History

Cerium was named for the asteroid Ceres, which was discovered in 1801. The element was discovered two years later in 1803 by Klaproth and by Berzelius and Hisinger. In 1875 Hillebrand and Norton prepared the metal.

Sources

Cerium is the most abundant so-called rare-earth metals. It is found in a number of minerals including allanite (also known as orthite), monazite, bastnasite, cerite, and samarskite. Monazite and bastnasite are presently the more important sources of cerium.
Large deposits of monazite (found on the beaches of Travancore, India and in river sands in Brazil), allanite (in the western United States), and bastnasite (in Southern California) will supply cerium, thorium, and the other rare-earth metals for many years to come.
Metallic cerium is prepared by metallothermic reduction techniques, such as reducing cerous fluoride with calcium, or using electrolysis of molten cerous chloride or others processes. The metallothermic technique produces high-purity cerium.

Properties

Cerium is especially interesting because of its variable electronic structure. The energy of the inner 4f  level is nearly the same as that of the outer (valence) electrons, and only small amounts of energy are required to change the relative occupancy of these electronic levels. This gives rise to dual valency states.
For example, a volume change of about 10 percent occurs when cerium is subjected to high pressures or low temperatures. Cesium's valence appears to change from about 3 to 4 when it is cooled or compressed. The low temperature behavior of cerium is complex.
Cerium is an iron-gray lustrous metal. It is malleable, and oxidizes very readily at room temperature, especially in moist air. Except for europium, cerium is the most reactive of the rare-earth metals. It decomposes slowly in cold water and rapidly in hot water.
Alkali solutions and dilute and concentrated acids attack the metal rapidly. The pure metal is likely to ignite if scratched with a knife.
Ceric slats are orange red or yellowish; cerous salts are usually white. 
A Periodic Table of the Elements at Los Alamos National Laboratory