1792 1C Silver Center Cent J-1, BN SP (PCGS# 11001)

2012 April 18-22 US Coins & Platinum Night CSNS Signature Auction- Schaumburg #1169

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    5403
  • Grade:
    MS61
  • Price:
    $1,150,000.00
Lot Description
1792 P1C One Cent, Judd-1, Pollock-1, High R.6, MS61 Brown PCGS. Liberty faces right with hair flowing behind. The obverse periphery reads LIBERTY PARENT OF SCIENCE & INDUSTRY, with 1792 just below the bust. The reverse has a wreath tied with a ribbon at the bottom; ONE CENT is within. Around the rim is UNITED STATES OF AMERICA with the fraction 1/100 below. Struck in copper with a silver plug in the center. Medallic alignment. Just 12 days after Congress passed the Mint Act of April 2, 1792, President George Washington offered the position of Mint Director to David Rittenhouse, the well-known 18th century Philadelphia scientist and inventor. After his death, a contemporary, Benjamin Rush, eulogized Rittenhouse as one of the luminaries of the 18th century. His age (Rittenhouse was 60 years old in 1792) and his poor health were the reasons for the hesitation in acceptance. Although Rittenhouse waited until July 9 to officially accept, announcements were published within a week of his April 14 appointment, such as the notice in the April 21, 1792, issue of the Gazette of the United States: "David Rittenhouse, Esq. is appointed Director of the MINT of the United States." Using the Mint Act as a blueprint, Rittenhouse quickly began making arrangements for the new institution. In his biography David Rittenhouse, Brooke Hindle explains: {blockquote}"Long before he committed himself, Rittenhouse worked over the design and plans of the Mint and even took steps to obtain the needed men, materials, and buildings. In this period of indecision, he seems to have been testing himself to see whether his health would permit him to undertake the post. In addition, he did not want to delay the work which the administration was anxious to press forward."{/blockquote} Two of the Mint buildings were completed in September, the third early the next year. Although the first official coins struck within the Mint building and intended for circulation were the Chain cents of late February an
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