About America's Oldest Coin
The first official circulation coin of the United States, minted in 1787
A coin is a small, flat, round piece of metal or any other material with an official stamp used as money. It is typically issued by a government or authority and is used as a medium of exchange in transactions. Coins come in various denominations and often have specific designs, symbols, and inscriptions that represent the issuing authority or the country of origin.
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The oldest coin in America is the Fugio Cent. The Federal Reserve Bank of Atlanta defines it as the first coin issued by the U.S. Congress. The United States Mints describes it as the first coin commissioned by the U.S. government under the Articles of Confederation. CATO Institute acknowledges it as the first official United States penny. Smithsonian recognizes it as the first national coinage.
The Fugio Cent, also known as the Franklin cent, was minted in 1787 and holds historical significance as the first circulation coin in the United States. It was authorized by the Congress of the Confederation of the United States and designed by Benjamin Franklin.
The coin features a sundial with a bright sun on the obverse, along with the Latin inscription "Fugio" meaning "I fly" and the motto "Mind your business." The reverse side depicts thirteen linked rings symbolizing the unity of the thirteen colonies with the motto "We are one."
The Fugio cent is the first official coin of the United States, minted in 1787. The coin was produced in New Haven, Connecticut, under contract from the federal government. The coin was intended to replace various foreign coins and colonial currencies in circulation at the time. They were engraved by Abel Buell, the Connecticut copper diemaker. Abel Buell is also credited for creating the oldest map of the United States.
The exact mintage of Fugio Cents is unknown — Congress authorized 300 tons of copper coinage, but production fell significantly short of that target. They were struck in copper and weighed about 10.2 grams. A keg of uncirculated coins had been stored at the Bank of New York since 1788, where it sat forgotten until 1856.
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The coins were then placed in cotton bags and set aside again until a second rediscovery in 1926, after which the bank distributed many as souvenirs to clients. This find significantly increased the number of well-preserved specimens available to collectors.
The coin is sometimes called the "Franklin cent" due to Benjamin Franklin's involvement in its design. While not extremely rare, original Fugio cents are valued by collectors today. The coin represents an important transition period between colonial currencies and the establishment of a unified federal monetary system.
Some of the Fugio cents are currently stored at America's oldest bank, the Bank of New York in NYC, and distributed as souvenirs. There are approximately 819 Fugio cents in storage at the bank, with research indicating fifty-five varieties from twenty-four obverse dies and thirty-three reverse dies, differing in the style of sun rays on the obverse.
The design of the Fugio cent was actually first used on Continental Currency paper money in 1776, before being adapted for the coin. This connection highlights the transition from paper to metal currency in early America.
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Due to its historical significance, replicas of the Fugio cent have been produced for educational and commemorative purposes. The Fugio cent's design and mottoes reflect the values and concerns of the early American republic, emphasizing unity, industriousness, and the passage of time.