May 2, 2012
When you think of things that are worth $1 million, you may think of a Beverly Hills mansion, with some super curb appeal, or a super rare one-of-a-kind automobile. An item that may not even cross your mind is a penny. Because, after all, aren’t pennies worth one cent? While most are, this is not the case of the 1792 Silver Center penny, which will be auctioned off on Thursday, and whose bids are already exceeding $1 million.
While gold and silver coins can be worth more than their face values, it is rare that one reaches a worth of such magnitude. In fact, it is so rare that thousands nationwide are considering this to be one of the rarest coins in the world. According to Todd Imhof of Heritage Auctions, the penny in question is one of the first coins struck at the U.S Mint. It is one of fourteen and what sets it apart is its silver center. While the coin appears to be made entirely of copper, it does, in fact, contain a small silver plug in the center, which is covered with copper.
The silver center pennies were the result of an experiment in 1792. In an effort to make the pennies pass the “weight” requirement, silver was placed in the center. By the time the pennies made it to the market, it was decided that they were too heavy for everyday use, so the coins were never mass-produced. Additionally, the penny lacks the typical “In God We Trust” slogan which is found on the back of all traditional pennies. Instead, the back of the penny says “Liberty Parent of Science & Industry.” During that time, often referred to as the “enlightenment,” science and industry were more important than religion and God.
The coin is currently owned by an individual who wishes to remain anonymous. He has owned the coin for over a decade and purchased it for much less than its current worth. A coin of this type was sold at an auction over a year ago for $3 million, and less than thirty coins in United States history have been auctioned for more than $1 million in public auction. The coin has become somewhat of a local attraction, and thousands have flocked to the city of Schaumberg, Illinois to view the spectacle.
If you have silver coins and you’d like some cold, hard cash, send them into Cash for Silver USA today! Chances are it’s not worth $1 million, but you’ll most likely be surprised at how much will be written on your check.
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