October 5, 2022 Breaking News, Latest News, and Videos

Beverly Hills Man Spends $2.585 Million On 1792 Penny:

A Beverly Hills man has spent $2,585,000 for a 1792 penny — the most ever paid for a one-cent piece — and $2,232,500  for a quarter from the same year, it was reported today.

Kevin Lipton bought the Birch Cent, which was named for its engraver, Robert Birch, and the quarter at an auction in Orlando on Thursday, the Los Angeles Times reported, noting that all told, he paid about $4.8 million for 26 cents.

Lipton told The Times that the purchases made sense.

“It’s like our very first penny,” Lipton, 55, told The Los Times on Sunday. “It’s such a spectacular coin. It’s so important, so rare.”

The coin is among 10 similar coins known to exist that were experimentally produced after the founding of the U.S. Mint, Jim Halperin, co- chairman of Heritage Auctions, told The Times. Lipton, who owns a coin wholesaling business in Beverly Hills, had been eyeing the Birch Cent since he saw it at a New York auction house in 1981.

Lipton has collected coins since he was 12 years old and launched his full-time coin business launched when he was 17, according to The Times. He said he was nervous about plunking down so much money on Thursday, but he’s confident his million-dollar coins will mature.

“They are a great store value, and will only be worth more in the future,” Lipton told the newspaper. “They are literally Mona Lisas of our coinage.”

in News
Related Posts

Third Annual Arnold Maeda Manzanar Pilgrimage Grant Application Period Now Open

October 4, 2022

October 4, 2022

Applications due January 6, 2022 Submitted by the Venice Japanese American Memorial Monument (VJAMM) Committee The Venice Japanese American Memorial...

Santa Monica Human Services Grants Program Request for Proposal for FY 2023-27 Now Open

October 4, 2022

October 4, 2022

Applications due January 18, 2022  On Wednesday, September 28, 2022, the City of Santa Monica released a Request for Proposals...

Westside Ladies Clean Up History in Santa Monica

October 4, 2022

October 4, 2022

Members of the Santa Monica Chapter Daughters of the American Revolution (DAR) spent some time this past month cleaning a...

Local Businesses Donate $400,000 to We Are Santa Monica Fund to Support Police Cadet Program

October 4, 2022

October 4, 2022

Program to be reinstituted thanks to donation Last week, the Santa Monica City Council approved budget appropriations for a $400,000...

Chevy Takes Over Electric Avenue For EV Test Drive Event

October 4, 2022

October 4, 2022

Local EV test drive event showcase the utility of EVs and EUVs in addition to new models by Chevy..Video sponsored...

Adult Female P-65 Is the First Mountain Lion in Study to Die of Complications From Mange

October 4, 2022

October 4, 2022

P-65 was found dead by biologists on March 4, 2022, near a stream in the central Santa Monica Mountains Adult...

Santa Monica Businesses Welcome German Health Trade and Science Delegation

October 3, 2022

October 3, 2022

German Minister-President, State Secretary and business leaders visit Santa Monica, forging path in artificial intelligence and medicine Quantgene, a Santa...

Santa Monica Police Department to Begin Enforcement for Vehicles Parked on Parkways

October 3, 2022

October 3, 2022

Officers will also enforce vehicles parked on driveway aprons The Santa Monica Police Department (SMPD) will soon begin to cite...

New Affordable Housing Development Coming To 7th Street: Santa Monica Real Estate Report – October 3rd, 2022

October 3, 2022

October 3, 2022

Property, Developments, and Listings on the Westside.*  New Affordable Housing Development Coming To 7th Street* The Director Of Community Services,...

Developer Plans 136 Units of Housing Near Expo-Bundy Station

October 1, 2022

October 1, 2022

By Dolores Quintana  A new development could be on the way near the Metro Expo/Bundy station in the future if...

Community Corp of Santa Monica Holds Ribbon Cutting for Pacific Landing Affordable Housing Development

September 30, 2022

September 30, 2022

Project will bring 37 units of 100 percent affordable housing to Lincoln Boulevard and Pacific Street By Dolores Quintana Community...

Man Charged for Setting Fires Behind Seven Santa Monica Businesses

September 30, 2022

September 30, 2022

John Dean Thomason faces seven counts of arson By Sam Catanzaro A man faces charges for seven counts of arson...

LA Metro Lifts Mask Mandate

September 30, 2022

September 30, 2022

Masking no longer required at LAX as well  By Dolores Quintana As of September 23, Los Angeles County has lifted...