Rare 1792 penny sells for $1.15 million

[Hum]

SCHAUMBURG, IL (AP) ? When is a penny worth $1.15 million? When it is a rare experimental penny minted in 1792.

The unusual coin was auctioned off Thursday at the Renaissance Schaumburg Convention Center in suburban Chicago.

Officials with Heritage Auctions say Kevin Lipton of Beverly Hills, Calif., bought the penny on behalf of a group of unnamed investors. The winning bid was $1 million, but the investors also must pay the auction house's 15 percent commission.

The coin is made from copper and incases a small plug of silver.

The silver was added to make the penny heavier, said Todd Imhof, executive vice president of Heritage Auctions. On one side of the coin, a depiction of Miss Liberty is ringed by the phrase "Liberty Parent of Science & Industry." The back of the coin reads "United States of America One Cent."

"After 200 years, we can only account for 14 of these," said Imhof, who added that the penny was never actually put into circulation.

source

[bogas04]

I weep for humanity.

[Growled Member]

I wish I had one of those pennies.

[Muhammad Farrukh]

That one looks like it would've been worth getting for my collection :p

[Colin McGregor]

I weep for humanity.

Why? Cause someone bought something?? or cause someone can spend more on a penny then you can save up in your lifetime?

Seems like alot just for a penny sure but weep for humanity over it??

[Gerowen]

"Liberty Parent of Science & Industry" makes more sense than "In God We Trust".

[SkyyPunk Veteran]

"Liberty Parent of Science & Industry" makes more sense than "In God We Trust".

I was thinking the same thing!

[bogas04]

Why? Cause someone bought something?? or cause someone can spend more on a penny then you can save up in your lifetime?

Seems like alot just for a penny sure but weep for humanity over it??

That money could be used to do some productive work , say help in treatment of Cancer/AIDS/H1N1/Other diseases patients... :)

We have money for a penny but not for the above?

Hence , I weep for Humanity.

[Tomoko]

I weep for humanity.

Is a rare coin worth any less than a painting that sells for millions? If they have the money to spend let them buy whatever they want.

That money could be used to do some productive work , say help in treatment of Cancer/AIDS/H1N1/Other diseases patients... :)

We have money for a penny but not for the above?

Hence , I weep for Humanity.

The money still exists, it just changed hands. Besides how do you know these people haven't given loads of money to charity already?

Also I agree with some of the above posters, it's sad that we once had a coin with the word science on it instead of mythology.

[Hum]

I wish I had one of those pennies.

I wish I had 5 :shifty:

[Jason S. Global Moderator]

i like how the penny says "indust" - i guess it was experimental for a reason

[Hum]

^ No room for the TRY of Industry. :laugh:

[Astra.Xtreme]

That money could be used to do some productive work , say help in treatment of Cancer/AIDS/H1N1/Other diseases patients... :)

We have money for a penny but not for the above?

Hence , I weep for Humanity.

Do you realize how much money is already put into treatment of diseases? Billions and billions every year.

Whether this $1M buys a rare penny or goes to cancer research is nobody's decision but his.

Just because he has money, doesn't mean everybody else is entitled to it.

It's like saying you should donate all your money instead of buy that new car because somebody else needs it more than you. That logic is just nonsense.