Deep V and I CCD images with subarcsec spatial resolution are used to investigate the stellar content of the central regions of the Local Group dwarf elliptical galaxy NGC 147. Red giant branch (RGB) stars are resolved over the entire field, and the RGB-tip occurs at I∼20.5, suggesting that the distance modulus is 24.3. A comparison with globular cluster sequences indicates that the center of NGC 147 is moderately metal-poor, with [Fe/H] ∼ -1. This is not significantly different from what was found in the outer regions of the galaxy by Mould et al. [Ap], 270, 471 (1983)]. Moreover, the width of the V-I color distribution at I=21.0 indicates that a spread in metallicity is present, with σ[Fe/H]∼±0.3. There is no evidence of a component more metal-poor than [Fe/H]∼-1.3. A small population of moderately bright asymptotic giant branch (AGB) stars has also been detected, and the AGB-tip occurs near Mbol-S-O, indicating that an intermediate-age population is present. It is estimated that the intermediate-age population contributes ∼2%-3% of the V light from NGC 147.