The Liberty Cap is widely admired as the most beautiful cent design ever produced by the United States Mint. Inspired by Dupre's famed Libertas Americana medal of 1783, it was coined for just four years, 1793 through 1796. Though depicting the same basic design, each of those years is distinctive. The 1793, featuring a high relief portrait by Joseph Wright and beaded borders, is considered the most desirable, especially in high grade. The cents of 1794 appear with a wide variety of portrait styles, divided into three main groups: the Head of 1793, the Head of 1794, and the Head of 1795. Devoted variety specialists pursue all 69 different die marriages, making the cents of 1794 the most celebrated year of the early cents. The cents of 1795 show less variety in portraiture, even as other distinctions are widely collected: thick and thin planchets displaying lettered and plain edges, the rare reeded edge Sheldon-79, and the Jefferson Head made outside the Mint by John Harper. The 1796 Liberty Cap is the last of the type, composed of six different obverses and 11 total die marriages before the motif was replaced with the Draped Bust of Liberty in the middle of the year. The portrait on the 1796 Liberty Caps is elegant, refined, and artistic, attracting attention from specialists and novices alike. None of the 1796 Liberty Cap varieties are terribly rare, nor can any of them be called common, even in low grades. In Mint State, or even choice upper circulated grades, they are rarities, avidly sought but rarely found.

Gem 1796 Liberty Cap cents are profoundly rare. The Mills-Jackman-Sheldon Sheldon-84 is certified MS-65 BN (PCGS), and the Sheldon-Holmes Sheldon-91 is graded MS-66 BN (PCGS); the latter coin is represented twice on the PCGS Population Report, as reported in the January 2013 Cardinal Collection sale. The best 1796 Cap in the 2016 Tom Reynolds sale was the MS-63 BN (PCGS) Sheldon-81, ex Parmelee-Earle, and the best one in the 2008 Husak sale was the MS-64 BN (PCGS) Sheldon-84 with a provenance to the Essex Institute. While all of these are spectacular coins, none show significant mint color.

The example to the left was sold by Stack's Bowers Galleries in the D. Brent Pogue Part V Auction, where it realized $705,000.