Stack's Bowers Galleries will Auction a MS-69 1793 Wreath Cent in their New York Americana Sale on 22-24 January 2013. The 1793 Wreath large copper cent, Sheldon-9, graded MS-69 BN by PCGS and NGC. Tracing its pedigree to the Virgil M. Brand, Dr. William H. Sheldon, and other famous collections, this is the only large copper cent of any date or variety to be graded as high as MS-69 by either of the two leading certification services. This is one of two landmark 1793 cents to be offered as part of The Cardinal Collection in the Americana Sale. The other is a Gem MS-65 1793 S-2 Chain AMERICA copper. The collection, formed by well-known connoisseur Martin Logies, is part of a cabinet containing many choice and gem large copper cents gathered over a period of years.
The obverse design consisted of a stylized Liberty head with flowing hair. The inscription "LIBERTY" appeared above the portrait. Below it was a three-leaved sprig and the date. The design of the Liberty head was modified somewhat from that of the Chain cent to address public criticism.
The reverse's central design figure, for which the coin is named, was a wreath. The words "ONE CENT" appeared within the wreath, and the corresponding fraction "1/100" appeared beneath it. Along the outer edge was inscribed "UNITED STATES OF AMERICA". A decorative beaded border was added along the rim.
Following the Mint Act of April 2, 1792, the Philadelphia Mint was put into operation that September. Patterns were coined, followed in March 1793 with the first copper cents, first of the Chain Reverse type, then of the Wreath Reverse style as here, culminating with the Liberty Cap obverse motif. The Wreath cents were struck from dies cut in extraordinarily high relief — not equaled earlier or later in the series.
Jeff Ambio, senior numismatist and chief cataloger for Stack’s Bowers Galleries, gave particulars as to its appearance: “The coin has been both expertly produced and carefully preserved, and to study the surfaces is to study a portrait of numismatic perfection in a product of the early United States Mint. Both sides are as fully struck as one could realistically expect in a Wreath cent with intricate, razor sharp definition to both Liberty's hair tresses on the obverse and the leaves, sprigs and trefoils in the reverse wreath. A glossy satin to semi-reflective texture to the surfaces mingles with dominant light sandy brown patina, although we also note remnants of original, faded orange red color in the protected areas around some of the devices, especially on the reverse along the upper left wreath. The aforementioned semi-reflective qualities are best observed when the coin is held at direct angles to a good light source. As one would expect at the MS-69 grade level, both sides are virtually perfect with hardly even a trivial abrasion in evidence, and certainly no detracting carbon or other spotting. The surfaces are overall smooth, in fact, and only after close, careful scrutiny are we able to offer up a short, dull mark at the border outside the letter D in UNITED as a pedigree marker. A peerless large cent and a monumental example of the one-year Wreath type, this impressive Superb Gem is destined for inclusion in another world-renowned cabinet.”
In addition to The Cardinal Collection, the Americana Sale will feature American classics in other series, as well as other United States rarities. The auction will be spread over three days, and will include several thousand lots. Printed catalogs are available upon request by calling 800.458.4646. Online bidding and pre-auction bids will begin in December on StacksBowers.com, by email at auction@StacksBowers.com and by phone at 800.458.4646.
