Published On: Thu, Jan 15th, 2015

Coin worth $2.5 million

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A Beverly Hills rare coin dealer purchased a 1792 American penny for nearly $2.6 million, the most ever paid for a one-cent piece at auction.

Named after its engraver, Robert Birch, the so-called “Birch Cent” was among the first pennies struck for the United States, part of a series of prototype coins. Only 10 are believed to exist and collector Kevin Lipton said the coin he purchased is in the best condition of those 10.

“I felt elated, just wonderful,” Lipton, 55, of Lipton Rare Coins Inc said Monday of his winning bid made last Thursday at the Heritage Auctions sale in Orlando, Florida. “I thought the coin would bring more money. This was a really good buy.”

One side of the Birch Cent features the profile of Lady Liberty with flowing hair and the motto “Liberty Parent of Science and Industry.” The other side says “United States of America” and gives the denomination “One Cent” within a wreath.

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Coin worth $2.5 million