this early large cent a much sought-after collector coin—date set collectors want it, collectors of early U.S. coins want it, large cent collectors want it, type coin collectors want it, historians want it, etc. You get the picture.

But the allure of the 1793 Chain cent doesn’t stop there. The obverse of this coin, designed by Henry Voit, caught a lot of people’s attention. But not in a good way. A not-very-attractive Miss Liberty bust looks right, her hair flying backwards in a pretty wild fashion. Many pundits at the time, said Miss Liberty appeared to be “in fright.” But it was the REVERSE design that REALLY raised hackles!

On the other side of the Chain cent is—you guessed it—a chain. The encircled chain has 15 links, each one to symbolize all of the then states in the Union. Designer Voit, meant for the chain to symbolize unity. That’s not how many in the public saw it. Those who got a new look at this first U.S. Mint coin thought the chain, instead, was a negative symbol of bondage! Some 36,000 Chain cents were struck, over approximately three months, before the chain design was discontinued.

Wreath Reverse Type
A new 1793 Flowing Hair large cent appeared: the Wreath reverse type. This type is often referred to as the Flowing Hair Wreath cent, other times simply as the Flowing Hair large cent. Whatever the case, Voit probably felt he got it right this time with a new, more tranquil-reverse design, where an olive wreath replaces the chain. This version of the 1793 large cent proved more acceptable to the public. But there was still a problem. Miss Liberty on the obverse STILL had a cartoonish appearance—wide eyes, wild hair. She still appeared to be “in fright.” About 63,000 Wreath cents were struck before this design too was retired! The appearance of a NEW 1793 large cent, the Liberty Cap type, signaled the end of the much-maligned Flowing Hair obverse large cents.

Grading
As you can see by the mintage figures, the 1793 Flowing Hair Chain cent is a good deal scarcer than the Flowing Hair Wreath cent. That alone would dictate higher values for the Chain cent. But the mintage difference alone doesn’t tell the story. Sure, 36,000 is a low mintage, but so is 63,000! Yet a 1793 Chain cent will cost you $7,750 today in Good condition, while the 1793 Wreath cent is a much more affordable $1,700 in Good. How to explain such a huge price difference?

History, for one. The Chain cent is a major “first.” (as in our nation’s first large cent AND first U.S. Mint coin) And a “first” coin carries weight with collectors! Second, is survival rate. It’s not just that the Chain cent has survived in smaller numbers, but ALSO that the Chain cent, due to its shallower strike, mostly survives in super-worn condition. Percentage-wise, you’re far more likely to find 1793 Wreath cents in Good to Very Good condition, than you would Chain cents. Third, collectors are suckers for the “great story,” and in the case of the Chain cent, the outcry about the reverse chain makes for a great early U.S. coin story!

When is the best time to buy a Flowing Hair Chain or Wreath cent? As soon as you can afford it. It doesn’t appear that these coins are going to go down in price, barring some HUGE economic crisis or HUGE dropoff in the numbers of coin collectors. In fact, since the late 1990’s, these 1793 cents have done nothing but go up, up, up! And that’s particularly true for the Chain cent! In fact, in the case of the Chain cent, even grade-conscious collectors throw out their discriminating tastes and rabidly pursue Chain cents in ANY condition! Yes, prices for both coins are steep—but if you’re going to splurge on a U.S. coin, it might as well be these! Talk about historical value for your money!

And these coins will ALWAYS be in demand.

They are out there and they are not impossible to track down.

Mints

 * Philadelphia Mint (No mintmark)