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One Of The World’s Rarest Coins A 1792 Penny Sells For $1.15M At Auction...

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 One Of The World’s Rarest Coins A 1792 Penny Sells For $1.15M At Auction...
Unread 04-20-2012, 03:16 PMJoined Jul 2007 - away - #1
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Avon_Barksdale 2122 heat pts2122 space
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A Penny...?!? image


One of the first pennies ever produced by the U.S. Mint was put up for auction Thursday night and reportedly sold for more than $1 million.

Bids for the 1792 Silver Center penny reached $1.15 million Thursday night, according to Heritage Auctions, which conducted the sale. The U.S. Mint itself was founded in April, 1792.

If you don't have $1.15 million on hand, there are more affordable rare coins available. The Canadian Mint recently began selling a limited-edition glow-in-the-dark quarter featuring a dinosaur skeleton for around $30.

And the website ThinkGeek offers electromagnetically shrunk quarters for $25, or 100 times their actual value as currency.

ABC News reports that the rare penny is made of copper with a small silver plug at its center. It was an experiment by the then-fledgling U.S. Mint, which shelved the penny before it could go into mass circulation. The U.S. Mint determined the penny was too large and heavy for practical use.

Todd Imhof at Heritage Auctions told ABC that unlike today's legal tender which bears the inscription, "In God We Trust," the copper-silver penny reads "Liberty Parent of Science & Industry."

"At the time, industry and science reflected an enlightenment mindset," Imhof said. "People believed freedom of thought and industrial growth would bind and unify the new country, not religion or God."

An anonymous collector who has owned the coin for 10 years sold the penny. "With collectible items, for an item to sell for over a million dollars it is an unusual event," Imhof said.

However, Imhof also said a coin of the same type sold for close to $3 million over a year ago. Still, the $1.15 million sale is one of only 30 $1 million-plus coin sales in history.


Source:
$1 million for a penny; one of world’s rarest coins sold at auction | The Sideshow - Yahoo! News
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The following 2 BX residents gave props to Avon_Barksdale (Sent To 8,593 Subscribers)  hindsite21 (04-21-2012) , HOT TOPIC  (04-20-2012)

8 comments for "One Of The World’s Rarest Coins A 1792 Penny Sells For $1.15M At Auction..."

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Unread 04-20-2012, 11:36 PMJoined Feb 2005 - on now - #2
Krazie 98 heat pts98 space
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I need a penny that has 115,000,000 times inflation
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Unread 04-21-2012, 06:53 AMJoined Dec 2005 - away - #3
tony6922  space
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Unread 04-21-2012, 08:12 AMJoined Apr 2006 - away - #4
smoothlikebutta 14 heat pts14 space
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crazy. i work at a bank and when im on the teller line i always lookout for old coin/rare mint marks. a few months ago i found a penny from 1908 in my cash box.. swapped it out, brought it to a coin collector, and got $450 for it! i didnt do much research to see how much it was really worth which was a stupid move but $450 in my pocket wasnt bad.
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Unread 04-21-2012, 09:07 AMJoined Oct 2004 - away - #5
Aesop730 8 heat pts space
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If you wouldve taken this to the dudes on Pawn Stars he wouldve tried to get it for 10k .. and gave you some lame reason ..
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Unread 04-21-2012, 10:08 AMJoined May 2009 - away - #6
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Unread 04-21-2012, 12:49 PMJoined Feb 2004 - away - #7
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Originally Posted by Xx Tecca xX

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Unread 04-21-2012, 04:05 PMJoined Jul 2007 - away - #8
Avon_Barksdale 2122 heat pts2122 space
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Originally Posted by Xx Tecca xX

Originally Posted by hotboy251
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