1792 Penny auctioned for astounding $1.15 million

1792 Penny 1

A penny worth $1.15 million! Well, you don’t need to be astonished as it can happen, particularly when the penny is more than 200 years old. The experimental penny which was put into an auction on Thursday night at the Renaissance Schaumburg Convention Center in Schaumburg was sold to a group of unnamed investors represented by Kevin Lipton. The actual winning bid was of $1 million, but the buyer had to pay the 15% commission of the auction house. The entire transaction was handled by Heritage Auctions and the auction was part of the Central States Numismatic Society Convention of 2012.

The rare penny is in immaculate shape for its age as it was preserved carefully by the now former owner of the same for 10 years. Apart from featuring a depiction of Miss Liberty, it has a silver plug in the middle of it. It was actually due to the silver plug that made the penny heavier and hence it was not able to pass the weight standards set by the US Mint. The copper penny has been illustrated in numerous numismatic reference books.

The coin is one of the 14 silver-center surviving pennies and amazingly it does not have the usual “In God We Trust” message in itself. Instead it says “Liberty Parent of Science & Industry.”

This is not the first time that a coin has been sold for more than $1 million. There are around 30 more to give this 1792 penny company. A similar type of coin was sold for $3 million in 2011 and in that sense, this $1.15 million worth penny looks an underachiever!

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