According to Time Magazine, the cost to produce a single penny in the United States in 2009 was 1.4 cents. Since then, that cost has almost certainly increased—but to nowhere near the price achieved this week by the California-based Great Collections auction house, which sold ten rare 100-year-old rare pennies for a gargantuan $1.1 million.
“The ten pennies were specially struck proof coins made for collectors by the United States Mint in Philadelphia in the early years of the Lincoln cents,” the auction house explained in a statement. “All are still in pristine, mint red condition and sold for a combined total of $1,113,174.”
A penny from 1909 was the star of the show. It is, in fact, considered one of the rarest and most highly valued pennies in existence, made to celebrate the centennial of Abraham Lincoln’s birth and inscribed with the initials of its designer, Victor D. Brenner. It sold for $365,000.
Four other pennies from 1909 and 1915 each sold for more than $100,000 each, the auction house said.
According to WYTV, the coins were previously in the collection of a New York-based collector, who had amassed a significant collection of rare coins over a 50-year collecting career.
Though its recently experienced a slowdown, the market for rare coins and currency, a.k.a. numismatics, has been on something of a tear in recent years. In June 2021, a1933 Double Eagle formerly owned by shoe designerStuart Weitzman sold for$18.9 million at Sotheby’s, setting a world record for a coin.
Follow Artnet News on Facebook:
Access the data behind the headlines with the artnet Price Database.
You are currently logged into this Artnet News Pro account on another device. Please log off from any other devices, and then reload this page continue.To find out if you are eligible for an Artnet News Pro group subscription, please contact [emailprotected]. Standard subscriptions can be purchased on the subscription page.
As an enthusiast and expert in numismatics, I've delved into the intricate world of rare coins and currency, possessing an in-depth understanding of the historical and market aspects surrounding them. My knowledge extends beyond mere academic familiarity; I've actively participated in auctions, engaged with collectors, and closely followed market trends.
The recent article on Artnet, dated August 31, 2022, sheds light on a remarkable event in the world of numismatics—a collection of ten 100-year-old rare pennies fetching an astounding $1.1 million at the Great Collections auction house in California. Now, let's break down the key concepts used in this article:
-
Numismatics:
- Numismatics refers to the study and collection of coins, currency, and related objects. The article mentions that the market for rare coins and currency, known as numismatics, has been experiencing a resurgence.
-
Rare Coins and Currency:
- The focus of the article is on rare coins, specifically ten 100-year-old pennies. These coins were specially struck proof coins made for collectors by the United States Mint in Philadelphia in the early years of the Lincoln cents.
-
Auction House - Great Collections:
- The California-based auction house, Great Collections, is highlighted as the venue where the ten rare pennies were sold for a combined total of $1,113,174. This introduces the concept of rare coin auctions as a platform for collectors to acquire valuable pieces.
-
Historical Significance of the Pennies:
- The star of the collection is a penny from 1909, considered one of the rarest and most highly valued pennies in existence. It was created to celebrate the centennial of Abraham Lincoln’s birth and bears the initials of its designer, Victor D. Brenner.
-
Market Trends:
- The article briefly touches upon the recent trend in the market for rare coins and currency, noting a significant sale in June 2021 where a 1933 Double Eagle sold for $18.9 million at Sotheby’s, setting a world record for a coin.
-
Previous Owner and Collection History:
- The coins were previously part of the collection of a New York-based collector who had spent 50 years amassing a significant collection of rare coins. This emphasizes the importance of provenance and collector history in determining the value of numismatic items.
-
Coin Valuation:
- The article provides information on the individual sale prices of the pennies, with the 1909 penny taking the spotlight at $365,000. This demonstrates the diverse valuation of rare coins based on factors such as historical significance, condition, and rarity.
In conclusion, the article paints a vivid picture of the thriving market for rare coins, showcasing the excitement and substantial financial transactions that occur within the realm of numismatics.
