08 Jan '12, 3am

Talk about inflation: US penny minted back in 1793 fetches $1.78 million at auction

Talk about inflation: US penny minted back in 1793 fetches $1.78 million at auction

This undated photo provided by Heritage Auctions shows the front and back of one of the first pennies struck at the United States Mint in Philadelphia. -- PHOTO: AP ORLANDO, Florida (AP) - A one-cent copper coin minted in 1793, the first year that the United States produced its own coins, has fetched US$1.38 million (S$1.78 million) at a Florida auction. The Orlando Sentinel reports that the final bid by an unknown buyer for the coin was one of the largest sales at the Florida United Numismatists coin show and annual convention. The newspaper reported that the 1793 penny was sold at such a high price because it is rare and in excellent shape, showing no wear on its lettering, its Lady Liberty face or the wreath on its back. Nearly 600 dealers of coins and currency are at the show that runs through Sunday. It also features Buffalo nickels, dozens of silver one-ounce pieces ...

Full article: http://www.straitstimes.com/BreakingNews/Lifestyle/Story/...

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