My take on the FUGIO cent

[MikeKing]

Colonials are great! I used to ignore them, but over time I started keeping pictures of the various coins in my mind and developed the hope that I'd start a collection. Their history, I find, can be very difficult, and some things are just now sinking into my head. Most of it boring because it can be so wordy, but the information can be very exciting.

 

So I've divided this into a short version and a long version.

 

First, I'll start with a picture I took from the recent ANR auction. I won this coin, but until I actually get an invoice, I never believe it.

 

 

 

The shortened version:

 

The Fugio Cent is a pretty penny, and the first official national coin produced because there was a dire need for copper coinage of a standard weight. It used Ben Franklin's design. They didn't last long because the guy who was contracted with the FEDS to make them, decreased their weight so he could profit. His name was Jarvis. He used most of the copper the FEDS gave him to mint underweight CT coppers. He fled to Europe after his tricks were discovered.

 

The longer version (filled with gossip):

 

Remember, it is post Revolutionary War, and the colonies had the burdeon of sub-standard (underweight) and counterfeit coppers in circulation. The Continental Congress of the Federation passed a resolution in 1787 to mint a national copper cent, a short time later deciding on a penny with FUGIO (= I Fly) the date and the legend "MIND YOUR BUSINESS" on the obverse, and 13 linked circles with the legends "WE ARE ONE" and "UNITED STATES" on the reverse. Apparently, this was the design of Benjamin Franklin.

 

The goal was a government regulated copper of a standard weight.

 

Now also remember that after the War and before this time, coppers were still produced in London for the American colonies, such as the Nova Constellatio, the Auctori Plebis and the Bar copper, all of which I'm sure either you have seen photos of or are familiar with. They were lightweight coppers, and just wouldn't cut it.

 

In 1787, The United States was operating under a the Articles of Confederation, two years prior to the Constitution as we now know it.

 

Also at this time, there were Government authorized coppers being minted in Connecticut, New Jersey and Massachusetts, as well as the then Republic of Vermont. Even these coppers ended up being underweight because the private sectors who were minting them were finding out that their ventures into minting coinage weren't as profitable as they had first thought, so they lowered the weights of the coppers they were producing, in order to increase their profits.

 

New York got fed up with this, and passed a law seizing anything but proper weight coppers in 1787, and by 1788 CT, NJ, Vermont and Massachusetts privately produced coppers were no longer made. (Massachusetts was the only mint that produced coppers of the proper weight, but it cost them TWICE as much to make the coin as it was worth).

 

Now the FUGIO cent contract was awarded to Jarvis, who also was the major holder of the Connecticut company called The Company for Coining Coppers. Jarvis was GIVEN 30 TONS of copper by the Feds to give him a start, and was responsible to produce 300 TONS of FUGIO's.

 

Well, he only made about 400,000 FUGIOS (about 4 TONS). Not only did The United States Treasury receivedso few coins in 1888, compared to what was projected, but they were also slightly underweight.

 

In addition, Jarvis had not paid the Feds anything for the 30 TONS of copper they had given him. In fact, he was using it to produce CT coppers of even lesser weight (the 1787 CT coppers)!!! He escaped to Europe.

 

Enough FUGIO's were made from 24 obverse dies and 33 reverse dies such that there are at least 55 varieties!

 

There are 3 GROUPS based on the rays emanating from the sun:

The pointed rays

The clubbed rays-

convex ends

concave ends

 

Where were these coins minted? From what I can gather, in a mint positioned somewhere in New Haven Connecticut.

 

There is however, mention of mints being present in New York, Vermont, and 'other places' ina reprint

from "The Early Coins of America" by Sylvester S. Crosby that you can find on 'CoinFacts', but I haven't read the book so can't comment.

[Amanda]

COOL!

 

Great info. These early Federal coins ROCK!

 

Thanks for sharing!

 

-Amanda

[MAULEMALL]

Nice,,,Thanks Mike

[Hoot]

Very nice post, Mike. Thank you! The only tidbit I'll add is that the word FUGIO along with the sundial was intended to convey the sense that "Time Flies" (so mind to your business). Franklin was a very hard worker and busy mind. He felt that most people were lazy and did not attend to their time well, which led to labors lost. He managed to place that message all on one excellent disk.

 

People often speak of the first "U.S. coinage" and leave out the post-colonial issues. Indeed, the post-colonials that you mentioned were all properly approved coinages of the U.S., just not the U.S. Mint. Their counterfeiting was rampant.

 

Hoot

[EZ_E]

What an outstanding post!

[World Colonial]

US Colonials are defnitely an interesting and exotic collecting area. I place them right up there with the limited CSA issues and Territorial gold. Within colonials, my favorites are the Brasher doubloon and half doubloon, a coupl of the Washington pieces, the Continental Currency dollar, Massachusetts coinage and the bar cent.

 

With respect to Ben Franklin, he was an extraordinary fellow. He "retired" in 1748 at the age of 42 from his publishing business and then became a scientist and diplomat among many other things. I do not remember all the details but I saw it on a biography of his on the History Channel a few years ago.

[Hoot]

What an outstanding post!

 

I agree with the quality that you intend to convey, Victor, but I never look at the WYNTK category. I do not like it, even though I once contributed to it. The whole idea is a bit offensive to me, as I believe that there have been many high quality posts on these boards over time, Mike's here being one of them. If the WYNTK addage needs to be added to a post to make it worth archiving, then I don't want anything to do with the archive. I wish Arch would add the threads from the category back to the main category of U.S. Coins and remove the "What You Need To Know" from the titles. We can each decide what we need to know for ourselves and mark a thread in our personal "Favorites" if we desire the archive, or simply copy and paste it into the word editor of our choice for posterity.

 

Anyhow, I do not want to derail this excellent thread, apologize for venting, and won't participate more in the discussion about moving it, but I just had to add my two cents worth, particularly since it's been bugging me for quite some time.

 

Hoot

[EZ_E]

I look at the WYKTK posts as an archive, centrally located for easy access. This post deserves to be there, IMO.

[SkyMan]

Excellent post filled with good info Mike. Thanks.

[WinstonWare]

Great post Mike I love the “Mind Your Business”

[TJ'S Coins]

When I purchase a colonial, the Fugio is the one I will seek. Great info and a nice picture!

[DC Dawg]

Great write-up and a nice coin!

 

Scott

[LuvToCollect]

My hats off to a wonderful post.

[MikeInFL]

A coin I've always wanted to add to my collection -- Mike you've found a superb example. Can't wait to see your pics and your impressions of the coin when it arrived. THanks for sharing....Mike

[Wihlborg]

Mike,

 

Great post, but an even greater coin! I’ve always loved the design of the Fugio cent, and that is certainly a wonderful example you have found. Thanks for sharing it with us.

 

John

[Wihlborg]

Quote:

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What an outstanding post!

 

 

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I agree with the quality that you intend to convey, Victor, but I never look at the WYNTK category. I do not like it, even though I once contributed to it. The whole idea is a bit offensive to me, as I believe that there have been many high quality posts on these boards over time, Mike's here being one of them. If the WYNTK addage needs to be added to a post to make it worth archiving, then I don't want anything to do with the archive. I wish Arch would add the threads from the category back to the main category of U.S. Coins and remove the "What You Need To Know" from the titles. We can each decide what we need to know for ourselves and mark a thread in our personal "Favorites" if we desire the archive, or simply copy and paste it into the word editor of our choice for posterity.

 

Anyhow, I do not want to derail this excellent thread, apologize for venting, and won't participate more in the discussion about moving it, but I just had to add my two cents worth, particularly since it's been bugging me for quite some time.

 

Mark,

 

I also do not wish to de-rail this thread, but I just wanted is say that I completely agree with your statements about the WYNTK threads.

 

John

[MikeKing]

I've been having a hard time photographing this piece of copper. I've gotten so used to photographing the toned silver that I just can't seem to get the copper right, so I scanned it at 600 dpi (HP scanner).

 

[MunkyMan95]

Turned out nice!

[MikeKing]

Thanks Chad.

I'll try to put them neck and neck.

I haven't scanned a coin in years. It kind of looks scanned. But it beats my own photos. The left is the auction pic, right is my scan.

[Wihlborg]

Mike,

 

I ran into the same problem when I tried to photograph my copper continental dollar re-strike. In hand the coin is a beautiful chocolate brown with red and blue highlights. No matter what I’ve tried, I just have not been able to take a photo that depicts the piece as it appears in person.

 

From the images you’ve posted your coin looks like a very nice piece, and one that I’m sure looks even better in hand.

 

John

[TomB]

Fantastic post, Mike, and a great addition to your collection. The Fugios are one of my favorite pieces of early US coinage, and are one of the coins missing from my own collection. Someday, I will own the six or seven important (in my opinion) early coppers that are missing and then I will be quite happy.

[Fletcher]

Great Fugio

[123cents]

Very nice Fugio Mike. I have a fugio cent but it is only in VG-8 condition.

[kranky]

A Fugio is the only colonial I have. I would have to say it's my favorite coin. It's just so packed with history.

[michael]

beautiful tender fugio mike king!!

 

a truly great post

 

now i beg you mike king

 

please do not forget about the first colonial and a rare silver issue from the middle to late 17th century

 

the pine tree shilling

 

you a DEFINATELY NEED ONE OF THOSE

[thebeav]

Neat post Mike.

Why do the rings on the reverse of your coin appear to be incussed. Shouldn't they be raised like normal devices? Is this just an illusion from your picture ?

 

Paul

[Shamika-migration]

What a great coin the Fugio cent is. What I especially like about these pieces are the wide variation in the planchet quality. It gives each coin a "homemade" appearance.

[michael]

ode to a fugio

 

tender loving fugio

 

you made a great reference coin to show our countrys values

 

you might have been even held by olde ben f. himself

 

you are available to many in gem unc due to the bank of ny hoard

 

and even eric p. himself has catalogued you

 

oh my tender fugio when will i be able to cherry pick you

for a better variety

[stev32k]

The Fugio is one of my favorite coins. I got this one about a year ago and never get tired of looking at it. Notice all the die clash marks on the reverse.

 

[kranky]

Oh, what the heck, here's a photo of mine.