A coin dealer's list in 1964 offered a 1795 Sheldon-79 Reeded Edge cent for sale. That listing prompted large cent researcher Del Bland to record the coin in his Condition Census for the variety, although the coin was unseen at that time, and has been recorded as an "untraced" specimen in every published census since that time.

The Reeded Edge cent variety was discovered in 1862 when an example was described with a "Milled Edge." A second example appearedin an 1890 W. Elliot Woodward catalog, and is now part of the ANS Collection. The third example, and currently the finest known, was discovered in1915 and grades VG8. Six others have been located since that time, and the current House of Davis McKinney specimen brings the census to 10 knownexamples.

The 1795 S-79 Reeded Edge cent is the rarest of nearly 300 Sheldon-numbered varieties, and it is rarer than 14 of the Sheldon NC varieties. The obverse and reverse dies of the famous Reeded Edge large cent were not used for any other varieties in 1795, simplifying the authentication process. NGC has certified this piece as VG Details, Corrosion. The present example is the fourth of 10 different examples that Heritage Auctions has handled. There have been 11 different firms or individuals who have handled or owned two different specimens. Just two people, Dr. William H. Sheldon and Denis W. Loring, have owned three different examples. Heritage is the only entity to handle four different examples of the 1795 Reeded Edge cent.

The purpose of the edge reeding is unknown, although past students of the series have speculated that the reeding served as an anti-counterfeiting device. About half of the original edge reeding remains visible on this example.

To read the complete lot description, see:
1795 1C Reeded Edge, S-79 (http://coins.ha.com/itm/large-cents/1795-1c-reeded-edge-s-79-b-9-low-r7-corrosion-ngc-details-vg-our-eac-grade-good-4/p/1231-13001.s)