Carrying around $10 million worth of pennies would be impossible, unless you happen to be the owner of the coin collection that recently sold in California. One collector, who had a coin collection that consisted of 288 pennies, was able to sell the collection for $10.7 million. Most people who are looking to buy and sell coins do not have the funds necessary to purchase coins that are this expensive, but it can be fun to think about!
The 288 pennies that were sold were part of a collection that totaled 310 pennies. The coins were rare, early American pennies, often referred to as “large cents.” These large cents were minted between 1793-1814, when George Washington and Thomas Jefferson were presidents. Large cents are the size of today’s quarters, and were made from copper.
During the auction, many were surprised to find out the bidding prices on the coins were. There were two individual coins, minted during the 18th century, that broke the standing record for the highest price ever received by a single coin sale, $632,500.
Many people who buy and sell coins, especially rare and valuable ones, were aware of this particular collection and had been waiting many years for these coins to enter the coin collecting market again. Nearly 200 coin collectors gathered to attempt to get their hands on these coins, with hundreds of other collectors attempting to participate in the auction online. This particular auction was seen as a rare and exciting opportunity for coin collectors.
At the conclusion of the auction, 13 pennies remained unsold; however, these coins were eventually sold within a few weeks of the original auction.
The former owner of the collection claimed that he had invested approximately $5 million on the collection. Clearly this coin collection gained an excellent return! If you are interested in learning how to buy and sell coins, contact a Michigan coin dealer to find out how to get started.