Published On: Sat, Apr 21st, 2012

Rare Penny in 1792 Sold for $1.15 Million in Auction

Another collector’s item in the form of a rare penny dating back to 1792 has been sold in an auction held at Renaissance Schaumburg Convention Center in Chicago.

On Thursday, April 19, Kevin Lipton of Beverly Hills, California, who represents a group of unknown investors, won the rare penny in a bid amounting to $1 million.

However, the investors also must pay the auction house’s 15 percent commission which gave the rare penny a total price of $1.15 million in the auction. Wow!

The rare penny, made from copper and incases a small plug of silver, depicts Miss Liberty in the front side ringed by the phrase “Liberty Parent of Science & Industry.” At the back side of it, it reads “United States of America One Cent.”

Todd Imhof, Executive Vice President of Heritage Auctions who organized the event, said that the silver was added to the penny to make it heavier. He also said that the penny was never actually put into circulation as it was just an experimental coin.

“After 200 years, we can only account for 14 of these. It’s a real classic, one that’s rarely seen in such good condition,” Imhof said.

It can be noted that the same rare penny was last sold at a public auction in 1974, when it went for $105,000.

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