Archive for January, 2012

January 12, 2012

Record Sale

Chicago Sun Times

An uncirculated one-cent copper coin from the earliest days of the U.S. Mint in 1793 has sold for a record $1.38 million at a Florida auction. The sale price was “the most a United States copper coin has ever sold for at auction,” says James Halperin of Texas-based Heritage Auctions.

The coin was made at the Mint in Philadelphia in 1793 — the first year that the United States made its own coins. The name of the buyer wasn’t revealed.

The penny shows no wear on its lettering, its Lady Liberty face or the chain of linking rings on its back. It’s known as a “Chain Cent” because its chain of linking rings was supposed to represent the solidarity of the states. The design was changed to a wreath after some critics claimed it was symbolic of slavery.

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January 12, 2012

Starting Off With A Bang

 

     The first major coin show of the year, the Florida United Numismatists (FUN) Show, was by all accounts a resounding success.  With over $56 million sold at auction 2012 is looking like it will be another strong year for rare coins.

     Of particular note is what kind of material was NOT available at FUN and why: high end coins (those priced from $10,000 to $50,000) were very scarce.  Given that these coins have been in demand for several years it can only mean we are going to see higher prices offered in an effort to pry them from what are clearly tight hands. Additionally, when those prices rise, it is almost a certainty that their less expensive brethren will see an increase, too.