Fugio cent
{{use mdy dates|date=June 2019}}
{{Short description|First official circulation coin of the United States}}
{{Infobox coin
| Country = United States
| Denomination = One cent
| Value = 0.01
| Unit = U.S. dollar
| Mass = 10.2
| Diameter_inch =
| Diameter =
| Thickness_inch =
| Thickness =
| Edge =
| Composition = Copper
| Years of Minting =
| Catalog Number =
| Obverse = Fugio_cent.jpg
| Obverse Image Size = 180px
| Obverse caption = "New Haven Restrike", probably produced at the Scovill Mint in Waterbury, Connecticut
| Obverse Design ="Mind Your Business", Sun, and sundial
| Obverse Designer = Unknown, reputedly Benjamin Franklin
| Obverse Design Date = 1787
| Reverse = Fugio cent reverse.png
| Reverse Image Size = 180px
| Reverse Design = "We Are One" surrounded by the words "United States" and 13 state chain links
| Reverse Designer = Unknown, reputedly Benjamin Franklin
| Reverse Design Date = 1787
}}
The Fugio cent, also known as the Franklin cent,{{Cite web |last=Taylor |first=Sol |title=300th Birthday Retrospective: The Coinage of Ben Franklin |url=https://scvhistory.com/scvhistory/signal/coins/sg012106-coins.htm |access-date=March 21, 2019 |work=The Signal |publisher=SCVTV |archive-date=March 21, 2019 |archive-url=https://web.archive.org/web/20190321192741/https://scvhistory.com/scvhistory/signal/coins/sg012106-coins.htm |url-status=live }} is the first official circulation coin of the United States. Consisting of {{cvt|0.36|oz|g}} of copper and minted dated 1787, by some accounts it was designed by Benjamin Franklin. Its design is very similar to Franklin's 1776 Continental Currency dollar coin that was produced in pattern pieces as potential Continental currency but was never circulated.
History
File:Continental Currency One-Third-Dollar 17-Feb-76 obv.jpg 1/3-dollar note (obverse), with the inscriptions "Fugio" and "Mind your business".]]
On April 21, 1787, the Congress of the Confederation of the United States authorized a design for an official copper penny,{{cite journal |last=Norton |first=Frank Henry |journal=American Journal of Numismatics |year=1875 |volume=10 |issue=1 |page=21 |access-date=April 25, 2016 |display-authors=etal |url=https://books.google.com/books?id=KHTRAAAAMAAJ |title=Notes and Queries}} later referred to as the Fugio cent because of its image of the Sun and its light shining down on a sundial with the caption, "Fugio" (Latin: I flee/fly, referring to time flying by).
By some accounts, this coin was designed by Benjamin Franklin; as a reminder to its holders, he put at its bottom the message, "Mind your business". This design was based on the 1776 "Continental dollar" coin, which was produced in pattern pieces but was never circulated.{{cite web|url=https://www.frbatlanta.org/about/tours/story-of-money/11-after-revolution/coin-inspired-fugio-design.aspx|title=The Story of Money: 11 – Coin Design Inspired Fugio Cent|author=|website=Federal Reserve Bank of Atlanta|access-date=August 28, 2016|archive-date=August 28, 2016|archive-url=https://web.archive.org/web/20160828235533/https://www.frbatlanta.org/about/tours/story-of-money/11-after-revolution/coin-inspired-fugio-design.aspx|url-status=live}}
Some historians, such as author Joshua D Glawson, believe that the word "business" was intended literally here, as Franklin was an influential and successful businessman.{{Cite web |url=https://fee.org/articles/the-hidden-message-on-ben-franklin-s-fugio-cent/ |title=Archived copy |access-date=October 7, 2023 |archive-date=October 7, 2023 |archive-url=https://web.archive.org/web/20231007220220/https://fee.org/articles/the-hidden-message-on-ben-franklin-s-fugio-cent/ |url-status=live }}
The reverse side of both the 1776 Continental dollar coins and paper notes, and the 1787 coins, bore the third motto "We Are One" (in English) surrounded by thirteen chain links, representing the original thirteen colonial states.
Following the reform of the central government with the 1788 ratification of the 1787 Constitution, gold and silver coins transitioned to the motto "E pluribus unum" from the Great Seal of the United States.{{cite web |title=Understanding the Early Ideals of the Nation with the Fugio Cent |url=https://www.blanchardgold.com/market-news/rare-coins-news/understanding-the-early-ideals-of-the-nation-with-the-fugio-cent/ |website=blanchardgold.com |publisher=Blanchard and Company, Inc. |access-date=21 March 2022 |archive-date=May 27, 2022 |archive-url=https://web.archive.org/web/20220527182442/https://www.blanchardgold.com/market-news/rare-coins-news/understanding-the-early-ideals-of-the-nation-with-the-fugio-cent/ |url-status=live }}
=The Bank of New York Hoard=
{{main|Bank of New York Hoard}}
In 1788, the Bank of New York stored several thousand Fugio cents in a keg in its basement. In 1856, the coins were put into cotton bags and stored away again. The trove was rediscovered in 1926.{{cite web|url=http://www.coins.nd.edu/ColCoin/ColCoinIntros/Fugio.intro.html|title=The Fugio Cent of 1787: Introduction|website=Coin and Currency Collections|publisher=University of Notre Dame|access-date=November 18, 2016|archive-date=October 17, 2016|archive-url=https://web.archive.org/web/20161017224536/http://www.coins.nd.edu/ColCoin/ColCoinIntros/Fugio.intro.html|url-status=live}} The coins were then given out as souvenirs and keepsakes to clients until 1948 when the American Numismatic Society examined the remaining 1,641 coins. The cache became known as the Bank of New York Hoard. Several of the coins were donated to the Society, others were sold to collectors.{{cite book|title=A Guide Book of United States Coins|first1=R. S. |last1=Yeoman |first2=Kenneth |last2=Bressett |publisher=Whitman Publishing|year=2017|page=31}} All of the coins found were in mint state condition, most with brown toning and some with water damage.{{cite web|url=http://www.numismaster.com/ta/numis/Article.jsp?ArticleId=25556|title=More Than Morgans in Coin Hoards|first=Paul M. |last=Green|work=Numismaster |date=July 24, 2012 |url-status=dead |archiveurl=https://web.archive.org/web/20161120085352/http://www.numismaster.com/ta/numis/Article.jsp?ArticleId=25556 |archivedate=2016-11-20}} The bank retained 819 of the coins.{{cite web|url=http://www.hlrc.com/articles/09132013.pdf|title=Collecting the Coins of Famous Hoards|publisher=www.hlrc.com|first=Dave|last=Wnuck|date=September 13, 2013|access-date=November 19, 2016|archive-date=July 1, 2014|archive-url=https://web.archive.org/web/20140701221227/http://hlrc.com/articles/09132013.pdf|url-status=live}}
Collecting
The coin has been a long-time favorite of collectors, especially specialists in colonial American or early Federal coinage. In January 2022, the Fugio Cent was re-classified by major coin grading services as a "regular-issue United States coin".{{cite web |title=PCGS Reclassifies Early American Fugio Cent as Regular-Issue Federal Coin |url=https://coinweek.com/us-coins/pcgs-reclassifies-early-american-fugio-cent-as-regular-issue-federal-coin/ |website=coinweek.com |publisher=CoinWeek, LLC. |access-date=21 March 2022 |archive-date=January 24, 2022 |archive-url=https://web.archive.org/web/20220124204041/https://coinweek.com/us-coins/pcgs-reclassifies-early-american-fugio-cent-as-regular-issue-federal-coin/ |url-status=live }}{{cite web |last1=Bugeja |first1=Michael |title=It’s a Fugio cent, not a copper; and it’s about time |url=https://news.coinupdate.com/its-a-fugio-cent-not-a-copper-and-its-about-time/ |website=news.coinupdate.com |publisher=Coin Update |access-date=21 March 2022 |archive-date=March 21, 2022 |archive-url=https://web.archive.org/web/20220321033714/https://news.coinupdate.com/its-a-fugio-cent-not-a-copper-and-its-about-time/ |url-status=live }}
See also
- {{Portal inline|Money}}
- {{Portal inline|Numismatics}}
- {{Portal inline|United States}}
- History of the United States dollar
- Large cent (United States coin) (1793–1857)
- Nova Constellatio (1783 pattern pieces)
- United States dollar
References
{{Reflist}}
External links
- {{Webarchive |url=https://web.archive.org/web/20080319081450/http://www.usmint.gov/faqs/circulating_coins/ |date=March 19, 2008 |title=U.S. Mint: Circulating Coins FAQ}}
- [https://web.archive.org/web/20060924105200/http://www.usmint.gov/kids/index.cfm?fileContents=coinNews%2Fcotm%2F2002%2F07.cfm U.S. Mint: 1776 Continental "Dollar"]
{{S-start}}
{{Succession box
| title = United States one-cent coin
(1787)
| years =
| before = None
| after = Chain cent
}}
{{S-end}}
{{United States circulating coinage}}
{{Obsolete United States currency and coinage}}
{{Coinage (United States)}}
{{Benjamin Franklin}}