Economy

Rare penny found in Pittsfield selling for $120,000

Rare penny found in Pittsfield selling for $120,000”

The top bid after a two-week online auction is $130,000, according to Heritage Auctions.

In 1943, the Treasury Department requested the U.S. Mint create Lincoln pennies on steel planchets coated with zinc in order to preserve cooper for use in the Second World War.

Lutes Jr heard the rumors but was told they were false so kept the coin for his collection.

The auction house says Don Lutes Jr., who died previous year, discovered the coin among change he received from his high school cafeteria in 1947. Their standard reply simply read: "In regard to your recent inquiry, please be informed that copper pennies were not struck in 1943".

The coin is one of around 20 Lincoln pennies printed with a copper-looking surface, Fox News reported.

And despite a growing number of reported finds, the Mint "steadfastly denied any copper specimens had been struck in 1943", Heritage Auctions wrote.

"This lot represents a true "once in a lifetime" opportunity", said Heritage Auctions.

"This is the most famous error coin in American numismatics, and that's what makes this so exciting", Miller told Fox News.

A rare coin a teen received from his school cafeteria could fetch well over $1 million at auction.

A popular rumor among collectors at the time claimed Henry Ford was offering to trade a new vehicle for one of the rare "copper" pennies struck in 1943, but Lutes chose to just keep the coin after contacting the Ford Motor Company and discovering the offer was nothing but an urban legend.

A rare 1943 copper Lincoln cent - found by a MA teenager in his change after he paid for lunch at a school cafeteria - is expected to fetch up to $1.7 million when it is auctioned off.

No need to pinch pennies when it comes to this coin. These few planchets went unnoticed when the bins were refilled with zinc-coated steel planchets in 1943. "All pennies struck in 1943 were zinc-coated steel".

"They eventually became dislodged and were fed into the coin press, along with the wartime steel blanks". "PCGS CoinFacts estimates the surviving population at no more than 10-15 examples in all grades". In 2010, a 1943 penny created with a bronze planchet sold for a record $1.7 million.



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