Rare penny could be worth more than $1 million

Rare penny could be worth more than $1 million

Rare penny could be worth more than $1 million

Made of copper, the 1943 Lincoln penny is described as the "most famous" coin made in error. That year, the Treasury stopped using copper to mint pennies to save the metal for the war effort.

A rare penny found back in 1947 is proving to be much more than one cent.

A rare copper penny that a MA man found in his lunch money more than 70 years ago has been sold at an auction for more than $200,000.

This coin flip came up tails. It was a penny. How could it possibly be worth 13 million times its original value?

Copper was named a strategic material in the lead up and during World War II.

However, it was later revealed some bronze planchets were mistakenly left in machinery before the so-called "steelies" were pressed. When they became dislodged, they were printed and circulated with the millions of steel copies. It is expected to fetch up to $1.65 million at auction. Legit prints of the coin have been found from all three active U.S. Mints: 10-15 from the Philadelphia Mint, six from the San Francisco Mint and one from the Denver Mint.

It was even reported, falsely, that Henry Ford would give a new auto to anyone who provided one of the rare coins to him.

"In regard to your recent inquiry, please be informed that copper pennies were not struck in 1943". He also contacted the Treasury Department about his find but the Mint steadfastly denied any copper specimens had been struck in 1943.

He kept it in his collection since then, but passed away in September.

Lutes got the coin authenticated in 1958 by Walter Breen during a New England Numismatic Association convention in Worcester. While the coin wasn't purchased off the auction block, it reportedly raked in $40,000 in a private sale shortly after. The Lutes auction closes the 10th.

Auction officials say the coin sold for $204,000 in Orlando, Fla., Thursday.

The auction is set to end January 10, 2019.

Related news