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Posted

Two men became the new proud owners of a rare 1913 Liberty Head nickel, which was hidden in a closet for 41 years after its owners were mistakenly told it was fake.

Larry Lee, 63, from Panama City, Florida., and Jeff Garrett, 54, from Lexington, Ky., paid $3,172,500 for the coin from Heritage Auctions in Schaumburg, Ill., on Thursday.

"I love rare coins," Lee told ABCNews.com. "For anyone connected to coins, this is like a dream come true." Lee and Garrett bought the coin in partnership.

Garrett, who was one of a team of experts brought in to authenticate the coin in 2003, said he'd been excited about the coin ever since he first handled it.

"We've both always dreamed about owning these coins," he said. "This is probably the greatest coin I've ever handled."

While five Liberty Head nickels are currently known to exist, the story of this particular coin added a new dimension to its allure for Lee and Garrett.

The coin's former owner, George Walton, died in a car accident in 1962. His family recovered the nickel from the car wreck but was told that the coin was counterfeit. Walton's sister kept the coin anyway, stowing it away in a closet with the label "It's not real."

Walton's sister's four children inherited the coin and brought it to auction this year, after learning more about its authenticity at the 2003 American Numismatic Association World's Fair of Money in Baltimore.

Cheryl Myers, one of the four heirs, told the the Associated Press, "The sad part is my mother had it for 30 years and she didn't know it."

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Posted

Cheryl Myers, one of the four heirs, told the the Associated Press, "The sad part is my mother had it for 30 years and she didn't know it."

That is sad.

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Posted

Always get more than one opinion when it comes to appraising things.

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Posted

is really worth it to counterfeit coins where they still 'not rare' ?

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Posted

Must be really nice to be rich enough to pay 3 million dollars for a nickel.

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Posted

Must be really nice to be rich enough to pay 3 million dollars for a nickel.

Have to spend money to make money!!

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Posted

I can think of much better things to buy with $3 million. :s

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Posted

Good investment. In a few years that $3M will probably be worth $5M+. Better than stocks or CD's.

I have a 1909 S-VDB* Lincoln penny that's worth >$2,000.

* minted in San Francisco with its 'S' along with the intitials of its designer Victor David Brenner. A VDB penny is on the camera calibration target of the Curiosity Mars rover.

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