1787 Fugio Colonial Copper Cent, Old White ANACS EF-40, Newman 16-N

Description

Up for sale is this 1787 Fugio Copper Cent,
the first official circulation coin of the United States!
The coin was designed by Benjamin Franklin and minted only in the year 1787.
This coin was authorized by the Congress of the Confederation of the United States on April 21, 1787, as our first official copper penny.
The coin is often referred to as the Franklin Cent, and was first coined in New York.
Later it was also coined in New Haven, Connecticut and Rupert, Vermont.
This coin is actually considered a Contract Issue Coin, as it was authorized beyond the Post Colonial coin period.
On Friday July 6, 1787 it was resolved by the Board of Treasury to direct the contractor, James Jarvis to strike 300 tons of copper coin.
These coins were to include the following: On one side of the coin:
thirteen circles linked together, a small circle in the middle, with the words 'United States,' round it; and in the center, the words “We are one”.
On the other side of the coin, the following:
a dial with the hours expressed on the face of it; a meridian sun above, on one side of which is to be the word 'Fugio,' and on the other the year in figures '1787' below the dial, the words “Mind your Business”.
The dies for this Coin were made by James Jarvis and Abel Buell of New Haven, Connecticut.
The Coins consisted of .036 of an ounce of copper or 157.5 grains, which was equal to the English Halfpence and the Massachusetts coppers.
Jarvis bribed William Durer, the head of the Treasury Board in the amount of ,000 to get the contract to make the coins.
Jarvis received 30 tons of the 300 tons of copper from the US Government.
He set out to England to procure the balance.
He had no cash to pay upfront and was unsuccessful.
In the meantime, Jarvis’s
Father In Law, Samuel Broome was in charge of actually minting the coins.
Only 4 tons of the 30 tons were converted to Fugios and delivered to the U.S. Treasury on May 21, 1788.
The balance or 26 tons were basically diverted to make Connecticut Coppers which weighed less then Fugios and were more profitable. At the end of the day, the Fugios were underweight, and Congress cancelled the Contract on September 16, 1788.
The Government was out the money for 26 tons of copper that was stolen or diverted, and Buell and Broome fled the country for England to join Jarvis there.
There are at least 55 varieties of Fugio Cents.
There were 24 obverse dies produced and 33 reverse dies.
ANACS Certification # 2841769
Estimated mintage of Fugio Cents is 400,000 coins
Pointed Rays, 4 Cinquefoils, “States United”,
I am not a Colonial Copper expert, but using the
“Whitman Encyclopedia of Colonial And Early American Coins”
, I am calling this Die Variety a
W-6925
or a
Newman 16-N
.
Please check my photos carefully to make sure that you agree before bidding.
The book rates this variety a Universal Rarity Scale, USR-7, with 33 to 64 pieces surviving!
This coin has been graded by ANACS as a
EF-40 Corroded
and in a White Slab.
This coin has lovely chocolate surfaces!
Every Copper expert that I have shown this coin to (2 were Early American Copper guys), felt that ANACS ‘s grading was extremely harsh on this coin, meaning they felt it should have graded higher, with no corrosion.
Again, you look at the photos, judge the grade and quality of the coin for yourself before bidding.
George Washington was not even the President at the time this coin was struck.
He was first inaugurated on April 30, 1789 so it certainly qualifies as a piece of our history!
I will ship this item via USPS Registered Mail in the United States, Insured for Full Value with Tracking.
New Jersey Residents only must add 6.625% Sales Tax.
Please feel free to contact me with any questions, or if you need better photos of the item, Bob
[201] 843 1450 EBAY: Vette70
Please take a moment to look at my many other Ebay listings.
Good Luck & Happy Hunting!