On November 13th 2025, with it costing 4 cents to produce each 1 cent penny, the U.S. ended production the coin. It is the first U.S. coin to be discontinued since 1857, when the half-cent ceased production.
The first penny minted by the U.S. Mint was the a penny, minted in 1793. The "flowing hair cent" coins were made by using horse-powered rollers to flatten metal strips, then engraved by hand. The coin was nearly as large as a modern half dollar.
But this was only the first penny minted by the U.S. Mint, which was created in 1792. It was NOT the first penny commissioned by the United States. That distinction belongs to the Fugio, and that is a much more interesting story.
A failed venture from start to finish - designed by a counterfeiter, minted on a bribe, and contacted even though there was not enough copper to make them. Nearly everyone involved ended up in either debtors prison or the almshouse.
After they failed, an entire keg of fugios was stored in a New York Bank. In the 1850s, when the keg was discovered, some of the coins were handed out randomly to loyal customers. Coins from that hoard still exist today - eventually put into more protected storage.
.jpg)
THE FUGIO CENT -
the first regular-issue United States coin, duly authorized by Congress acting under the Articles of Confederation.
The United States officially came into existence on 1 March, 1781, when the Articles of Confederation were finally ratified after four years of bitter debate. But economically America would not be a nation until all thirteen states shared a currency. Paper money was considered too risky to be legal tender, but coins had intrinsic value in those days.
On October 16, 1786, congress passed an "ordinance" to establish a mint for coinage, and on July 6, 1787, the Treasury Board accepted a bid from the firm of Jarvis and Parker to supply copper “Fugio” pennies, named for the Latin word meaning “I fly” stamped on their obverse. An order was given for the Jarvis coinage of 800 tons of copper cents.
THE DESIGN OF THE FUGIO
On the back of the cents were 13 round links, making a chain, each link being supposed to stand for one of the original states. In the center was circle bearing the words "United States," and surrounding the sentence, "We Are One."
On face they bore a sun dial with the sun above at meridian. At the right was the word Fugio, referring to the flight of time, and on the left the date 1787.
Below was the description, "Mind Your Business," [as in, take care of your affairs] from which the cents been called Franklin cents, because Benjamin Franklin is known for this sentiment. This has lead some to believe Franklin was possibly involved in the design, but if he was, there does not appear to be any historical mention of his involvement.
Looking at the coin as a rebus, with Fugio" meaning "I fly" being spoken by the sun, over a sundial, followed by Mind Your Business -It can be read as "Time flies, so take care of your affairs."
_(obverse).jpg)
_(reverse).jpg)
DESIGNED BY A COUNTERFEITER
The engraver of the Fugio coin, and the likely designer [contrary to facebook memes], was a convicted counterfeiter, by the name of Abel Buell.
As a young man, Abel Buell got caught counterfeiting five pound notes. As punishment, authorities cut off the top of his ear and branded his forehead with the letter ‘C.’
John Warner Barber, in 1836, more clearly described this punishment, which was possibly lessened due to his young age:
"The tip only of Buell’s ear was cropped off: it was held on his tongue to keep it warm till it was put on the ear again, where it grew on. He was branded on the forehead as high up as possible. This was usually done by a hot iron in the form of a letter designating the crime, which was held on the forehead of the criminal till he could say the words “God save the king.”
Abel Buell 1741-1822
as sketched by William Dunlap
Buell went on to be the first Connecticut resident to receive a patent, for a lapidary machine. After creating a ring on that machine, and presenting it to the prosecuting attorney, Buell's counterfeiting sentence was pardoned.
Buell continued to be involved in currency after the revolution, inventing a minting machine, minting the state of Connecticut's first coins, and then engraving the dies for the fugio cents.
His later accomplishments included creating the first American made map of the United States, establishing one of Connecticut's first cotton mills, and fashioning some of the first steel swords for the US Government. By all accounts, he either squandered his money, or gave it all away. Either way, he died in 1822 in the New Haven Almshouse.
Buell designed not only the Fugio, but also the first American made Map of the United States
MINTING THE FUGIO - ON A BRIBE
A U.S. Mint did not yet exist, but in 1785 Connecticut opened the first state mint in New Haven. The government gave a contract to make the fugio cents at the Connecticut mint. "That early effort at outsourcing didn’t go well."
It began with a bribe.
Under the contract, the Connecticut mint had to produce 300 tons of copper coins. But there wasn’t anywhere near that much copper in the United States. Jarvis went to England to find a partner who would supply more copper, but he returned empty handed. Jarvis then suggested speeding up the process of issuing the coins by melting down the 30 tons of British copper pennies the Treasury already had on hand, and proposed paying for the copper out of his profits.
William Duer was at he time the head of the treasury board, appointed there by his friend and business partner Alexander Hamilton.
At forty-five Duer was a slight built man with “sharp features and a receding hairline”, a man of “...dashing personality...with both talent and wit...” and “Making schemes every hour and abandoning them as instantaneously”.
"... William Duer was destined to die broke. A few of his friends even told him so - even some while helping him bankrupt themselves. At its peak in 1794 his fortune was between $250,000 and $375,000 - over $4 billion today. "
According to Jarvis, when they met in William Duer's New York City mansion to discuss the copper trade, Duer bluntly demanded a share of the business as a bribe. Jarvis says he was offended and ready to walk out, but then agreed so long as Duer remained a silent partner.
Duer countered with a demand for a straight $10,000 bribe. Jarvis agreed to that too, but only if the business was successful. And that was what Jarvis thought he had agreed to, “relying on his (Duer's) honor”. Unfortunately Duer had no honor.
Congress decided not to go along with the deal. The mint produced only 1200 pounds of coins before it failed for lack of copper. Or, as another historian explained:
"Upon examining the Fugio cents that Buell and his co-workers had made, government officials discovered that the coins did not weigh enough to qualify as “cents” which were worth 1/100 of the dollar. Instead they would have to trade as “coppers,” which would be whatever the market would bear.
In effort to recover its losses, government officials sold the coins to a speculator, Rufus King, who planned to circulate the coins at a profit. When King defaulted on his payment for the coins, he was sent to debtor’s prison."
The Smithsonian, in their description of the fugio, writes: [Jarvis] " misdirected much of the metal to unauthorized projects. As a result, the cents were light-weight and rejected by the public. "
Painting by Edwin Lamasure depicting the first United States Mint in Philadelphia-
Back To Duer -
"But like a bad penny, William Duer turned up again, still demanding his $10,000 bribe."
Jarvis insisted, Duer's “share... was conditioned on the success of the contract.”
Duer simply ignored Jarvis' arguments and relentlessly demanded to be paid. And Jarvis relentlessly refused. Finally, at the end of September, 1788 Duer turned up the pressure, using his friends in Congress to demand Jarvis pay for the copper used in minting the few hundred “Fugio” pennies.
The government already had the pennies. Now they wanted to be paid for the copper that was in them? Harassed by Duer, in fear of debtors prison, and discouraged by the failed venture, Jarvis agreed to Duer's proposal that he invest in another one of his schemes, an Ohio land speculation called the Scioto Company. Two shares were available, at $5,000 each. Anxious to be rid of the Duer, and reasoning that this way he at least got land that might some day be worth something, Jarvis gritted his teeth and sold off his coin stamping equipment, using the cash to pay a premium price for two sections of land in the “Scioto Company” Ohio reserve. Later Jarvis would discover that Duer had never transferred the shares to his name, and Duer stubbornly refused to admit that he should have.
Duer's dealings - of which there were many, not just this one - did catch up with him, and he died in debtors prison in 1799, at the age of 57.
THE BANK OF NEW YORK HOARD
The Bank of New York, founded in 1784, came into possession of a keg of original 1787 Fugio copper cents sometime around the time they were manufactured. The keg remained unopened until 1856. After this time the hoard became widely known.
Over many years, beginning at least by 1859, bank officials passed these out to favored clients and employees and made some available to numismatists. Included were some of the scarce type with UNITED above and STATES below on the label across the reverse (in contrast, most other varieties have these words to the left and right sides).
By about 1948 some 1,641 pieces remained in possession of the bank and were numismatically analyzed by Damon G. Douglas. It was learned that the pieces were made from two batches of planchets weighing on average 143 grains and 155 grains respectively.
Anthony J. Terranova examined the remainder of the hoard around 1988 and reviewed 819 coins. These were being kept in a cloth sack. Terranova arranged for their transfer to protective holders.
===============
The Fugio was replaced by the Liberty Penny, minted at the new U.S. mint. That, along with foreign currency, remained for some time, with assorted variations and changes.
It was not until 1857 that the penny was reduced to the size we know today.
"In addition to banning foreign currency, the Coinage Act of 1857 made some changes to American coinage. First, the Act discontinued the half-cent, which had been struck since 1793. The Act also drastically reduced the size of the Cent, which used to be as large as current U.S. dollar coins. In 1857, business strikes of the first small cent, known as the “Flying Eagle Cent,” were introduced to the American marketplace. Weighing 4.655 grams in weight with a composition of 88% copper and 12% nickel, the Flying Eagle Cent’s design was criticized for its weak strike and quickly became unpopular. After just two years of production, the coin was discontinued and replaced by the Indian Head Cent."
===========
MORE READING
& SOURCES
============
W.C. Prime in his book, Coins, Medals, and Seals (copyright 1860, published in 1861): "Within the past year a keg of these [Fugio] coppers was found in the vault of a New York City bank, in fresh proof condition. This statement has been doubted; but we are indebted to the cashier for fine specimens of the contents of the keg, which abundantly prove the truth of the story. A recent discovery of the old dies, and possibly a manufacture of new dies, or repairing and retouching the old, has made these coins very common in various metals."Article V of the Articles of Confederation states that:
For the most convenient management of the general interests of the United States, delegates shall be annually appointed in such manner as the legislatures of each State shall direct, to meet in Congress…
And, Article IX states:
The United States in Congress assembled shall never engage in a war, nor grant letters of marque or reprisal in time of peace, nor enter into any treaties or alliances, nor coin money, nor regulate the value thereof… unless nine States assent to the same…
- Connecticut historical collections, containing a general collection of interesting facts, traditions, biographical sketches, anecdotes, &c. relating to the history and antiquities of every town in Connecticut, with geographical descriptions by Barber, John Warner, 1798-1885. cn
- https://newenglandhistoricalsociety.com/fugio-cent-1st-u-s-money-made-slave-counterfeiter/
- https://thepublici.blogspot.com/2020/11/duer-consiquences.html
- James Jarvis and the Fugio Coppers [unpublished manuscript with corrections]
- by Damon G. Douglas
- Abel Buell and the History of the Connecticut and Fugio Coinages
- By Christopher R. McDowell · 2015
- Wroth, Lawrence C. (1958) [1926]. Abel Buell of Connecticut: Silversmith, Type Founder & Engraver. New Haven, CT: Yale University Press
============
From Coinweek
"with the exception of the 1792 Half Disme, our earliest half dimes, dimes, quarters, quarter eagles, half eagles, and eagles had no denomination stated on the coins. Furthermore, legislation creating the denominations had no provision that the coins be stamped with any indication of the denomination. So, if Fugio Cents are not cents because they lack that denomination, then the half dimes, dimes, quarters, quarter eagles, half eagles, and eagles likewise lacking an imprinted value are not those denominations, thus reducing the argument to absurdity."
==============
Some of who champion the idea that Franklin designed the Fugio believe that the 13 rings on the back relate to Franklin's 13 virtues. [This idea seems extremely far fetched. It's much more likely that the first coin for the newly combined 13 states had a link for each of the 13 states)
- Temperance – Eat not to dullness; drink not to elevation.
- Silence – Speak not but what may benefit others or yourself; avoid trifling conversation.
- Order – Let all your things have their places; let each part of your business have its time.
- Resolution – Resolve to perform what you ought; perform without fail what you resolve.
- Frugality – Make no expense but to do good to others or yourself; i.e., waste nothing.
- Industry – Lose no time; be always employed in something useful; cut off all unnecessary actions.
- Sincerity – Use no hurtful deceit; think innocently and justly, and, if you speak, speak accordingly.
- Justice – Wrong none by doing injuries, or omitting the benefits that are your duty.
- Moderation – Avoid extremes; forbear resenting injuries so much as you think they deserve.
- Cleanliness – Tolerate no uncleanliness in body, clothes, or habitation.
- Tranquility – Be not disturbed at trifles, or at accidents common or unavoidable.
- Chastity – Rarely use venery but for health or offspring, never to dullness, weakness, or the injury of your own or another’s peace or reputation.
- Humility – Imitate Jesus and Socrates.
=========================
_(reverse).jpg){kind=link}
No comments:
Post a Comment
I'll read the comments and approve them to post as soon as I can! Thanks for stopping by!