▁substantial ▁prices ; ▁an ▁un cir cul ated ▁silver ▁center ▁cent ▁sold ▁at ▁au ction ▁for ▁$ 4 1 4 , 0 0 0 ▁in ▁January ▁ 2 0 0 2 . ▁ ▁That ▁price ▁was ▁e cli ps ed ▁by ▁an ▁example ▁grad ed ▁PC GS ▁MS 6 1 ▁offered ▁at ▁au ction ▁in ▁April ▁ 2 0 1 2 , ▁with ▁a ▁price ▁tag ▁of ▁more ▁than ▁$ 1 ▁million . ▁ ▁Orig ins ▁ ▁During ▁the ▁early ▁years ▁of ▁the ▁American ▁republic , ▁there ▁was ▁a ▁general ▁cons ensus ▁that ▁the ▁intr insic ▁b ull ion ▁value ▁of ▁the ▁new ▁nation ' s ▁coin age ▁should ▁be ▁approximately ▁equal ▁to ▁its ▁face ▁value . ▁Some ▁mer ch ants ▁would ▁refuse ▁to ▁accept ▁co ins ▁that ▁did ▁not ▁meet ▁this ▁standard . ▁For ▁most ▁denomin ations , ▁b ull ion ▁par ity ▁was ▁achieved ▁by ▁producing ▁the ▁co ins ▁in ▁a ▁gold ▁or ▁silver ▁al loy . ▁However , ▁the ▁Co in age ▁Act ▁of ▁ 1 7 9 2 ▁specified ▁that ▁the ▁cent ▁was ▁to ▁consist ▁of ▁ 1 1 ▁pen ny weight ▁( 2 6 4 ▁gra ins ▁or ▁ 1 7 . 1 ▁g ) ▁of ▁pure ▁co pper . ▁Such ▁a ▁weight , ▁needed ▁to ▁maintain ▁intr insic ▁value , ▁would ▁have ▁been ▁too ▁heavy ▁for ▁practical ▁every day ▁use . ▁ ▁U . S . ▁Secretary ▁of ▁State ▁Thomas ▁Jefferson ▁suggested ▁an ▁alternative : ▁a ▁coin ▁made ▁of ▁an ▁al loy ▁that ▁was ▁primarily ▁co pper