Man drops $2.5 million on rare penny

That cost a pretty penny: For $2,585,000, a coin collector purchased at auction a rare Birch Cent, named after its engraver, Robert Birch.

Kevin Lipton — of Beverly Hills, natch — is the owner of a coin wholesaling business who said he has wanted the piece of history since he first saw it in 1981. It's the most anyone has ever spent on one cent, but Lipton said he wasn't ripped off. "It's like our very first penny," he told the Los Angeles Times. "It's such a spectacular coin. It's so important, so rare."

Not content with handing over more than 250,000,000 pennies in exchange for one, Lipton also bought a 1792 quarter dollar for $2,232,500. "They are a great store value, and will only be worth more in the future," he told the Times. "They are literally Mona Lisas of our coinage."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up