Coin’s erroneous composition drives up price
San Francisco, CA -- (SBWIRE) -- 10/02/2012 -- The co-chairman of the Texas Rangers paid $1 million for a 1943 Lincoln penny because it was made from the “wrong” material.
Bob R. Simpson purchased the penny, which was made of bronze rather than zinc-coated steel, at the San Francisco mint. He bought the coin from Legend Numismatics, a Lincroft, N.J. rare coin dealer.
The coin was certified and graded a 62 on a scale of 1 to 70 by Professional Coin Grading Service.
“The Simpson collection now contains the finest known bronze cent from each mint, Philadelphia, San Francisco and Denver, including the unique 1943-D bronze cent that PCGS certified after Legend acquired and sold to him for a record $1.7 million in 2010,” said a spokesperson for Simpson.
The U.S. Mint stopped using bronze planchets in 1943 because copper was in demand by the military during World War II.
“By error, some bronze planchets made it into the hoppers at all three Mints, were struck and released into circulation. These have become the most famous and valuable of all off-metal errors,” PCGS said in a release.
Meanwhile, a rare dime fetched an even higher price than the Lincoln penny at an auction held in August.
An anonymous bidder snagged the 1873 dime for $1.6 million at the American Numismatic Association convention at the Philadelphia Convention Center.
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