A pattern coin is one produced early in the decision-making process to test the features of candidate coin designs. Patterns of US coins are highly prized collectibles, and this one has made recent history by selling for well over 1 million dollars. The coin pictured comes from Heritage Auctions a world leader in rare coins. The small spot at the center of the coin is a slug of silver, because one cent was worth a lot back then.
There is a comprehensive summary of similar coins with the intriguing LIBERTY PARENT OF SCIENCE AND INDUSTRY inscription at US Patterns. Be sure to visit that page to see the many variations, including coins with GWP initials.
Values of these coins range from $1M+ for a genuine piece down to a few US dollars, like the modern silver-colored replica in our secondary picture. Some replicas are difficult to detect, like the copper one in our tertiary picture. The replicas are difficult to price, but I would not spend more than $2 or $3 on one.
As always, CoinQuest is indebted to Heritage Auctions for use of their photos of amazing coins.