1793 Chain, AMERI.

The 1793 Chain cent is the first large cent struck by the United States Mint and one of the most important coins in American numismatics. Production began in March 1793 at the Philadelphia Mint, using dies engraved by Henry Voigt. The obverse shows a crude but energetic portrait of Liberty with wild, flowing hair. The reverse depicts a chain of fifteen links, one for each state in the Union, encircling the denomination ONE CENT and the fraction 1/100.

The AMERI variety is the earliest version of the Chain cent. The reverse inscription reads UNITED STATES OF AMERI, the final two letters of AMERICA truncated. Whether this was a space miscalculation by the engraver, a deliberate abbreviation to fit the available die area, or simply an error has been debated for two centuries. The public reaction at the time was hostile on multiple fronts. Critics objected to the chain as a symbol of slavery or tyranny. Others complained that Liberty looked frightened rather than dignified. Newspaper editorials mocked both the design and the truncated inscription. The Mint responded quickly, and later dies spelled out AMERICA in full.

All 36,103 Chain cents were struck over twelve days, March 1 through 12, 1793. The AMERI variety (cataloged as Sheldon-1) was likely included in the March 1 delivery and accounts for a fraction of the total. PCGS estimates 187 survive across all grades, with only two certified at Mint State and one at the gem level. Most are heavily worn, with surfaces that show the granular texture of copper exposed to centuries of oxidation.

At the top of the market, the 1793 Chain AMERI commands extraordinary prices. An MS64+ Brown example sold for $1,500,000 at Heritage Auctions in January 2019. Even heavily worn examples in About Good trade for five figures. Problem-free specimens in Fine or better anchor museum collections and generate headlines when they change hands. The coin's dual significance as both the first large cent and the first variety struck places it among the most valuable regular-issue United States coins.