http://www.dailymail.co.uk/news/article-2907054/Rare-1792-penny-sells-auction-2-6-million.html An experimental U.S. penny struck to test a design in 1792 sold at auction for almost $2.6 million - and the man with the winning bid also spent approximately $2.2 million on a quarter from the same year, it has emerged. It has been reported that the man spent around $4.8 million for his two coins. Heritage Auctions in Dallas said the 1792 penny sold Thursday for $2,585,000 to a California man. A Heritage official says the coin is called the 'Birch cent' after engraver Robert Birch. The official calls it the 'finest' of only about 10 known surviving examples of the pennies struck to test a design depicting 'Miss Liberty,' surrounded by the words 'Liberty Parent of Science & Industry.' That motto wasn't adopted for circulating coins. Kevin Lipton had the winning bid for the penny, The Los Angeles Times reported. 'It’s like our very first penny,' he told the newspaper. 'It’s such a spectacular coin. It’s so important, so rare.' The 55-year-old first spotted the penny inside an auction house in 1981, the newspaper reported. However, Lipton told The New York Daily News he didn't pay much notice, saying 'I didn't understand coins like that back then. Now I understand the greatest American coins are the ones that represent where we started.' Lipton paid $2,232,500 in order to get a 1792 quarter from the Orlando auction where he forked over the millions for the penny, The Los Angeles Times reported. That means he spent around $4.8 million total for 26 cents, the newspaper explained. The Los Angeles Times reported that Lipton first collected coins at the age of 12 and started a coin business at the age of 17. 'They are a great store value, and will only be worth more in the future,' Lipton told the newspaper of his new purchases. 'They are literally Mona Lisas of our coinage.' The penny's sale took place a day after another rare penny sold for $2.35 million at the same collectors' convention. A U.S. penny from 1793 sold Wednesday for $2.35 million. It's known as a 'chain cent' because of the design on the back.
The official calls it the 'finest' of only about 10 known surviving examples. Until a roll of em turn up in a safety deposit box that were spirited away by an unscrupulous mint employee Hehehe
Hmph. This is the same fella that paid all those folks (actors) to stand in line at the various mints to create the illusion of demand for the Gold Kennedy Half Dollar. He's also the one that supposedly sold that "First Graded" Gold Kennedy for $100,000.
LOL... are talking about a coin minted in 1792... I dont think Mint employees at that time were very up to date on hiding them for investments later... you see that stuff in the middle 1800's and early 1900's. This is great news for the Numismatic community! These values are only going up over time guys what are you waiting for ;_P
