The Fugio Cents

When a new collector sees a Fugio cent for the first time, the most likely result is a blank look. This coin is virtually unknown to the general public yet in fact is the first true coinage under the authority of the United States government. Many numismatists mistakenly consider the 1793 Chain cent for this honor, but the Fugio cent is equally historic and was struck in 1787, some six years before the Philadelphia Mint began regular operations.

During the 1780s, the weak central government of the United States, today known as the Confederation period to distinguish it from the new federal government that began formal operations in 1789, did little to create a stable monetary system. As early as 1783, patterns had been struck to no avail, and during the mid-1780s Congress enacted a series of laws, well thought out, on the establishment of a mint and coinage system. The only sticking point was money, of which there was none, so nothing was done to carry out the laws.

In 1786 there was a series of scandals involving the Board of Treasury, the financial arm of the Confederation. To solve the problem, or so they thought, Congress appointed Colonel William Duer as secretary of that department, with orders to clean up the mess. In point of fact, Col. Duer