Silver center cent

The silver center cent is an American pattern coin,cite web| url = http://www.uspatterns.com/j1p1.html|title=J1/P1| work = [http://www.uspatterns.com/ The Society of U.S. Pattern Collectors] ] one of the precursors to the large cent and an early example of a bimetallic coin. Less than a dozen specimens are known to exist today, cite book
author = Garrett, J. and Guth, R.
title = 100 Greatest U.S. Coins
year = 2003
publisher = H.E. Harris & Co
location = Atlanta, GA
isbn = 0-7948-1665-7
pages = 48 ] and they generally fetch substantial prices; an uncirculated silver center cent was sold at auction for $414,000 in January 2002.cite web
url = http://www.stacks.com/lotdetail.aspx?lrid=AN00037319
title = 1792 silver center cent. Judd-1, Pollock-1. Rarity-7-. F-15 (PCGS)
year = 2006
work = [http://www.stacks.com/ Stack's: Rare Coins for Sale: Numismatic Auctions]
publisher = Stack's, LLC
quote = The Norweb piece, sold by Stack's in 2002 — an epoch ago in terms of interest and value in famous early American rarities — brought $414,000, at the time a world record for a cent.]

Origins

During the early years of the American republic, there was a general consensus that the intrinsic bullion value of the new nation's coinage should be approximately equal to its face value. 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 cent presented a problem: a coin made of silver would be far too small and easily lost, while one of copper would be large and unwieldy; the initial coinage act specified a cent consisting of 264 grains of pure copper.

U.S. Secretary of State Thomas Jefferson suggested an alternative: the coin could be made of an alloy that was primarily copper, but which consisted of enough silver to generate an intrinsic value of one cent with a reasonable coin size. This billon alloy was considered by the U.S. Mint,The [http://www.uspatterns.com/j2p2.html 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 — see [http://coinfacts.com/patterns/1792_patterns/1792_judd_02.htm this CoinFacts.com article] for more information.] but U.S. Treasury Secretary Alexander Hamilton feared that it would be too susceptible to counterfeiting,cite web
url = http://coinfacts.com/patterns/1792_patterns/1792_judd_01.htm
title = 1792 Silver-Center Cent
year = 1999-2006
work = [http://www.coinfacts.com/ CoinFacts.com]
publisher = Collectors Universe, Inc] since its appearance differed little from that of pure copper. In 1792, the Mint's chief coiner, Henry Voight, 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 to [http://coinfacts.com/patterns/1792_patterns/1792_judd_01.htm CoinFacts.com] . The [http://www.usmint.gov/about_the_mint/index.cfm?action=coin_specifications 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.cite web
url = http://www.collectorusa.com/articles/1793.php
title = The First Cent Coinage
last = Julian
first = R.W.
year = 2003
work = [http://www.collectorusa.com/ CollectorUSA] ] The silver plug would have been worth approximately ¾¢ at contemporary bullion prices, while the copper planchet added an additional ¼¢ 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.cite web
url = http://coinfacts.com/large_cents/1793_chain_cents/1793_chain_cents.html
title = Flowing Hair Cent, Chain Reverse (1793 Only)
year = 1999-2005
work = [http://www.coinfacts.com/ CoinFacts.com]
publisher = Collectors Universe, Inc
quote = Metal content: Copper - 100%. Weight: ±208 grains (±13.5 grams).] cite web
url = http://coins.ha.com/common/features/numisarticles.php?id=224
title = The Copper Coinage of 1793
last = Julian
first = R.W.
year = 1999-2007
work = [http://coins.ha.com/ Heritage Coins]
quote = On January 14, 1793, the President signed into law a bill reducing the weight of the cent to 208 grains (13.48 grams).]

Design

The obverse of the silver center cent features a Liberty head with flowing 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.

References