The phrase identifies a specific United States one-cent coin from the year 1958, minted at the Denver Mint, and hypothetically composed of silver. Standard compositions of this coin from that era were primarily copper, with a small percentage of tin and zinc. Therefore, the suggestion of a silver composition immediately implies an error or alteration.
The significance of such a coin stems from its rarity and potential value to collectors. Coins struck with errors, such as incorrect metal composition or misprints, are often highly sought after. The historical context of the era during which these coins were produced also contributes to their collectibility, providing insight into minting processes and economic conditions of the time. The value would be dramatically affected by any authentication as an actual error coin.