Expensive penny

[frugalcanuck]

http://www.theglobeandmail.com/news/wor ... le2295429/


U.S. penny sells for record $1.38-million


ORLANDO, FLA.— The Associated Press
Published Sunday, Jan. 08, 2012 8:03PM EST
Last updated Sunday, Jan. 08, 2012 9:07PM EST


A one-cent copper coin from the earliest days of the U.S. Mint in 1793 has sold for a record $1.38-million (U.S.) at a Florida auction.

James Halperin of Texas-based Heritage Auctions said that the sale was “the most a United States copper coin has ever sold for at auction.” The coin was made at the Mint in Philadelphia in 1793, the first year that the United States made its own coins.

Heritage officials said in a news release that the name of the buyer was not revealed but that he was “a major collector.” One of the coin’s earliest owners was a well-known Baltimore banker, Louis Eliasberg.

“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,” Mr. Halperin said.

The final bid for the coin last week was one of the largest sales at the Florida United Numismatists coin show and annual convention, which ran through Sunday. Mr. Halperin said a $5 gold piece from 1829 also was sold.

He said there remain a few hundred 1793 coins in different condition, but that the one auctioned off Wednesday night is rare because it wasn’t in circulation.

Officials say it shows no wear on its lettering, its Lady Liberty face or the chain of linking rings on its back.

The news release said the coin is known as a “Chain Cent” because its chain of linking rings was supposed to represent the solidarity of the states. The design was changed to a wreath after some critics claimed it was symbolic of slavery.

Mr. Halperin said the auction had more than $64-million in transactions.

The Associated Press

[Morsecode]

The news release said the coin is known as a “Chain Cent” because its chain of linking rings was supposed to represent the solidarity of the states. The design was changed to a wreath after some critics claimed it was symbolic of slavery.

And you thought political correctness was a recent phenomenon

This was not the cent I had in mind when I saw the post title.

[henrysmedford]