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Long Beach man's pennies auctioned for $10M

Hundreds of bidders vied for coins
February 16, 2008 12:00:00 AM PST
A penny saved is not necessarily just a penny earned. One man's collection of rare American cents has turned into a $10.7 million auction windfall. The collection of 301 coins featured some of the rarest and earliest examples of the American penny, including a cent that was minted for two weeks in 1793 but was abandoned because Congress thought Lady Liberty looked frightened.

Dallas-based auction house Heritage Auction Galleries, which held the sale in Long Beach last night says that coin and a 1794 cent with tiny stars added to prevent counterfeiters each raised $632,500.

Heritage Auction president Greg Rohan says the auction was the biggest ever for a penny collection, with hundreds of bidders vying for the coins.

 

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