MORE ON THE 1792 CENT DISCOVERY Öffentlichkeit Deposited
The E-Sylum: Volume 7, Number 35, August 29, 2004, Article 6
MORE ON THE 1792 CENT DISCOVERY
Alan V. Weinberg writes: "I'm just back from the ANA and
read my email before retiring. I see you mentioned the 1792
fusible alloy pattern cent that appeared at the ANA.I know a bit more about it so perhaps the readers will enjoy
further details. The coin was brought in raw to the ANA by
the family owners - I believe 4 people. It had been in the family
for generations with a distant great-grandfather being a coin
collector around the time of the Civil War.It was shown to Bob Rhue and Tony Terranova, both of
whom believed it to be genuine as it had the telltale diagonally
reeded rim, an esoteric fact not widely known to forgers and
Tony has handled his share of related 1792 silver center cents.
Then someone else convinced the family to have it slabbed
(thus obscuring the key diagnostic reeded rim!) and it was
walked over to NGC who, at the peak of the day, was no
longer accepting submissions and told the family to come
back the next day! So PCGS accepted it and quickly slabbed
the quite dirty piece as VF-30 without so much as oiling or
brushing it...which they aren't supposed to do anyway.
NGC's refusal to slab it got around quickly - some employee
really goofed! This was not a Morgan dollar !The family was inclined to consign it to auction and considered
Heritage and American Numismatic Rarities' proposals before
deciding to take it home and discuss alternatives with other
family members. Both firms gave their best effort to claim the
prize for auction, spending considerable time with the owners.The Redbook says there are 8 known, now 9. BUT in fact
there are only 3 indisputably genuine and collectible grade
pieces known (now 4) - an EF 40 in the Smithsonian, a nice
VF ex-Norweb, now in my collection and a VF, weak with
prominent planchet cutter crescent mark , ex-JHU/Garrett,
in Don Partrick's collection. All other specimens are very
porous, heavily worn and less than Good condition, one ex-
Lauder collection and one in the ANA (the Lauder coin?)
which has been questioned as to authenticity.The so-called "fusible alloy" cent - from the same dies as
the more "common" silver center cent - supposedly has the
silver plug alloyed with the copper and thus is known as the
fusible alloy cent. It is a great rarity and is as difficult to
acquire - probably more so - as the 1792 Birch cent
pattern. Value as a VF -30? Well, the Norweb coin in
similar condition auctioned for $32,000 plus the buyers fee
in 1988. So all the publicity claiming it is a $400,000 coin
may well just be ballyhoo. Perhaps this estimate is based
on the fact that a choice Unc 1792 silver center cent
auctioned in Stack's January 2002 Americana auction for
$414,000 to a phone buyer (reputed to be a prominent
Chicago dealer/collector well known for his taste for high
quality great numismatic rarities) . But that is in a condition-
hyped market and a bimetal coin, more appealing than the
rarer "fusible alloy" coin. At least that's my opinion.I'm also reliably informed a new specimen of a copper
1792 disme appeared at the show, off the street, but that
it is seriously marred. And an Ext Fine silver, UNholed
76 mm Lincoln Indian Peace medal, absolutely genuine,
also walked in off the street. The owner had no idea as
to authenticity or value and had played with it as a child.
Offered $10,000, he put it back in his sock in
astonishment and took it home.The annual ANA is certainly the place where great rarities
can appear "out of the woodwork." What a thrill!"- 2004-08-29
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