Rare penny sold for $2.5 million

Rare Birch Cent Sells for Record $2.5 Million

An avid coin collector shelled out more than $2.5 million at an Orlando auction last Thursday -- the most anyone has ever spent on a one-cent piece.

This 1792 Birch Cent is one of around 10 similar coins known to still exist. The coin is named after its engraver Robert Birch, who produced it as an experiment after the founding of the U.S. mint.

55-year-old Kevin Lipton bought the coin. He owns a coin wholesaling business in Beverly Hills.

At the same auction, Lipton dropped more than $2.2 million on a 1792 quarter dollar, bringing his total tab for the day to more than $4.8 million ... for just 26 cents.

Lipton is confident the coins will only become more valuable, calling them the quote "Mona Lisas of our coinage."

Still, those two coins fall well short of the most expensive coin of all time.

That honor belongs to a 1794 Flowing Hair Silver Dollar which sold for a mind-boggling $10 million in 2013.

Penny worth millions
See Gallery
Rare penny sold for $2.5 million
This penny was sold for $2.5 million (Photo Credit: Heritage Auctions)
(Photo Credit: Heritage Auctions)
The same man bought this pricey quarter dollar coin (Photo Credit: Heritage Auctions)
(Photo Credit: Heritage Auctions)
​(Photo Credit: Stack's Bowers)
(Photo Credit: Stack's Bowers)

More on AOL:
Daredevils 'hang out' 400 feet above Utah desert
Oh, baby! Rare monoamniotic twins born in Tulsa
Ex-wife of oil tycoon cashes $974M divorce settlement check

Read Full Story