What makes a coin worth a million dollars? Coin value is related primarily to two things: rarity and condition, and some of them can be worth quite a lot if there are very few of them out there. One such incredibly rare coin is the 1792 copper cent, also known as the silver center copper cent.
What is the 1792 Copper Cent?
There are 14 or 15 known examples of the 1792 copper cent coin, and many of these coins have either been valued at or sold at over $1 million. Initially, copper cent coins were intended to be made completely out of one cent of copper. However, these coins would have been unfeasibly large, especially in comparison to the much smaller silver dollar.
In order to adjust this and keep the cent coin smaller, silver was introduced to increase value while decreasing cost. Thus, a small silver plug was introduced into the center of the coin, making it one of the earliest examples of a coin that had two metals in it.
However, they also experimented with creating a type of silver and copper alloy — under the direction of Thomas Jefferson himself. These were the J-1 and J-2 copper cent coins, respectively.
The 1792 copper cent coin is not valued only for its rarity, but also its connection to the historical past. Alexander Hamilton himself feared that the silver and copper alloy would be too easy to counterfeit. Regardless, both types of coin eventually proved to be too expensive and complex to produce in mass.
What is the Difference Between J-1 and J-2 Coins?
J-1 coins have an obvious plug in the very center of the coin, while J-2 coins often need to be tested to determine their alloy percentages. Only some of the J-2 coins were made out of the fusible alloy, as multiple coins have been tested to be found to be pure copper. In fact, only one of the coins tested have been seen to have silver actually within them, which could indicate that the experiments regarding J-2 coins may have been unsuccessful. Of course, this also makes the potential of finding a J-2 coin with silver in it even more attractive — and prove Alexander Hamilton’s fears true!
Physically, the 1792 cents both feature the Liberty head on one side of the coin, with the writing “LIBERTY PARENT OF SCIENCE & INDUSTRY.” On the other side of the coin is a wreath in which are written the words “ONE CENT.”
These silver center copper cent coins are some of the most exciting and attractive coins in numismatics, and an interesting entry into why coins can be so valuable and collectible. Not only are they rare in and of themselves, but they tell an interesting story about the history of the American currency. If you want to learn more about collecting coins, visit us at Roswell Gold, Silver and Coins today.