What is a “Fugio” cent?
Fugio cents were the first coins issued under the authorization of the United States in 1787. Abel Buell, of New Haven, Connecticut has been credited with producing the dies. On one side, the coin design features thirteen circles, linked together as a chain with the words, “United States” written in a smaller inside circle. In the very center the legend reads, “We are one.” The other side features a sundial in the center, with the word “Fugio” (meaning “time flies”) on the left. The wording “Mind Your Business” is at the bottom, with the date 1787 running vertically along the right side. They are about the size of a quarter. Benjamin Franklin has been credited with creating the legend on the coin. While the design details vary on authentic coins, early strikes were produced in copper. Restrikes have been identified in gold, silver, copper and brass.
The Fugio cents were the first authorized coin. Unfortunately the contract to make them fell into the hands of James Jarvis, thanks to a $10,000 bribe paid to the head of the Board of Treasury. The issue was further complicated by a Jarvis employee who embezzled government copper to strike coins for Connecticut. The contract was voided, with a serious loss to the government, which received only 398,577 of the coins. There are – as is the case of most early coins – numerous copies of this coin, many of them dating to the 1960s.
