Beverly Hills Man Pays $2.5 Million for Rare Penny

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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.”

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