1787 Fugio Copper Cents – Congress Coppers
The fledgling American government realized that the country needed coinage, especially small copper coinage and quickly. So in April of 1787, the Continental Congress realized this and passed a resolution for the coining of a Copper Cent.
James Jarvis, who allegedly bribed the head of the Treasury Board, won the competition and was contracted to produce 300 TONS of Fugio Cents. He obtained 30 tons of copper from the US Government and he began designing and then striking these coins. Samuel Broome, Jarvis’ father-in-law, was in charge of having the coins minted. Broome instead used only 4 tons of the copper to strike approximately 400,000 Fugio Cents. The remaining 296 tons of copper were used to strike underweight 1787 Connecticut Copper coins, which guaranteed Jarvis a much higher profit margin. Even the Fugio Cents that Broome had struck were slightly underweight and all of this concerned Congress. On May 21, 1788, Broome delivered the 400,000 Fugio Cents to the U. S. Treasury.
The design was greatly influenced by Benjamin Franklin, the obverse design was to have a sundial on it and the sun reflecting upon it. The legend “FUGIO” (translated to “I Fly” – referring to time) would be to the left of the sundial and the legend “MIND YOUR BUSINESS” would appear in exergue on the bottom periphery. The date “1778” would appear on the right periphery of the coin.
The reverse was mandated to have 13 linked circles, representing each Colony, now State, in the outer periphery. Encircling the outer periphery of the coin, were the legends “WE ARE ONE” in three separate lines in the center of the coin and “UNITED STATES” inside an outer center circle.
These coins were also called the “CONGRESS COPPERS” as the Continental Congress authorized their striking. But they saw limited circulation in some of the former Colonies (now States).
The next major type is called the American Congress variety. The obverse is exactly the same, but the reverse is very different. The circular band that previously said “UNITED STATES” on the prior issue, now states “AMERICAN CONGRESS” and there are 13 large, thick rays and numerous smaller ones emanating from this ring to touch the linked circles. This is one of the rarest of all types of Fugio Cent!
Another rare variety removed the words “AMERICAN CONGRESS” from that circular band and removed all of the rays that were on the reverse of the prior type. This is called the label with “RAISED RIMS” variety.
There are two relatively common varieties. Both of these varieties have Pointed Rays on the sun on the obverse and one states “UNITED STATES” and the other “STATES UNITED” on the circular band outside of the “WE ARE ONE” and the Linked Circles.
Another more common variety is next. This one has “STATES” and “UNITED” at the sides of the label as well as having Cinquefoils on that label itself. This is one of the later and more common varieties of Fugio Cents.
There are 2 more common varieties next. The first has a 1 over 1 in the 1787 date on the obverse and it has “STATES UNITED” on the label on the reverse.
The next has a 1 over 1 overdated obverse and a “UNITED STATES” on a label on the reverse.
The next type is also common but is not an overdate. It has “UNITED STATES” at the sides of the circle.
The next type has “STATES UNITED” on the label, Raised Rims, and Large Letters in “WE ARE ONE.”
A common type is one that has “STATES UNITED” on the label, and an 8-Pointed star on the label as well.
The next variety is one of the scarcer types with “UNITED” at the top of the label and “STATES” at the bottom of the label.
The last four types all have “club rays” on the obverse emanating from the sun at the top of the obverse. The most common type has Club Raye with Rounded Ends.
The next is an Extremely Rare version of this coin with Club Rays, with Fugio misspelled as FICIO instead of FUGIO.
The next variety is very scarce. It has both Club Rays and Concave Ends on them. It is very scarce.
The final Fugio Cent variety is virtually unique and has Club Rays, and a Stated United reverse.
New York merchant named Royal Flint purchase the remaining copper and all Fugios that had not been dumped into circulation. And a full keg of Fugios, about 4,000 coins were purchased by the Bank of New York around the year 1788 but were forgotten about until the year 1850.
| Date | Type | Mintage | VG Value | AU Value |
| 1787 | Reverse Rays, American Congress | Unknown | $100,000 | $625,000 |
| 1787 | Reverse Label, Raided Rims | Unknown | $7,500 | $50,000 |
| 1787 | States United | Unknown | $650 | $13,000 |
| 1787 | United States | Unknown | $500 | $10,000 |
| 1787 | States United at Sides | Unknown | $450 | $2,500 |
| 1787 | States United, 1 over 1 | Unknown | $600 | $25,000 |
| 1787 | United States, 1 over 1 | Unknown | $500 | $2,000 |
| 1787 | United States at Sides | Unknown | $500 | $2,000 |
| 1787 | States United, Raised Rims | Unknown | $500 | $7,500 |
| 1787 | 8 Pointed Star | Unknown | $425 | $3,750 |
| 1787 | United Above, States Below | Unknown | $2,000 | $17,500 |
| 1787 | Club Rays, Rounded Ends | Unknown | $500 | $5,000 |
| 1787 | FUCIO misspelling | Unknown | $5,000 | $50,000 |
| 1787 | Club Rays, Concave, United | Unknown | $7,500 | $100,000 |
| 1787 | Club Rays, Concave, States | Unknown | Priceless | Priceless |
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