Fugio
sbeverly
Posts: 964 ✭✭✭
A friend, who owns this Fugio, took it to the FUN show to learn more about this variety. He wasn't able to get much info. I told him I would post the question here. Anyone have any knowledge about this coin? Thanks in advance.Sorry for the poor pics taken with a cell phone.
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4
Answers
Aren't there a few sites that get you started with any info. Google it 🙂
Try the PCGS Coin Facts section here. They have quite a bit information on the Fugio cents.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
He should’ve seen Pierre Fricke, he’s a specialist in these and had a fairly big selection at his table. He can probably email him now.
All I know is that these seem to have exploded in price and popularity the past few years.
It's a rarity 4 variety, 76-200 estimated population. That's about all I know about it.
If you are interested in the different Fugio Cent die pairs and overall types, there is a good thread from late last summer:
https://forums.collectors.com/discussion/1116138/the-fugio-cent-thread
K-13R means Kessler book, obverse die 13, reverse die R .
Obverse die 13 has 4 Cinequefoils and "YOUR high", which shows in your photo.
Reverse die R has STATES on the left, UNITED on the right, with "WA close", also visible in your last photo.
Stack’s/Bowers had an auction of Fugio cents last year. It was the one of the finest sets ever assembled. You may want to look it up on their website as it contains of ton of information that will be of use to you.
It's Kessler/Newman 13-R. R4, meaning it's slightly scarcer for a Fugio, but not worth much of a premium. With the notable exception of the uncirculated BNY hoard coins, VF is pretty much the median grade for Fugios. So, depending on the look in-hand, it would appeal to both the advanced collector and a type collector.
Yeah, Dannreuther and I will take the blame for that one. In the fall of 2021, we had one of our famous Sunday "coin nerd" phone discussions which my wife says would drive most normal people into sticking an ice pick in their ears to make it stop.
Anyway, Fugios came up and, since I was gonna slog through the Journals of the Continental Congress on another matter, I said I bet I could find the authorizing legislation for the cents and the contract award to James Jarvis. As I recall, It was actually quite easy, I hit it on like the third or fourth search.
JD and I wrote an article, passed it around to other early copper specialists who signed on. We submitted it to PCGS asking that they publish the article and reclassify Fugio cents as a federal issue. On Jan 3, 2022, PCGS issued a press release that they were reclassifying Fugio cents as a regular issue federal coin. The original news release is still available on CoinFacts: https://www.pcgs.com/news/early-american-fugio-cent-reclassified-as-regular-issue
Subsequent to the new release, PCGS published the article in the Jan/Feb issue of their Rare Coin Market Report. The article is also still available on CoinFacts: https://www.pcgs.com/news/fugio-cents-the-first-regular-issue-united-states-coin
I think for the 2023 Red Book, the Fugios were reclassified as Federal Contract Coinage and that is how the auction houses also categorize them.
As JD and I often joke, "We shot ourselves in the wallet." The press release and article set off a buying frenzy. By the end of the year, Fugios had shot up by 75 - 100% and kept climbing, Within 2 years, most Fugios had doubled in price and some had tripled. We shoulda held the article for a few months and emptied our bank accounts buying up everything. Oh well.
I have since penned a number of articles for Pennywise, including "James Jarvis and the Fugio Cent Fiasco" and "Fugio, the First Large Cent." I've attached them for those who'd like to read.
In the upcoming January issue of Pennywise, I discuss the Betts Fantasy Fugio "Patterns." These pieces were previously attributed to Bushnell for no better reason than he owned all seven types. However, the best evidence is that Betts had these made as part of an elaborate scam that included the so-called New Haven Restrikes.
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Yes. Per Jarvis' account book (see CNL 163), all Fugios were shipped to the govt's agent, Mr. John Blagge, in New York. Damon Douglas' transcription of an Oct. 21, 1791 Treasury Dept. Auditor's report in his unpublished manuscript which can be downloaded from the ANS site notes that Jarvis' shipment of Fugio cents were received in New York. While the report does no mention the receiving agent's name, the shipment to NY does support the notation in Jarvis' account book.
That's quite an aside, since the scheduled start date of the new Congress has absolutely no relevance to the saga of the Fugio cents. In fact, one could say the relevance is less than nothing since lack of a quorum delayed assembly of Congress until April 30 (Inauguration Day).
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ANS site is difficult to use, so attached Douglas' manuscript. The audit report is shown on pages 168 and 169.
It does not matter that the gov't cancelled Jarvis' contract. They officially accepted the coins he did deliver, officially recorded their delivery and acceptance in the contract book, and gave him credit for what he did deliver. That makes them official federal contract coins.
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I'd like to thank @sbeverly for linking me up with his friend who owns this Fugio. We met up today and it's now the newest addition to the ANA type set I've been working towards.
I know you're not on here often but some day you need to start a thread to show off that set. It's so choice!
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I want to thank everyone here who posted in response to my question about the Fugio. I've learned much about this coin and I'm grateful for everyone's response.
Also, I'm glad that @coins_i_like and my friend came to an agreement that was beneficial to both.
best regards