This month, I bring you another fascinating story of how closely our nation’s coinage tracks alongside its history. Last month, we saw how the “hobo nickel” was a by-product of the great depression.
This is the story of the first coin authorized by the young government of the United States. This coin was designed by Benjamin Franklin, and is often called the Franklin cent, but its official name would probably be the Fugio cent.
If you’ll recall, old Ben started as a printer’s apprentice and eventually became an elder statesman and ambassador to France. He was quite a lady’s man in his older years, and was wildly popular in both the U.S. and France as he grew older. Before those days, however, he was a very successful printer and publisher, with the “Poor Richard’s Almanac” printed for several years. During this time, he became quite a pundit, coining (pun intended) many witty and wise aphorisms: “Three may keep a secret, if two of them are dead.” “Silence is not always a sign of wisdom, but babbling is ever a mark of folly.” “In this world nothing can be said to be certain, except death and taxes.” Knowing this about Ben will help you understand his unique design of his coin.
His large copper coin had on one side the face of the sun and its rays shining down on a sundial. At the left rim, was the Latin word “fugio,” and on the right side, the date of 1787. Fugio is Latin for “flee” or “fly,” so the meaning was “time flies.” Below the sundial were the words, “mind your business.” Since Ben was a successful business, we can assume he was referring to commerce.
On the other side there was a chain of 13 interlocked links, representing the original 13 colonies. In the center of some of the later coins were “we are one,” ringed by United States or States United. The 13 interlocked chain links—we are one; that’s a beautiful image of a new country created in democratic idealism. “We are one” eventually became “e pluribus unum”—“from many, one.”
This design was specified in the Journal of Congress of April 21, 1787 and it states the intended meaning of the inscriptions.
These coins are highly collectible. I believe that you can obtain a nice coin, though well worn, for about $500. Like any rare coin, too, those that are in much better condition can bring hundreds of thousands of dollars. As always, if you’re interested in one of these, I would advise you to purchase a certified coin as many replicas and counterfeits exist.
Learn more about collecting coins at one of our meetings. The Brown County Coin Club meets on the second Tuesday of each month, at 6:30 pm, at the Family Center of the Austin Avenue Church of Christ. This month, I will share a program that shows how coins are made. There’s probably at least one club member who shares an interest with you and would encourage you. Get involved in making your own unique coin collection!
We hope to see you on Tuesday, June 12, for our next meeting. Call Bill Cooper at 325-642-2128 or me at 325-217-4129 for more information.
-Bob Turner
