Tuesday, January 20, 2015

In for a penny - American coin collector splashes out

Look after the pennies and the pounds (and dollars) will look after themselves.

A Beverly Hills rare coin dealer has just purchased a 1792 American penny for nearly $2.6 million (1.7 million pounds), the most ever paid for a one-cent piece at auction.

Named after its engraver, Robert Birch, the so-called "Birch Cent" was among the first pennies struck for the United States, part of a series of prototype coins.

There are believed to be only ten left in existence and coin collector Kevin Lipton reckons his coin is in the best condition of the lot.

"I felt elated, just wonderful," said Lipton. "This was a really good buy."

Lipton wasn't finished there though. So excitedwas he with his purchase, that the next day he spent another $2,232,500 for the “Wright quarter,” America’s first quarter.

“For 26 cents,” he said, “I spent $4.8 million.”


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