Rare 1793 Penny Brings Record $1.38 Million at Orlando Coin Convention

If you’re an avid coin collector, you might want to check your collection for a 1793 penny, as you could become America’s newest millionaire. One such rare 1793 penny was sold early in January for the record price of $1.38 million. The highest amount the buyer of a US copper coin has ever paid at auction.

The 1793 coin was one of the first ever made in America. It was minted in Philadelphia and features a design that was never actually used on a circulating penny. On one side is the face of Lady Liberty and, on the other, a chain of rings that were designed to show the strength of the original 13 colonies. The words “One Cent” were printed in the middle of the chain.

At the time it was made some people thought, rather than showing the future longevity of the 13 colonies, it could be misinterpreted as glorifying slavery, something even back then some in the population were against. As a result, only a few coins were ever minted and none were actually put into circulation. Most disappeared into private collections, or were lost, and few have ever surfaced.

The 1793 penny that eventually went into circulation was redesigned, and a wreath took the place of the original linked chain.

The rare coin was sold at the Florida United Numismatists convention in Orlando. The buyer of the coin however remains anonymous.

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