$10 Million Worth Of Pennies

in #ctp9 months ago


Can you imagine carrying $10 million in pennies?
Well maybe if you had the coin collection that was recently sold in Long Beach, California, it wouldn’t be so difficult. [written March, 2010]

288 pennies brought that $10.7 million in an auction.
The collection consisted of 301 rare, early American pennies. Often referred to as "large cents", these antique copper coins are about the size of today’s quarters. They were minted during the time of George Washington and Thomas Jefferson, roughly 1793 to 1814.

At the end of the auction, there were 13 pennies left. These remaining coins were expected to be sold within a week of the auction.

The auctioneers were as surprised as the collection owner at the prices the coins were bringing. Two 18th century pennies broke the record for the highest price received for a rare penny. A sweet price at $632,500. Hopefully the new owner feels like he got his 2 cents worth.

Other coin collectors had been waiting decades for these coins to come back on the market. The pennies are well known, and the owner had been holding onto them for years.

The auction officials said a sale like this one happens once in a lifetime. The turn out was exceptional. About 200 collectors were there with hundreds more placing their bids over the phone and on the internet.

The collection owner guesses he had spent a little over $5 million on the pennies, so that was a nice return on his investment.

I don't know that I can ever find any of those older pennies and I do check my change when I can but the best things I've found were a 1940 or 1941 quarter, a mercury head dime, a few oldish nickles, an indian head penny and some wheatback pennies. I've also got some foreign coins, from Canada mostly and a few from Mexico and other countries. Yes even in the middle of California I get coins from Canada in change at stores.

I have saved what I could but I did put some on eBay and didn't really make any money because of shipping costs. I've bought and sold some just to get possitive feedback on eBay and then had to quit selling for various reasons. The cost of shipping seems to be really high even for a small bubble mailer to send some coins or baseball cards or some other small items.

So, as a hobby, even coin collecting can be expensive or cheap. It just depends how you want to go about it, and where you buy or find your coins. I'd like to have some kind of coin I could hold or display for BTC or CTP or any of the other crypto coin things including LEO, UFM, etc. I have seen some images of what some made for Bitcoin but I'm sure that was just people using a photo editing program to make the image. Still, it would be a novelty item that some people would probably pay for.



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