This simple design, struck in billon, along with its companion three cent piece JA1849-2/P3098 were made in 1849 to show what a smaller billon cent would be sizewise. They were the idea of representative Samuel Vinton on January 9, 1849 and were presented by mint director Robert Patterson on January 18.
This piece is ex-Mickley, Cohen, H. Chapman 7/22 (part of lot 892), Brand (journal #122062), Ford, 76 ANA, Stacks 1/05. A second is ex Kagin 7/79, Kagin 1/81, Kagin 2/87, Heritage 1/98, Heritage 5/01 and appeared with a blank planchet for this design.
Another with a slightly smaller 'I' is listed by Pollock as P3092 and Taxay as EP130. It is described as being ex Chase Manhattan Bank. This is unconfirmed unless it is the Kagin, Heritage piece listed above.
Photo courtesy of Stacks.