Friday, 18 January, 2019

Rare 1943 copper coin could fetch a pretty penny in auction

Lucky Lincoln: Rare 1943 Penny Could Fetch Over $1 Million at Auction Incredibly Rare Coin US Mint Denied Existed Found In Boy's Lunch Money Could Be Worth $1.7 Million
Kelvin Reese | 12 January, 2019, 04:58

Don Lutes, Jr. discovered the rare 1943 coin after he received change from his school cafeteria in March of 1947, according to Heritage Auctions.

A rare 1943 bronze Lincoln penny has sold for more than $200,000 at a Florida auction. During World War II, pennies were supposed to be made with steel because copper was needed for other uses.

An extremely rare bronze coin that was picked up by a high school student in MA in 1947 and preserved until his death in September could fetch up to $1.7 million at public auction.

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

A similar penny sold was sold by a New Jersey dealer for $1.7 million in back in 2010, UPI reported at the time.

It was even reported, falsely, that Henry Ford would give a new vehicle to anyone who provided one of the rare coins to him. Caldwell said the coin is one of 19 known bronze pennies minted in 1943.

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

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Karpenski said he met Lutes in 1970 when he joined the Berkshire Coin Club.

Lutes's coin, now verified, will remain on auction until January 10, according to Fox News.

Instead, the treasury opted to produces zinc-coated steel pennies as an alternative. PCGS CoinFacts, which offers information to all collectors of USA coins, estimates that there are only 10 to 15 such pennies.

All proceeds of the sale will go to the Pittsfield Public Library where, auction officials say, Lutes often visited.

However, it was later revealed some bronze planchets were mistakenly left in machinery before the so-called "steelies" were pressed. They quietly slipped into circulation, to amaze collectors and confound Mint officials for years to come.

Lutes also got in touch with the Treasury Department about his find.

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