An AU-58 1792 Birch cent (the finest known) is the lead lot of a sale of rare US coins at Stack's Bowers in Baltimore on March 26, with an opening bid of $55,000.

The lot is among the finest known examples of this rare issue and has passed through some of history's greatest collections.

1792 was the first year of the US Mint

It was also issued in the first year of the US Mint, making this one of the oldest US coins in existence.

Jefferson explained in a letter to Washington in August, 1792: "There has been also a small beginning in the coinage of the half dismes and Cents, the want of small coins in circulation calling our first attentions to them."

While a relatively large number of dismes were struck, only a handful of Birch cents entered production. They are among the most sought after US coins today, with one specimen achieving $2.8m at Heritage earlier this year.  

The present example was described by 19th century collector Lorin Parmelee as displaying "a sharp, bold impression, extremely fine, a splendid specimen of this great rarity and probably finest known."

In fact only one other Birch cent, known as the Jay-Park specimen, is graded as highly.

Stack's Bowers comments: "The Jay-Park coin, while technically superb, shows some significant obverse spotting that would lead all reasonable observers to term this the second finest Birch cent extant.

"With its smooth, even surfaces and superb, well-set color, it would be easy to call this the most choice Birch cent there is, pound for pound."

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