1792 Penny

ccmorgan

Just ran across this interesting item.



<< <i>A U.S. penny forged in 1792 is up for auction at Stacks Bowers in Baltimore, with an estimated value of $2 million. If the March 26 auction meets expectations, the coin will have realized a 200 million percent increase in value in 223 years. >>



FULL STORY
http://www.msn.com/en-us/money/markets/penny-could-be-worth-dollar2-million/ar-BBik2U6

JohnHarper

First, it is not a penny; never was a penny. The Partrick 1792 cent in MS-65 brought about 2.5 million. The Kendall coin is an AU-58. It would be quite unlikely for an AU-58 to bring 80% of the value of an MS-65.

AMRC

What passes for Penny's around here makes no cents.

ricko

One must have a sense of cents... after all, most of us have already given a 'penny for your thoughts'... Cheers, RickO

CaptHenway

Who cares? It's a forge-ery!

JohnHarper

So, the guy who was once in charge of the ANA Certification Service has declared that it is a forge-ery. What will that do for it's value?

CaptHenway

Hey, the article says it was forged!

ccmorgan

<< <i>First, it is not a penny; never was a penny. The Partrick 1792 cent in MS-65 brought about 2.5 million. The Kendall coin is an AU-58. It would be quite unlikely for an AU-58 to bring 80% of the value of an MS-65. >>


Excellent point! I also commonly forget there's no such thing as a dollar bill, actually it's a federal reserve NOTE. I refer to such items by mistake for so long one forgets the proper terms.
Makes me wonder who first coined the term "a penny for your thoughts"

Barndog

Penny

garrynot

<< <i>Hey, the article says it was forged!

>>





It does ! LOL

Coinosaurus

<< <i>The Partrick 1792 cent in MS-65 brought about 2.5 million. The Kendall coin is an AU-58. It would be quite unlikely for an AU-58 to bring 80% of the value of an MS-65. >>



A lot of people thought the Partrick coin went for a good price to the buyer, so the $2M may not be that far off.

The Kendall catalog doesn't pull any punches in comparing the two pieces:

"With its smooth, well-set [italics added] color, it would be easy to call this the most choice Birch cent there is, pound for pound. The Garrett-Partrick coin remind us of the old Benjamin Collins quote that: "any fixed color [is] preferred. Red, though beautiful, will not stay put."

TopographicOceans

Is it an English Penny?

Coinosaurus

<< <i>Is it an English Penny? >>



There may actually be arguments for a British origin. The GWPT Birch cent (J-6), when it surfaced c. 1910, was found in England. There is also the problem that we can't precisely identify an American engraver.

But, the word "penny" isn't found in the relevant correspondence or legislation.

Finally, there is the problem that the coin is marked "ONE CENT". Kinda hard to get around that one

supergem

<< <i>

<< <i>The Partrick 1792 cent in MS-65 brought about 2.5 million. The Kendall coin is an AU-58. It would be quite unlikely for an AU-58 to bring 80% of the value of an MS-65. >>



A lot of people thought the Partrick coin went for a good price to the buyer, so the $2M may not be that far off.

The Kendall catalog doesn't pull any punches in comparing the two pieces:

"With its smooth, well-set [italics added] color, it would be easy to call this the most choice Birch cent there is, pound for pound. The Garrett-Partrick coin remind us of the old Benjamin Collins quote that: "any fixed color [is] preferred. Red, though beautiful, will not stay put." >>



Hmm...clever editing of the Collins quote. If I recall correctly, the quote goes:

"any fixed color, light olive preferred, though black or dark very acceptable. Red secondary which, though beautiful, will not stay put."

I don't seem to recall any recent sales where very dark or black large cents brought a market premium above Red. Actually, it seems the current market pays a very lofty premium for Red and RedBrown coppers! That being said, regardless of color, the Partrick coin was undeniably choice Unc, and the Kendall coin not.

gonzer

<< <i>this the most choice Birch cent there is, pound for pound. >>



Now we're talking English pounds???? What is it, a penny, a cent, or a bleedin' pound?

JohnHarper

That Penny forged in 1792 and worth more than $2 million sold for $1 million hammer or $1.175,000 with BP.