California man pays
$4.8M for 26 cents from 1792 FoxNews| Published
January 13, 2015
A Southern California man has spent $4.8
million to purchase 26 cents.
According to Newser, Kevin Lipton submitted
a winning bid of $2,585,000 last week for the 1792 penny,
one of about only 10 coins that were "experimentally
produced" after the U.S. Mint was established.
The piece features a profile of a female
face encircled by the words "Liberty Parent of Science
Lipton, who owns a coin wholesaling business
in Beverly Hills, paid $2.2 million for the quarter, from
the same year.
"It's like our very first penny,"
Lipton told the Los Angeles Times. "It's such a spectacular
coin. It's so important, so rare."
Lipton was searching for the penny, called
a Birch Cent, since he saw one in 1981 at a New York auction
house. The coin was bought by a developer for a mere $200,000.
According to the Times, Lipton's bid is
the most money ever paid for a one-cent coin. The paper
reported that the 55-year-old began collecting coins at
age 12 and started his business at age 17.
"They are a great store value, and
will only be worth more in the future," Lipton told
the paper of his purchase. "They are literally Mona
Lisas of our coinage."