What Was the First US Coin?

 

The Fugio Cent: America’s Official First Coin

Founded in 1792 under the Coinage Act, the U.S. Mint is responsible for designing and minting all of the circulating coinage in the United States. The United States Mint has produced hundreds of different coin types in its 230+ year history. Without the establishment of a national mint, the United States very likely may not have survived its infancy years. Its designs have been a point of American pride – and, sometimes, controversy – for generations, and the coins it has produced have changed hands trillions of times.

But what was the first coin to be produced in the United States? Technically, the first official U.S. coin meant for circulation predates the U.S. Mint. According to scholars, the first official circulating coin in U.S. history was the Fugio cent. This coin bore a face value of $0.1, or one cent, and it was produced for only one year in 1787. Despite its short place in U.S. currency history, the coin has become a sought-after piece for collectors due to its scarcity and importance.

On this page, read an overview of this classic coin and its history, peculiarities, and value.

About the Fugio Cent | Designs and Specifications

The Fugio cent would be classified today as one of several “large cents” that circulated in the early days of post-Revolution currency in the United States. It weighs in at around 10.2 grams, although weights may vary, since this coin was produced prior to the development of standard weight specifications in the United States Mint.

Compared to the modern U.S. penny designs we’re accustomed to seeing, the appearance of the Fugio cent may seem a bit strange.

The Fugio cent’s obverse features a sundial with the sun shining down on it, along with two phrases. The first phrase said “Fugio,” which is a Latin phrase for “I flee,” roughly translated in English to “time flying by.” At the bottom of the coin, you’ll find another curious phrase, “mind your business.” Historians disagree on the exact meaning of this phrase. Some argue that the coin’s designer wanted to remind Americans to, well, mind their own business. Others believe that the coin’s designer was referring to the practice of business more literally, telling onlookers to pay attention to their business dealings.

Flipping the Fugio cent over, a simpler design is present. This side of the coin features the phrase “we are one” encircled by “United States.” Both phrases are surrounded by thirteen interlinked chains. 

The Fugio Cent’s Authorization and Mintage

The Fugio cent was not always considered the first official circulating coin of the United States. Since the U.S. produced a number of unofficial coins prior to the creation of a unified U.S. Mint under the Coinage Act of 1792, there could be several possible candidates for the “first coin” produced for circulation. But as of May 2025, most reputable coin grading companies now believe the Fugio cent to be America’s first official circulating coin.

In 1787, just four years after the end of the American Revolution, the Fugio cent was authorized by the Congress of the Confederation, a precursor to the Second Continental Congress that was disbanded two years later in 1789. The Congress authorized the creation of a copper penny for general circulation. 

Experts estimate that around 400,000 Fugio cents were minted, although a lack of accurate mintage figures from this period makes it impossible to say with certainty how many Fugio cents entered circulation in the new United States. 

Who Designed the Fugio Cent?

Interestingly enough, one of the biggest mysteries surrounding the Fugio cent is which designer was behind it. Because the U.S. Mint did not exist when the Fugio cent was produced and designers did not begin including their initials on coins until years later, we technically don’t know who designed the first official circulating coin in U.S. history. 

That being said, many historians believe that the coin’s designer was none other than Benjamin Franklin, American founding father and inventor.

There are a couple of compelling pieces of evidence to back this theory.

First, and most useful, is the fact that the coin strongly resembles the Continental Currency dollar coin, which was minted in 1776 and designed by none other than Benjamin Franklin himself. This coin featured a sun shining onto a sundial, as well as the “mind your business” inscription on the Fugio cent. The reverse of the Continental Currency dollar coin also closely resembles the later Fugio cent. 

The design elements of the Fugio cent also casually suggest authorship by Ben Franklin. Franklin was very interested in sundials, and he was a lifelong businessman in the Continental United States. Together, these Fugio cent facts make it highly likely that Benjamin Franklin was behind the Fugio cent.

Fugio Cent Value

Given the coin’s historical value, age, and limited mintage, you might assume that the Fugio cent is extremely valuable. You wouldn’t be wrong, but the affordability of this 200+ year old coin might surprise you. In low grades, the Fugio cent can sell at auction for as little as $127, per the Professional Coin Grading Service value guide. The Fugio cent becomes scarcer – and more valuable – in high grades, with the auction record clocking in at $28,800 for an MS66 specimen. 

The reason why the Fugio cent is surprisingly affordable for a coin of its age and historical value is a fascinating story. A shipment of thousands of Fugio cents were stored at the Bank of New York starting in 1788. These coins were discovered and stored in bags in 1856. The bank began giving the coins away as gifts in the 1920s, until the American Numismatic Society examined the remaining coins in 1948. 

As a result, there are likely thousands of near-mint state Fugio cents in circulation, making it one of the most accessible of any coin from this time period. 

Final Thoughts: America’s First Coin

The Fugio cent stands out as one of the most unique designs in Colonial coinage. Until relatively recently, the coin was considered a popular example of early Federal U.S. coinage. But this changed in 2022, when leading coin grading organizations re-assessed the coin’s history to deem it the first example of circulating United States coinage. As a result, the popularity of Fugio cents continues to grow, especially aided by the coin’s exceptional accessibility in lower grades. 

For new coin collectors, the buy-in for early-U.S. coinage can be daunting. Many Colonial American coins cost thousands of dollars in nearly any grade, making them difficult to obtain for collectors on a budget. The Fugio cent is arguably the most important coin in the pre-U.S. Mint years of circulating coinage, but its uniquely high availability in all grades makes it an affordable addition for collectors looking to expand their holdings of pre-1800 U.S. coins. 

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