Keep your change: Rare coins fetching top dollars
Filed under: Investing
You may want to be careful before you disdainfully toss away that good for nothing penny next time. A 1795 reeded-edge U.S. penny recently fetched $1.3 million at an auction. The coin made history as the first penny ever to rake in more than a million dollars, according to the Wall Street Journal (subscription required).Why such a high price? Apparently wealthy investors, anxious about a spiraling dollar and future inflation are bidding up prices for rare coins. They feel more secure about putting their money on these coins than investing in stocks and bonds.
Clearly, the recession is not affecting the coin collectibles industry. Earlier this year a high-end collection of rare half dollars grabbed $1.1 million at an auction.
"Things that are ordinary are not doing well," said John Albanese, founder of Certified Acceptance Corp. in a phone interview. "But the rare coins are one in a million. They are trophy coins and you don't see them everyday."
Wealthy, sophisticated buyers don't mind the high bids because they know if they don't grab the coin when it's available, they may have to wait another 30 years for another chance, he said.
So, if you have always wondered when's a good time to break open that piggy bank, this may be it. Who knows, maybe you'll find that rare penny and your ticket to the millionaire bracket.
Reader Comments (Page 1 of 2)
11-27-2009 @ 7:20AM
W said...
Please show us a picture of the penny that fetched 1.3 million. Thanks.
Reply
11-27-2009 @ 11:20AM
Jack Williams said...
I have the same coin that you have listed here that sold for $1.3 million. The only difference is mine is a 1797. Would you please send me any information you have on this and what to do to find out if it is worth anything like the one listed.
11-27-2009 @ 8:56AM
George said...
Here is a picture of it. http://www.businessinsider.com/old-us-penny-sells-for-13-million-2009-11
Reply
11-27-2009 @ 4:11PM
Linda said...
Thank you for sharing that information. Although I am not a coin collector, you are obviously a conscientious and thoughtful writer - with all the comments written, this gesture is most impressive.
11-27-2009 @ 10:41AM
Del said...
I have a misstruck 1999 quarter ( Connecticut ) that is in VG condition.
The bottom of the coin is like a fingernail moon, no serrated edge,Unithed States of Americal slightly missing,tops of letters,on back E Pluribus Unum is missing bottom of letters.
My last appraisal in 2004 was $75.
My question is how many are out there that are misstruck?
What would be the best offer I could get?
Reply
11-27-2009 @ 2:08PM
Bob said...
Unfortunately, while it is a cool conversation piece, a mistruck common coin is as easy to find as just going through any sealed bag of quarters (pennies, nickels, dimes, etc.) that the bank received from the US Mint. My ex-wife works in a bank and she used to go through the sealed US Mint bags of pennies and nickels for me. Whenever she did, she always brought home several miscut coins. Heck, one time, she brought home a double-sided nickel.......heads on both sides.
11-27-2009 @ 10:44AM
ADMR said...
A RARE Penny Fetched 1.3 MILL - Oh My!
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11-27-2009 @ 11:03AM
cbradman said...
I have an 1840 coin in excellent condition unearthed in a restoration dig. If anyone is interested in it contact me.
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11-27-2009 @ 11:16AM
laughin@fools said...
lol ans what is that penny really going to be worth in 30 years yep you got it 1 cent
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11-27-2009 @ 11:13AM
mark said...
Anyone that will give a million for a penny is not to bright if you ask me .I will sell him a thousand pennies for half that now thats a bargin.
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11-27-2009 @ 11:23AM
Laura said...
I have to Gold 5o cent pieces in excellent condition one is 1993 and 1995 It has scalloped edges it say Mexicano On them are if anyone is interested you can get intouch with me.
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11-27-2009 @ 11:27AM
leoganz said...
1211-27-2009 @ 11:13AM
mark said...
Anyone that will give a million for a penny is not to bright if you ask me .I will sell him a thousand pennies for half that now thats a bargin.
-----------------------------------------
Your pennies would be worth a penny each moron.........
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11-27-2009 @ 11:49AM
Eddie said...
AOL can edit for language, why dont they edit, for commercial content ???
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11-27-2009 @ 12:22PM
Tara said...
Thanks for posting a pic of it so I know what to look for now:)
The article in the link with the pic says there is only 7 to be known in exictance. How do they know this? and..why weren't a gazillion made like todays "annoying" penny?
-checking my piggybank in Massachusetts
Reply
11-27-2009 @ 3:13PM
Mary said...
Hello,
Please share with me what the business is that lets you work less. I retired nine years ago and have a need for more income.
I hope to hear from you.
Thank You,
Mary in Cincinnati,Oh
Reply
11-27-2009 @ 12:56PM
scharabo said...
Please note it says it is one of only seven KNOWN coins of its date and type. Many could have been made, and may still exist, but only seven have come to the attention of collectors.
Investors make money, investors lose many. How free enterprise works.
And, who is the buyer. Did the other six owners run up the price to make their own one more valuable?
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11-27-2009 @ 1:06PM
homecareking said...
Fluck off all you spamming dipsticks......
Reply
11-27-2009 @ 1:05PM
geneskillet4 said...
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11-27-2009 @ 1:07PM
Grizzly said...
I have a Five Dollar Bill with ink smeared across the back. Wonder if it's worth more than $5.00.
Reply
11-27-2009 @ 1:18PM
Patty said...
I lost (possibly stolen) an American Indian head penny, a year 2000 comemerative coin, a 5$ silver certificate, a 1$ silver certificate, 2million dollars in cash, and other assorted coins including a bufflo nickel. If seen please retund to me! Thax
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