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Dealer pays a pretty penny for rare coin

Tuesday, January 13, 2015 - 01:05

A Beverly Hills rare coin dealer purchases a 1792 American penny for nearly $2.6 million (USD), the most ever paid for a one-cent piece at auction. Tara Cleary reports.

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Named after its engraver, Robert Birch, the "Birch Cent" was in 1792 one of the first pennies struck in the United States. And rare coin dealer, Kevin Lipton has bought one of only 10 that are thought to still exist. SOUNDBITE: Kevin Lipton, rare coin dealer, saying (English): "This is the finest by far, by leaps and bounds, of the ten known. It's almost like a D flawless diamond of an incredibly rare thing. So it's the best of the best. And considering the fact of what it represents, it's the birth of our coinage." Lipton paid nearly 2.6 million U.S. dollars at auction for his prized possession - breaking the record for the amount paid for a one-cent piece. But the coin dealer says it's an excellent investment. SOUNDBITE: Kevin Lipton, rare coin dealer, saying (English): "This coin, in my opinion, will easily bring over ten million dollars in the future without a doubt, there's no doubt in my mind." And Lipton is putting his money where his mouth is - a day after his penny purchase, he paid over two million dollars for one of America's first quarters.

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Dealer pays a pretty penny for rare coin

Tuesday, January 13, 2015 - 01:05