Penny Sells For 1.38 Million
Posted on by Forest in Saving Money & Finances
Penny Sells For 1.38 Million – Talk about return on investment! A 1.38 million % return on the lucky penny! But this penny was special, I am not sure it was worth the money (is anything worth that much?) but that is what it sold for! Lets see what was so special about this pretty penny.
Penny Sells For 1.38 Million
Penny Sells For 1.38 Million. Picture source: http://www.inquisitr.com/177715/rare-penny-sells-for-1-38-million-at-auction/
Members of the Florida United Numismatists gathered at the Orange County Convention Center for a Coin show and auction. One of items up for auction was a single penny.
After the ratification of the Constitution of the United States there was a strong need to establish a national identity. One of the ways to do so was the opening of the Philadelphia Mint in 1792. The idea was that the mint would produce a national currency. In 1793 the first coinage was produced which included a single one cent penny made from copper, that ended up on the auction block at the California coin show.
The 1793 penny was said to be in amazing condition with very little wear. This could be because it had never been in circulation, something which can add to a coins value. The buyer was anonymous and has paid the most ever for a $0.01 coin.
A 1804 silver dollar has also sold for $4 million in the past! There have been many other huge coin sales!
This story has me thinking wow, I used to have a whole bunch of weird and wonderful coins that I picked up from places as as a kid. Some were given to me by relatives, some found in change, some from thrift stores, from all over the place! When it comes to things like this, although nice to keep for sentiment, it may be worth trying to get rid of them, especially if they can bring in some spare cash! Be carful if you are decluttering and are just giving stuff away and throwing it out! I think my coins made their way to a charity thrift store but I can’t even remember! I know for sure there was no 1793 penny but there could have been other valuable things!
Some of your odds and ends could be treasure, wouldn’t that be nice?
Have you ever sold or purchased a rare coin? Are you a collecter and if so what is it that draws you into the hobby? Is it an affordable hobby on the low-end or does it produce a lot of waste from buying hoards of coins looking for that special one?
Hawaii Volcano 2012 coin – This year the Hawaii Volcano will go into circulation for the first tim. Maybe it will be worth keeping stashing a couple of these away and keeping them in mint condition?
Related: Is there money in coin collecting?
I look forward to your thoughts and comments.
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10 Responses to “Penny Sells For 1.38 Million”
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Forest: Thanks Mike. I can do my fair share of whining but...
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Mike Collins: Looking forward to seeing what direction FZ heads ...
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Robert @ The College Investor: Im really exfited for you Forest. I know I someti...
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John @ Married With Debt
10. Jan, 2012
I bought 2 special, limited edition American Silver Eagle 25th Anniversary Sets for $300 each a few months ago.
The day I received them, I sold one for $750 on eBay, and after fees, profited almost $400. Basically got one set for free, plus a small profit. Wish I would have bought 5 sets.
Most coins aren’t as rare as dealers want you to think, but it can be a fun and rewarding hobby.
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Forest
10. Jan, 2012
Wow nice work John. Absolutely when actually shelling out money you need to do your homework. The internet is our friend.
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Krantcents
10. Jan, 2012
I have a collection of indian head pennies (late 1800s to early 1900s) from my Dad. I haven’t checked the value lately, but I think it is more sentimental than anything.
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Forest
10. Jan, 2012
If it’s sentimental then maybe not worth checking value as such! They coins sound interesting.
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Practical Parsimony
10. Jan, 2012
Just the other day, I removed a jewelry box from a drawer where it had resided for 20 years without being touched. In it had been a bunch of Indian head/Buffalo nickels and a standing liberty dime. They were gone. I know who took them, someone I trusted. They were all gathered before I was 11. I fancied myself a numismatist when I was a child…lol. After listening to me begging for a coin book, my mother got one for me.I had one Indian Head Nickel for 50 years. I passed that on to my grandson when he was 8 and told him it was his job to keep it until he had it for 50 years. I bought him a new coin book.
My ex-husband has the fabulous coin collection wtih gold coins that he conned from elderly ladies who trusted him as the minister. He got sev eral dead husband’s collections that way.
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Forest
10. Jan, 2012
I’m really sorry, that is so sad. It’s disgusting what some humans can do.
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Michael McIntyre
11. Jan, 2012
I’ve got a one cent just like this one. Looking at it now and saying holy moly…could it be worth this much??? Would be nice!!!
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Forest
13. Jan, 2012
That certainly would be, you should check that out!
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Donna
15. Jan, 2012
I have a one cent piece like this as well and several other old coins. How do I go about getting an honest appraisal and if I choose to sell them, what’s the best way to do this? I’ve held onto these coins for so long and this story inspired me to at least look into my options.
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Forest
18. Jan, 2012
Hey Donna, I would consider contacting the coin group who organised the event where this coin sold and also consult the net and a few coin collectors so you get a broad estimate. These coins are not super rare but it was in mint-condition which is much rarer…. Good luck, I hope you have one!
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