Silver center cent

[4] 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 $1.15 million.

[5][6] 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.

This billon alloy was considered by the U.S. Mint,[8] but U.S. Treasury Secretary Alexander 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 copper planchet, slightly smaller than that of a modern quarter,[10] with a small silver "plug" inserted in a center hole during the striking process.

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.