301 rare American coins auctioned for $10.7 million

The rarest and earliest example of the American penny in a collection of 301 American cents has been auctioned off for $10.7 million. The biggest ever auction for penny collection had hundreds of bidders contending for the coins. Greg Rohan, President of the Dallas-based auction house Heritage Auction Galleries, commented, “It was a fabulous night. Every major coin collector of American cents was either there in person bidding online or on the telephone.” The Sale on Long Beach on Friday night included a cent that was minted for two weeks in 1973 but was abandoned because Congress thought Lady Liberty looked frightening. Along with them was also a 1974-cent with tiny stars.

Walter J Husak, a Burbank resident who became interested In collecting coins from the age of 13, hosted this collection. HE was reported to have inherited these coins from his grandparents who paid him in old coins for helping with chores.