Beverly Hills Man Pays $2.5 Million for Rare Penny

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

A rare Birch Cent sold at a Heritage Auction fetched more than $2.5 million. (Credit: Heritage Auction website)

One of the rarest pennies cost a Beverly Hills man a pretty penny.

At an auction last Thursday, Kevin Lipton shelled out $2,585,000 for the Birch Cent, a penny made in 1792 that is named after its engraver, Robert Birch.

It’s the most money ever paid for a one-cent piece. And yes, he said, the purchase made sense.

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

Click here to read the full story on LATimes.com.