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The sad tale of the Fugio Cent (post yours, if you have one)
CertifiedGoldCoins
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First, here's mine (Newman 4-E, Club Rays). Bad eBay photo, but this ANACS VF30 only cost me $267. 
The Fugio Cent came about because the counterfeit and lightweight coppers then in circulation kept the economy from growing, because those who accepted a lightweight copper at face value lost money when others would only accept the underweight coins at a discount, below face value. Some states took action, minting their own coins, and the Continental Congress followed with a resolution on April 21, 1787, to coining a national copper cent, later agreeing on the design.
The July 6th resolution specified that the obverse would have the sun and a sundial, with the date, and the legends "FUGIO" (I fly), and "MIND YOUR BUSINESS," with the reverse having thirteen linked circles, along with the legends "WE ARE ONE" and "UNITED STATES," copying the February 17, 1776, fractional currency and the 1776 Continental Currency "Dollar."
The designs and mottos of the Fugio Cent were the work of Benjamin Franklin, and so these coins are sometimes referred to as the Franklin Cent. The coin was to weigh 157.5 grains, equivalent to an English halfpence, and to the Massachusetts coins, authorized earlier, and also denominated as Cents, one hundred to a Spanish milled dollar.
Thus begins the story of our first United States coin, but the story does not end happily, as things were to turn out. It begins with James Jarvis, who controlled a business in Connecticut (The Company for Coining Coppers, based in New Haven). With a fat government contract to make 34,000,000 coins at stake, Jarvis gained the ultimate advantage: he offered a bribe to William Duer, who headed the Board of Treasury. Not surprisingly, Jarvis was awarded the contract, in return for $10,000.
That was a bad beginning, and things got even worse after that. Although Jarvis needed three hundred tons of copper to fulfill the contract, he was able to obtain only about one tenth of that amount (from the government no less), and on credit to boot. Jarvis agreed to repay the government for the copper in August, 1788, and got right to work.
He hired Abel Buel to produce the dies to make the coins, and put his father-in-law, Samuel Broome, in charge of the minting operations. With bribery and nepotism out of the way, Jarvis sailed for Europe, to obtain the copper and equipment he still needed. No doubt he thought he could do business the same way when he landed in England, but he was in for a rude awakening. He sought help from such people as Matthew Boulton (owner of the Soho Mint in Birmingham), but he was refused credit, and left empty-handed.
Meanwhile, back in Connecticut, Samuel Broome did some thinking. Since he could make more copper Cents for Connecticut (because they were to weigh less than Fugios), and he had the government’s copper available, why not use it, and make a bigger profit? Before long, he had struck 3,500,000 coins for Connecticut, using most of the government’s copper.
But there was a slight problem. With Jarvis still overseas, Broome had to produce something for the Treasury, and soon. He used what copper he had left to make a mere 398,577 Fugio cents, instead of the millions that were expected under the contract. These were delivered to the Treasury on May 21, 1788, to no one’s satisfaction. And when August came and went with no payment from Jarvis for the government’s copper, Congress canceled the contract in September, along with a report ominously vowing that the Treasury would take measures to recover what Jarvis owed.
Broome knew what was coming, so he fled the country, and joined Jarvis in Paris. Abel Buel, the diemaker, gave his tools and equipment to his son Benjamin, and also fled to Europe. The following July (1789), the Treasury decided to dispose of the coins, and sold them to Royal Flint, a New York merchant, for less than their face value. This proved to be a bad investment for him, when copper prices fell 75%, and Flint wound up in debtor's prison, later to be joined by bribe-taker William Duer.
But for some of the Fugio Cents, our sorry tale didn’t end there, because a keg of them wound up stored in their basement of the Bank of New York. When the keg was found many years later (in 1856), the coins were bagged, then forgotten again. In 1926, the Bank began to distribute them to its officials and to some customers.
By 1948, only 1,641 remained. These were examined by the American Numismatic Society, and several examples were donated to the Society, while others were sold to collectors. The Bank of New York, which had been organized in 1784 by Alexander Hamilton, finally ceased to exist in 2007, when it was absorbed by the Mellon Financial Corporation.
And for some Fugio Cents, the ultimate indignity:
Edit: This one's not mine, for more info on it go here: LINK
The Fugio Cent came about because the counterfeit and lightweight coppers then in circulation kept the economy from growing, because those who accepted a lightweight copper at face value lost money when others would only accept the underweight coins at a discount, below face value. Some states took action, minting their own coins, and the Continental Congress followed with a resolution on April 21, 1787, to coining a national copper cent, later agreeing on the design.
The July 6th resolution specified that the obverse would have the sun and a sundial, with the date, and the legends "FUGIO" (I fly), and "MIND YOUR BUSINESS," with the reverse having thirteen linked circles, along with the legends "WE ARE ONE" and "UNITED STATES," copying the February 17, 1776, fractional currency and the 1776 Continental Currency "Dollar."
The designs and mottos of the Fugio Cent were the work of Benjamin Franklin, and so these coins are sometimes referred to as the Franklin Cent. The coin was to weigh 157.5 grains, equivalent to an English halfpence, and to the Massachusetts coins, authorized earlier, and also denominated as Cents, one hundred to a Spanish milled dollar.
Thus begins the story of our first United States coin, but the story does not end happily, as things were to turn out. It begins with James Jarvis, who controlled a business in Connecticut (The Company for Coining Coppers, based in New Haven). With a fat government contract to make 34,000,000 coins at stake, Jarvis gained the ultimate advantage: he offered a bribe to William Duer, who headed the Board of Treasury. Not surprisingly, Jarvis was awarded the contract, in return for $10,000.
That was a bad beginning, and things got even worse after that. Although Jarvis needed three hundred tons of copper to fulfill the contract, he was able to obtain only about one tenth of that amount (from the government no less), and on credit to boot. Jarvis agreed to repay the government for the copper in August, 1788, and got right to work.
He hired Abel Buel to produce the dies to make the coins, and put his father-in-law, Samuel Broome, in charge of the minting operations. With bribery and nepotism out of the way, Jarvis sailed for Europe, to obtain the copper and equipment he still needed. No doubt he thought he could do business the same way when he landed in England, but he was in for a rude awakening. He sought help from such people as Matthew Boulton (owner of the Soho Mint in Birmingham), but he was refused credit, and left empty-handed.
Meanwhile, back in Connecticut, Samuel Broome did some thinking. Since he could make more copper Cents for Connecticut (because they were to weigh less than Fugios), and he had the government’s copper available, why not use it, and make a bigger profit? Before long, he had struck 3,500,000 coins for Connecticut, using most of the government’s copper.
But there was a slight problem. With Jarvis still overseas, Broome had to produce something for the Treasury, and soon. He used what copper he had left to make a mere 398,577 Fugio cents, instead of the millions that were expected under the contract. These were delivered to the Treasury on May 21, 1788, to no one’s satisfaction. And when August came and went with no payment from Jarvis for the government’s copper, Congress canceled the contract in September, along with a report ominously vowing that the Treasury would take measures to recover what Jarvis owed.
Broome knew what was coming, so he fled the country, and joined Jarvis in Paris. Abel Buel, the diemaker, gave his tools and equipment to his son Benjamin, and also fled to Europe. The following July (1789), the Treasury decided to dispose of the coins, and sold them to Royal Flint, a New York merchant, for less than their face value. This proved to be a bad investment for him, when copper prices fell 75%, and Flint wound up in debtor's prison, later to be joined by bribe-taker William Duer.
But for some of the Fugio Cents, our sorry tale didn’t end there, because a keg of them wound up stored in their basement of the Bank of New York. When the keg was found many years later (in 1856), the coins were bagged, then forgotten again. In 1926, the Bank began to distribute them to its officials and to some customers.
By 1948, only 1,641 remained. These were examined by the American Numismatic Society, and several examples were donated to the Society, while others were sold to collectors. The Bank of New York, which had been organized in 1784 by Alexander Hamilton, finally ceased to exist in 2007, when it was absorbed by the Mellon Financial Corporation.
And for some Fugio Cents, the ultimate indignity:
Edit: This one's not mine, for more info on it go here: LINK
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my early American coins & currency: -- http://yankeedoodlecoins.com/
my early American coins & currency: -- http://yankeedoodlecoins.com/
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Comments
Here's another sad story: I owned these two at one time, but sold them. I made a little money on each, but I regret selling them. I REALLY regret selling one of them. Can you guess which one?
Fugio Cent, 4 Cinquefoils, 8 Pointed Star PCGS Certified AU50
Fugio New Haven Restrike, Silver, PCGS Certified MS62 Ex Eliasberg
And not a bad coin for 267 CGC
It's hard to tell from the photo, but is that a "silver" restrike? Beautiful, either way! The Fugio has always been one of my favorites.
Have never owned one...
yet.
Stub
As for which one you regret selling, I'd guess any coin with an Eliasberg pedigree would be one to keep. Correct?
my early American coins & currency: -- http://yankeedoodlecoins.com/
<< <i>MLC,
It's hard to tell from the photo, but is that a "silver" restrike? Beautiful, either way! The Fugio has always been one of my favorites.
Have never owned one...
yet.
Stub >>
Nevermind. I need to look before I leap.
I'm guessing the regret lies with the sale of the restrike, but being a bit of a purist, any "restrike" seems like an imposter next to the originals.
Stupid, I know. But that's just me.
That's a really neat die clash!
Excellent example, as always.
Stub
<< <i>I'm guessing the regret lies with the sale of the restrike, but being a bit of a purist, any "restrike" seems like an imposter next to the originals.
Stupid, I know. But that's just me. >>
Actually, I regret selling the 8 Pointed Star much more than the silver restrike.
The silver restrike was indeed a "sexy" coin with a cool pedigree...but it was a restrike. I decided to sell it and another restrike I owned (Washington Draped Bust) because I wanted to have more of a "purist" collection.
The 8 Pointed Star, on the other hand, was not pedigreed, but it was one of the nicest examples of the variety I'd ever seen. It had a wonderful milk chocolate color with smooth, hard surfaces that screamed originality. I learned a lot about what to look for and what attributes I liked in copper coins from buying that Fugio, studying it, getting opinions on it from recognized experts, and comparing it to other examples.
<< <i>Actually, I regret selling the 8 Pointed Star much more than the silver restrike. >>
Well, you fooled me on that one.
<< <i>The silver restrike was indeed a "sexy" coin with a cool pedigree...but it was a restrike. >>
Yes, but with some interesting history behind it. Here's a blurb from a Heritage auction listing:
In the January-February 1949 issue of The Coin Collector's Journal, Eric Newman's article "Varieties of the Fugio Cent" was published with excellent plates. At that time, Newman noted: "The 'New Haven' dies have been included in the pattern group. These dies, which were found in the Broome and Platt store located on the plot of ground in New Haven, Connecticut where the Fugio coins were struck, are still in existence. Although no original coin struck from the 'New Haven' dies is known, there are nineteenth century restrikes in copper and some in silver." Nearly 60 years later, the same author again examined the Fugio cent series. Today, Newman believes that new dies were manufactured circa 1859 by the Scoville Manufacturing firm, well-known makers of buttons, tokens, and medals.
my early American coins & currency: -- http://yankeedoodlecoins.com/
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ANA - Pay As I Go Member
<< <i>The 8 Pointed Star, on the other hand, was not pedigreed, but it was one of the nicest examples of the variety I'd ever seen. >>
What do you mean it wasn't pedigreed???
-sm
The Maddy Rae Collection
CURRENT BST OFFERINGS
I knew it would happen.
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SSDC - Life Member
ANA - Pay As I Go Member
my early American coins & currency: -- http://yankeedoodlecoins.com/
<< <i>MLC... those are very attractive!
-sm >>
Thanks. Ahhh, the ones that got away...
Gotta get me another Fugio!
It won't win any beauty contests, but I figure it is a nice addition to the Holey Coin Vest for thirty bucks, what say ye?
I have a holey Nova Constellatio and Connecticut copper on the Vest, too.
Edit to add: my very first C-mint coin came in the same package.
Two milestones in one package. That doesn't happen much anymore.
I actually kind of like that entombed piece, Lucite and all.
my early American coins & currency: -- http://yankeedoodlecoins.com/
<< <i>It just so happens I recently got my very first Fugio.
It won't win any beauty contests, but I figure it is a nice addition to the Holey Coin Vest for thirty bucks, what say ye? >>
Congrats! That Fugio deserves to be prominently displayed on the Holey Coin Vest.
It's not pretty, but it's mine!
<< <i>It's not pretty, but it's mine! >>
Since it was struck from clashed dies, it could be a scarce variety, depending on how long the dies lasted after it was struck. Try a Google search for fugio cent clashed dies, and see if you can match it up with a known variety.
my early American coins & currency: -- http://yankeedoodlecoins.com/
<< <i>I was the under-bidder on the Norweb Fugio Silver Restrike tonight ... I would have gone a lot higher, but got stuck in traffic on the way home
Absolutely not. I actually preferred the ICG MS61 example in the Signature sale to that one.
<< <i>
<< <i>I was the under-bidder on the Norweb Fugio Silver Restrike tonight ... I would have gone a lot higher, but got stuck in traffic on the way home
Absolutely not. I actually preferred the ICG MS61 example in the Signature sale to that one. >>
Wow ... what made you like the ICG example better? The coins were not too dissimilar in appearance, but I really liked the Norweb pedigree. Although, the ICG hammered at a fairly good price ...
<< <i>Wow ... what made you like the ICG example better? The coins were not too dissimilar in appearance, but I really liked the Norweb pedigree. Although, the ICG hammered at a fairly good price ... >>
Sharper, better color, higher grade.
<< <i>OK, I have a Fugio I picked up a number of years ago. After reading that story I am curious what the likllihood is of any existing Fugio today having been in that barrel at the bank. >>
If it's Mint State, quite likely, but impossible to say for sure. The ANS did examine what was left in the keg, and we know the die varieties they examined, but their examination was a century too late, after most of the hoard had been given away, so there may have been die varieties in the keg that they never saw. As for circulated examples, some could have started out from the keg new, only to see some use afterwards.
my early American coins & currency: -- http://yankeedoodlecoins.com/
<< <i>
<< <i>Wow ... what made you like the ICG example better? The coins were not too dissimilar in appearance, but I really liked the Norweb pedigree. Although, the ICG hammered at a fairly good price ... >>
Sharper, better color, higher grade. >>
That just goes to show you ... buy the coin, not the holder or pedigree. Still, there has to be some added value once you get the name Norweb hammered on the label. Thanks for your insight John ...