TheSilver center cent is an Americanpattern coin[1] produced by theUnited States Mint in 1792. As a precursor to thelarge cent it was one of the first coins of the United States and an early example of abimetallic coin. Only 12 original examples are known to exist,[2] of which one is located in theNational Numismatic Collection at theSmithsonian Institution.[3] Two more specimens (Morris and California) exist but contain fabricated plugs added after minting.[4]
Due to their rarity and historical significanceSilver center cents are highly prized by collectors with one gradedPCGS MS61 being sold in an online auction in April 2012 for$1.15 million.[5][6]
During the early years of the American republic, there was a general consensus that the intrinsicbullion value of the new nation's coinage should be approximately equal to itsface value. Some merchants would refuse to accept coins that did not meet this standard.[2] For most denominations, bullion parity was achieved by producing the coins in agold orsilver alloy. However, theCoinage Act of 1792 specified that the cent was to consist of 11pennyweight (264grains or 17.1g) of pure copper.[7] Such a weight, needed to maintain intrinsic value, would have been too heavy for practical everyday use.[2]
U.S. Secretary of StateThomas Jefferson 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. Thisbillon alloy was considered by theU.S. Mint,[8] butU.S. Treasury SecretaryAlexander Hamilton feared that it would be too susceptible to counterfeiting,[9] since its appearance differed little from that of pure copper.[2] In 1792, the Mint's chief coiner,Henry Voigt, hit upon a solution: a copperplanchet, slightly smaller than that of a modernquarter,[10] with a small silver "plug" inserted in a center hole during the striking process.[11] The silver plug would have been worth approximately3⁄4¢ at contemporary bullion prices, while the copper planchet added an additional1⁄4¢ of intrinsic value.[1] Several such coins were produced as test pieces. Ultimately, the additional labor required for these bimetallic coins proved unsuitable for mass production,[2] and the large cent that was produced for circulation starting in 1793 consisted of 208 grains of 100% copper.[12][13]
Theobverse of thesilver center cent features a right-hand facingLiberty 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. Thereverse design consists of awreath with the words "ONE CENT" in the center, and the fraction "1/100" below. Surrounding the wreath, "UNITED STATES OF AMERICA" is inscribed.[14]
| List of Known Specimens[15] | |||
|---|---|---|---|
| Name | Grading | Sales History | Notes |
| Garrett Specimen | MS67 Brown PCGS |
| |
| Norweb Specimen | MS64 PCGS |
| |
| Bushnell Specimen | MS61+ Brown NGC |
| |
| Morris Specimen | MS61 Brown PCGS | 2012 - $1,150,000 | Non-genuine center plug[4] |
| Weinberg Specimen | Mint State | 2019 - $750,000 | |
| Smithsonian Specimen | AU | ||
| Stearns Specimen | XF | 2015 - $499,375 | |
| Judd Specimen | XF | 2018 - $336,000 | |
| Newman Specimen | XF | 2014 - $1,410,000 | |
| Queller Specimen | VF30 NGC |
| |
| Terranova Specimen | VF | ||
| Starr Specimen | Fine 15 PCGS |
| |
| California Specimen | VG10 Details, Scratched ANACS | 2006 - $400 | Non-genuine center plug determined to be made of iron upon grading[4] |
| Unplugged Specimen | SP63 PCGS | Missing silver insert | |
The Morris specimen traces its pedigree back to Charles Morris and its appearance in S.H. & H. Chapman's auction in April 1905.
Metal content: Copper - 100%. Weight: ±208 grains (±13.5 grams).
On January 14, 1793, the President signed into law a bill reducing the weight of the cent to 208 grains (13.48 grams).
