Rare penny could be worth more than $1 million

Heritage Auctions

The penny was put up for auction, and as of Wednesday morning, January 9, the bid was at $120,000.

In 1943, the Treasury Department requested the U.S. Mint create Lincoln pennies on steel planchets coated with zinc in order to preserve cooper for use in the Second World War.

After being dispelled by the Treasury Department, Lutes chose to keep his 1943-branded coin for his personal collection.

In 1943, during World War II, pennies were supposed to be made of steel, because copper was needed for other uses, but a handful of the coins were mistakenly pressed with copper, and Don Lutes Jr. discovered one of them in his change from his MA high school lunch in 1947.

"In regard to recent inquiry, please be informed that copper pennies were not struck in 1943", the Treasury's response to Lutes said.

But Some copper managed to get into the minting presses in 1943, resulting in "the most famous error coin in American numismatics", according to the New York Daily News. The U.S Mint rejected claims that the 1943 Lincoln copper cents existed.

The 1943 copper penny "is the most famous error coin", according to Heritage Auctions.

Eventually, Lutes gave up trying to cash in on his coin and it stayed in his collection until his death in September.

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He contacted Ford, who told him that they weren't giving out cars in exchange for the coins after all. "All pennies struck in 1943 were zinc-coated steel". The online auction ends at 6 p.m. Thursday when a live auction will begin at the Florida United Numismatics convention in Orlando.

A rare coin found by a teenager in the change from his lunch money could be sold for more than $2 million when it goes to auction.

"This lot represents a true "once in a lifetime" opportunity", said Heritage Auctions.

"They eventually became dislodged and were fed into the coin press, along with the wartime steel blanks".

A similar penny sold for $1.7 million in 2010.

'PCGS CoinFacts estimates the surviving population at no more than 10-15 examples in all grades.

Lutes's coin, now verified, will remain on auction until January 10, according to Fox News.

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