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The Fugio coppers, sometimes alternatively called Franklin or Ring Cents, have the distinction of being the earliest coins issued under authority of the US government. This occurred during the Confederation Period, prior to the US Constitution. As the US Mint had not yet come into existence, all work was privately contracted.
Dies for the coins were crafted by Abel Buell, based upon designs and mottos provided by Benjamin Franklin. The obverse features a sun, with quaint facial features, shining down on a sundial demarcated in Roman Numerals. The sun's rays exhibit diverse characteristics, some fine and pointed; others with interspersed convex or concave club-shaped features. In addition to the 1787 date, the obverse displays two unusual legends: The Latin word "Fugio" translates into I Fly. The "Mind Your Business" language was not intended to impart the derogatory connotations of today. The total message Franklin wished to convey was: Time passes rapidly, so diligently attend to your affairs (stay focused), and we will all accomplish great things.
The reverse features 13 peripheral interlinking rings, symbolic of the unity of the original colonies. In the center are the words "We Are One", surrounded by "United States" in locations and word order that vary between specimens. The Fugios come in numerous (at least 59) varieties, originally categorized by the scholarly work of Eric P. Newman, as supplemented by Alan Kessler. Among the diverse variants that would engross any specialist are: numerous prominent die clashes; a date in which a vertical 1 is punched over a horizontal 1; an ornament stamped on the sundial to cover an unintended extra I in the Roman Numeral IIII; a variety where a C was used instead of a G in the word Fugio; and the use of cinquefoils, and in at least one instance, a cross in lieu thereof. The contract to strike Fugios was awarded to James Jarvis, after he offered a $10,000 bribe to William Duer, Head of the Treasury Board. Jarvis had previously acquired a controlling interest in the company that produced coppers for the State of Connecticut. While he was on a business trip to Europe, Jarvis' father-in-law, Samuel Broome, (and probably with Jarvis' knowledge and express approval), used the copper advanced by the US government to strike the more profitable lightweight Connecticut coppers.
Ultimately, only about 400,000 of the anticipated millions of Fugio pieces were ever struck. After further governmental scrutiny, the Jarvis contract was terminated, and its shady participants fled the country. The US Congress had learned a valuable lesson about the dangers of relying on private contractors, one that eventually resulted in formation of the US Mint.
Pictured above, is a 1787 Fugio Copper, with Club Rays and Convex Ends, graded XF 45 by PCGS. It carries a Newman 4-E designation. The piece is boldly struck, well centered, is only lightly worn, and was coined on a planchet somewhat broader than normal. The coin features a respectable provenance, traceable to the F.C.C. Boyd Estate, and later to John J. Ford, Jr. The Stack's auction catalogue (Lot 239 of 10/14/2003) described it as follows: "A superb specimen of this variety, finer than Norweb's...Linett's...both Hancock coins. Possibly the Newman reverse plate coin. Mc Laughlin listed the Norweb coin as the finest known to him, which would make this piece Finest Known, now." In a later catalogue of the Sun Rays Collection, it was said of this Fugio: "Notable quality for the variety, called finest in the Ford Catalogue and its certainly up there." The grading services have assigned several other specimens higher grades. This piece's grade was probably negatively impacted by a partial lamination in the vicinity of the word "Fugio", and a few light verdigris spots that appear to be active.
The Club Ray Convex (Rounded) End Fugios come in two varieties: Newman 3-D and 4-E. (A related, but far rarer Club Rays variation sports concave ends.) The features that differentiate the 4-E specimens include: an obverse sun ray that comes close to, but doesn't touch, the lower part of the cinquefoil above the date; there are no ornaments in the obverse exergue legend; the Y in Your is aligned between the N and E below it; the letters of the word "Your" are more evenly spaced than on the 3-D; finally, the N and E in the reverse word "ONE" are very close to each other. Approximately 250 to 500 coins of this variety survive.
James C. Spilman, the longtime editor of the Colonial Newsletter observed that the Club Ray varieties were inferior in quality to the Pointed Ray varieties, and were probably produced at a later date. He thinks they may have been made by Abel Buell's son, Benjamin, possibly to correct the effects of a damaged hub by means of the Club Rays.