For a long time, many people have felt that the United States should phase out the penny, as it is worth just so little that it is almost irrelevant. Still the only coin in the U.S. to use copper is still in rotation and it seems to only serve the purpose to make odd change. Well recently a penny has surfaced and it is estimated to be worth $2 million dollars, which is a bit more than what pennies are worth, to say the least. So why is it worth so much money you ask? Well it is actually one of the first pennies that have ever been forged in the United States.
Known as the “Birch Cent”, this rare penny is going to be put up for auction at Stacks Bowers in Baltimore, and with an estimated value of $2 million, it is expected to fetch quite a large sum of money. Coin collecting is a very big deal for many individuals, and this piece would certainly complete any collection. The penny dates back to 1792, and not only is it one of the first pennies ever produced, it is also only just one of seven that are still in existence today. So yeah, it is a pretty big deal for collectors.
The penny has experienced a 200 million percent increase in value over the years and it will probably only continue to grow, making it a good investment if you can afford it. On one side of the penny, we see the face of Lady Liberty and the worlds “Liberty Parent of Science & Industry”. On the other we see the words “One Cent” and “The United States of America”. At the time the use of Lady Liberty was controversial as the U.S. Senate wanted to use George Washington’s face.
This penny has a lot of history surrounding it, and it has actually made appearances in auctions a few times: one time in 1882, once in 1890, another time in 1921, once in 1925, and then again in 1975. Since this is one of the last of the first pennies ever minted, it’s no surprise why it is valued so high and it will be interesting to see how much it is finally sold for when it is finally auctioned off.
Photo from Stack’s Bowers Galleries
