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IPFS News Link • Currencies

Old Penny Sells For $1.38 Million

• CBS Miami

ORLANDO (CBSMiami/AP) – As Benjamin Franklin once wrote ‘A penny saved is a penny earned’.

In Orlando on Saturday an old penny saved was sold for $1.38 million.

The one-cent copper coin was made at the Mint in Philadelphia in 1793, the first year that the U.S. made its own coins. James Halperin of Texas-based Heritage Auctions said the sale was “the most a United States copper coin has ever sold for at auction.”

Heritage officials said in a news release that the name of the buyer was not revealed but that he was “a major collector.” One of the coin’s earliest owners was a well-known Baltimore banker, Louis E. Eliasberg, Sr.

“Mr. Eliasberg was nicknamed, ‘the king of coins’ because before his death in 1976 he assembled a collection that consisted of at least one example of every coin ever made at the United States Mint, a feat never duplicated,” Halperin said