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Schaumburg, IL - Rare 1792 Penny Sells For $1.15 Million

Published on: April 20, 2012 10:30 AM
By: AP
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Schaumburg, IL - When is a penny worth $1.15 million? When it is a rare experimental penny minted in 1792.

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The unusual coin was auctioned off Thursday at the Renaissance Schaumburg Convention Center in suburban Chicago.

Officials with Heritage Auctions say Kevin Lipton of Beverly Hills, Calif., bought the penny on behalf of a group of unnamed investors. The winning bid was $1 million, but the investors also must pay the auction house’s 15 percent commission.

Heritage Executive Vice President Todd Imhof says the coin is made with a copper ring that surrounds a small plug of silver, which was added to make the penny heavier.

Imhof says the coin was never actually put into circulation and only 14 examples of the coin are known to exist.


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Read Comments (2)  —  Post Yours »

1

 Apr 20, 2012 at 10:52 AM shimonyehuda Says:

imagine a penny like this could have been thrown away...... the lesson is pick up pennies in the street

2

 Apr 20, 2012 at 01:00 PM ShmutzVesh Says:

A penny saved is a million earned!!

3

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