The Silver center cent is an American
pattern coin produced by the
United States Mint in 1792. As a precursor to the
large cent it was one of the first coins of the United States and an early example of a
bimetallic coin. Only 12 original examples are known to exist,
[
] of which one is located in the
National Numismatic Collection at the
Smithsonian Institution. Two more specimens (Morris and California) exist but contain fabricated plugs added after minting.
Due to their rarity and historical significance ''Silver center cents'' are highly prized by collectors with one graded
PCGS MS61 being sold in an online auction in April 2012 for .
[
]
Origins
During the early years of the American republic, there was a general consensus that the intrinsic
bullion
Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from t ...
value of the new nation's coinage should be approximately equal to its
face value
The face value, sometimes called nominal value, is the value of a coin, bond, stamp or paper money as printed on the coin, stamp or bill itself by the issuing authority.
The face value of coins, stamps, or bill is usually its legal value. Howe ...
. Some merchants would refuse to accept coins that did not meet this standard.
For most denominations, bullion parity was achieved by producing the coins in a
gold or
silver alloy. However, the
Coinage Act of 1792 specified that the cent was to consist of 11
pennyweight (264
grains or 17.1
g) of pure copper.
[
] Such a weight, needed to maintain intrinsic value, would have been too heavy for practical everyday use.
suggested an alternative: a coin made of an alloy that was primarily copper, but that included enough silver to give a reasonably-sized coin an intrinsic value of one cent. This
billon alloy was considered by the
U.S. Mint
The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; that ...
,
[
Th]
J2/P2 pattern
has the same design as the silver center cent, but consists of a solid planchet with no silver plug. At least one specimen is made of a billon alloy — se
but
U.S. Treasury Secretary
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
Alexander Hamilton
Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first United States secretary of the treasury from 1789 to 1795.
Born out of wedlock in Charlest ...
feared that it would be too susceptible to counterfeiting,
[
] since its appearance differed little from that of pure copper.
In 1792, the Mint's chief coiner,
Henry Voigt, hit upon a solution: a copper
planchet, slightly smaller than that of a modern
quarter,
[
The silver center cent has a diameter of roughly 23mm, according t]
CoinFacts.com
Th
U.S. Mint's specifications page on modern coinage
lists the quarter's diameter at 24.26mm.
with a small silver "plug" inserted in a center hole during the striking process.
[
] The silver plug would have been worth approximately ¢ at contemporary bullion prices, while the copper planchet added an additional ¢ of intrinsic value.
Several such coins were produced as test pieces. Ultimately, the additional labor required for these bimetallic coins proved unsuitable for mass production,
and the large cent that was produced for circulation starting in 1793 consisted of 208 grains of 100% copper.
[
][
]
Design
The
obverse of the ''silver center cent'' features a right-hand facing
Liberty head with flowing unbound hair. The date appears below the portrait, and the words "LIBERTY PARENT OF SCIENCE & INDUST." are inscribed in a circular pattern around the central devices. The
reverse design consists of a
wreath with the words "ONE CENT" in the center, and the fraction "1/100" below. Surrounding the wreath, "UNITED STATES OF AMERICA" is inscribed.
Specimens
References
{{Portal bar, Money, Numismatics, United States
Bi-metallic coins
One-cent coins of the United States
Goddess of Liberty on coins