Reflecting the then-prevalent view that coins should contain their value in metal, Tracy's bill provided that the two-cent piece be made of billon, or debased silver (about 20% pure).

Second Engraver Christian Gobrecht and Melter and Refiner Franklin Peale both conducted experiments for the coin, and concluded that the piece was to be made of billon (similar to the 1806 proposal).

[5] A two cent piece was proposed for a third time during the economic turmoil of the American Civil War, due to a national coin shortage.

For the most part, the lack of coins was filled by private token issues, some were struck in copper-nickel approximating the size of the cent and others were thinner pieces in bronze.

In his annual report submitted October 1, 1863, Mint Director James Pollock noted that "whilst people expect a full value in their gold and silver coins, they merely want the inferior [base metal] money for convenience in making exact payments".