Copper Coin Fetches $1.38 million at Auction

Coin collection has been one of the most popular hobbies and people have been investing money on coins as it would fetch income. More than 600 dealers of currency and coins are at the Numismatists coin show which runs through Sunday. It is expected to be present more than 100,000 people at the show.  The coin sale is one of the biggest sales and One-cent coin in copper, minted in 1793 in Philadelphia, was bought by unknown person, was the first year coin ever produced by the United States. It has been sold creating a record of $1.38 million at the coin show, at annual convention held at the Orange County Convention Centre of the Florida United Numismatics. The high price penny is one of its kinds, in very good shape with rarity of the coin without showing any wear on the wreath of its back either on Lady Liberty face or on lettering.

Officials of Heritage Auctions released the news to The Associated Press about auction and final bidding by an unknown buyer who was a major collector. Louis E. Eliasberg, Sr, a known Baltimore banker who was one of the previous owners.

Halperin also said, Mr. Eliasberg was dubbed as ‘the king of coins’ before his death he had gathered in his collection every coin ever made at the Mint of United States. He mentioned the sale of a $5 dollar gold coin dated 1829 in the Florida auction. Halperin said among many coins of 1793 the auctioned off one on Wednesday night was rare coin as there was no circulation of it.

Via: Sacbee


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