One Cent 1793 Flowing Hair, Chain, Coin from United States - detailed information

The United States one-cent coin (often called a penny, from the British coin of the same name) is a unit of currency equalling one-hundredth of a United States dollar. The cent's symbol is ¢. It has been the lowest-value physical unit of U.S. currency since the abolition of the half-cent in 1857.

The earliest one cent coins were large and made of copper; the United States Congress authorised coinage of one cent coins on January 14, 1793, with weight of 208 grains - smaller than the initially considered size of 264 grains, in which some patterns had been struck. With this act, the coinage of copper could begin on a regular basis. Before production started, the specifications were altered again, to 168 grains (13.48 g).

This first type of American one cent coin was only struck from 1st March to 12 March 1793, at which point the newly established Philadelphia Mint ran out of planchets. The coins were delivered to local banks for distribution and were imediately met with a negative raction by the population. The main motif on the reverse, being an interlocking chain with fifteen links representing the fifteen American states in existence at that time, was taken to be "a bad omen for liberty", while the representation of Liberty herself on the obverse "appeared to show her in a fright".

Confronted with this criticism, mint official stopped the production of coins of this type and in due course released another (also short-lived) version, with a wreath reverse and an improved Liberty head on the obverse.

The large copper format of the one cent denomination was discontinued by the Coinage Act of February 21, 1857 and was replaced by a smaller bronze coin. While withdrawn from circulation and not used any more, these coins have never been officially demonetised though.

In the beginning of operations of the Philadelphia Mint, planchets for the coins were made on premises, from copper which was melted from various scrap lots, then rolled and punched by hand. The results were of varying quality, and many coins have defects such as porous surfaces, laminations and cracks.

It is estimated that only about a thousand Chain Cent coins survive from those that were struck, or less than 3% of the total mintage. Genuine coins with a plain edge are known and these are mint errors; however, many plain-edge fakes exist.