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Bidder Buys a Penny for $1.38 Million

two coins showing the front and back of a 1793 penny

1793 copper penny

In 1793, a coin was made at the Mint in Philadelphia.

It was a copper coin worth 1 cent, but today it is worth $1.38 million.

Texas-based Heritage Auctions held an auction in Florida where a bidder (didn’t release their name) bought this penny. It was the largest sale at the Florida United numismatist Coin Show.  Also, it happened to be the most a United States copper coin has ever sold for at auction.

There are some other 1793 coins that are in different condition, but this one is rare because it wasn’t in circulation. This penny is also in amazing shape, showing no damage on the lettering.

It is said to be a “chain Cent.” This is because there is a chain of connecting rings that represented the unity of the States, but it was changed to a wreath because people claimed that is symbolized slavery.

The bidder who purchased the coin is a major collector of coins. There was no other information released about him. The last person

A 1793 penny next to a new penny

To the left is one of the earliest pennies ever made

to own the coin was a famous banker named Louis E. Eliasberg Sr. He had a collection that contained at least one of every coin ever made at the United States Mint.

Eliasberg was nicknamed ” The King of Coins” because of all his collections. His most famous collection consisted of the penny now worth $1.38 million.

Some people are really dedicated to their collections, no matter how uneven the transaction may seem.

Source: oddee.com

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