Penny Sells for $1.38 Million at Auction
A rare penny that was one of the first United States coins minted in 1793 has been sold at an auction for $1.38 million.
James Halperin, of Heritage Auctions, which is based in Texas, told The Associated Press on Saturday that the sale was “the most a United States copper coin has ever sold for at auction.” The coin was crafted in Philadelphia’s mint in 1793 which was the first year that the U.S. produced its own coins.
Heritage officials in a news release stated that the name of the buyer was not revealed only noting that he was “a major collector.” One of the coin’s previous owners was a Baltimore banker named Louis Eliasberg.
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“Mr. Eliasberg was nicknamed, ’the king of coins’ because before his death in 1976 he assembled a collection that consisted of at least one example of every coin ever made at the United States Mint, a feat never duplicated,” Halperin said.
Halperin also made note that there remain a few hundred 1793 coins in different condition. Yet, that the one that was sold is rare because it was never in circulation.
Officials explained that the coin has no signs of wear on its lettering, the Lady Liberty face or on the chain of linking rings on its back, according to AP.
The coin is known by collectors as a “Chain Cent.” This is due to the linking rings which were supposed to represent the unity of the states. However, the design was changed to a wreath after some claimed it was more symbolic of slavery.
The sale price for the coin was one of the largest sales ever at the Florida United Numismatists coin show and annual convention. Halperin said a $5 gold piece from 1829 also was sold.
The record for most expensive coin belongs to the 1933 “Double Eagle,” which is the only legal copy of a coin which never made it into circulation. It sold at a 2002 auction for $7.59 million.
