Rare Penny Sells For $1.38 Million At Auction

In 1793 the United States produced its own coins for the first time and now a rare penny from that mint has fetched $1.38 million at a Florida auction.

According to the Orlando Sentinel the winning bid was made by an anonymous bidder and is one of the largest bids ever won at the Florida United Numismatics coin show and annual convention. It is also the largest bid ever placed for a copper $.01 piece.

Reports say the penny is extremely rare and is in remarkably good condition given the age of the specimen. According to the auctioneer there is no wear on the lettering, the wreath or Lady Liberty, all big factors when determining the value of such a monetary piece.

There are actually several hundred 1793 coins still available in different conditions however the auctioned copper penny mint was never in circulation making it all that more rare.

Also featured at the coin show are Buffalo nickels, dozens of silver one-ounce pieces, misprinted cash, confederate notes and antiquities.

Would you pay $1 million for a copper penny piece, regardless of how much money you had?