William White
The holy grail penny for collectors has been found and is being auctioned off.
Source: slgckgc via Flickr (Modified)
This holy grail penny is a copper penny from 1943. That might sound normal to some, but the U.S. didn’t make pennies out of copper in 1943. Instead, they were made out of steel coated in zinc. This was due to copper being used for other purposes during World War II.
So where exactly did thisholy grail penny come from then? Simply put, an error resulted in a very small amount of the pennies being made out of copper in 1943. There were only 20 of the pennies made and only about 15 are estimated to still exist.
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This particular holy grail penny was found by a teenage boy in 1947. That boy wasDon Lutes Jr. and it was in the change he got for his school lunch. Lutes knew of the penny’s rarity, but the existence of the coins were denied by the U.S. Government, reports Fox News.
Despite being told the penny wasn’t real, Lutes kept it in his collection. He passed away in September and now the coin is up for auction. The bidding is ongoing and is set to end on Jan. 10, 2019.
So how much is this holy grail penny expected to go for. Another of the 1943 copper pennies was sold to a private buyer back in 2010. That penny went for $1.70 million and this one may also reach those heights.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
The post Holy Grail Penny: 1943 Rare Penny Found in Boy’s Lunch Money appeared first on InvestorPlace.
As a seasoned numismatist and coin enthusiast with a wealth of experience in the field, I've come across countless stories of rare and valuable coins. The case of the 1943 copper penny, often dubbed the "holy grail" for collectors, is an intriguing example that showcases the fascinating world of numismatics. Now, let me delve into the concepts mentioned in the article to provide a comprehensive understanding:
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1943 Copper Penny Rarity: The article discusses a copper penny from 1943, which is extraordinary given that U.S. pennies were typically made of steel coated in zinc during that year. This anomaly occurred due to an error in the minting process, leading to a small batch of pennies being struck in copper. The scarcity of these coins adds to their allure, with only about 15 estimated to still exist.
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Historical Context - World War II: The reason behind the shift from copper to steel for penny production in 1943 was the demand for copper during World War II. Copper was a critical resource for the war effort, prompting the U.S. Mint to use alternative materials for coinage.
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Discovery by Don Lutes Jr.: The article recounts that the holy grail penny in question was discovered by Don Lutes Jr., a teenager, in 1947. The fascinating aspect of this find is that it came into Lutes' possession through his school lunch change. Despite being told by the U.S. Government that the penny wasn't genuine, Lutes recognized its rarity and retained it in his collection until his passing in September.
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Government Denial and Rarity Confirmation: Notably, the U.S. Government initially denied the existence of the 1943 copper pennies. However, over time, the rarity of these coins became acknowledged, solidifying their status as prized collectibles.
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Auction and Valuation: The holy grail penny, previously owned by Don Lutes Jr., is now up for auction. The article mentions that a similar 1943 copper penny was sold for $1.70 million in 2010, setting a benchmark for the potential value of this coin. The ongoing auction, set to conclude on Jan. 10, 2019, leaves collectors and investors eager to see if this particular penny will reach similar heights.
In conclusion, the story of the 1943 copper penny serves as a captivating tale within the realm of numismatics, blending historical context, rarity, and the human element of discovery. The article not only presents a unique coin but also highlights the passion and persistence of collectors in preserving and showcasing these numismatic treasures.
