1792 Penny Sells For $1.15 Million

Monday, 23 April 2012 | comments

1792 Penny Sells For $1.15 Million----A penny minted in 1972, made from copper and incases a small plug of silver has been sold for $1.15 million in an auction on Thursday. The auction was held at the Renaissance Schaumburg Convention Center in suburban Chicago.

It has been said that the coin was never actually put into circulation and only 14 examples of the coin are known to exist, so it can also be said that it is an unusual coin.

Kevin Lipton of Beverly Hills from Calif has bought the unusual penny on behalf of a group of unnamed investors.

Some 1792-dated cents have a silver plug as a proposed way to overcome a flaw in the Mint Act of 1792.

It was purchased in 1974 for $105,000 and was sold to a dealer representing a group of investors at an auction held in conjunction with the annual Central States Numismatic Society convention being held in a Chicago suburb.

Online bidding for the coin has already pushed the price over $1 million as the winning bid was $1 million, but the investors also must pay the auction house’s 15 percent commission.
Share this article :

Copyright © 2013. News 24 by 7 - All Rights Reserved