Rare Penny in 1792 Worth Millions in an Auction

 

Who says a penny is worthless? Wait until you see a rare penny dating back to 1792 which fetched a staggering $1.15 million in auction at Renaissance Schaumburg Convention Center in Chicago.

The rare penny’s winning bidder, according to the event organizers Heritage Auctions, was Kevin Lipton of Beverly Hills, California, who represents a group of unknown investors. He bid at $1 million.

However, since the investors also must pay the auction house’s 15 percent commission, the rare penny’s price shoot up with a total price of $1.15 million.

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 but it only went for $105,000.

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