SCHAUMBURG, Ill. (AP) — When is a penny worth $1.15 million? When it is a rare experimental penny minted in 1792. The unusual coin was auctioned off Thursday at the Renaissance Schaumburg Convention Center in suburban Chicago.
Officials with Heritage Auctions
say Kevin Lipton of Beverly Hills, Calif., bought the penny on behalf of
a group of unnamed investors. The winning bid was $1 million, but the
investors also must pay the auction house's 15 percent commission.
The coin is made from copper and incases a small plug of silver.

The silver was added to make the
penny heavier, said Todd Imhof, executive vice president of Heritage
Auctions. On one side of the coin, a depiction of Miss Liberty is ringed
by the phrase "Liberty Parent of Science & Industry." The back of
the coin reads "United States of America One Cent."
"After 200 years, we can only
account for 14 of these," said Imhof, who added that the penny was never
actually put into circulation.
The same coin was last sold at a public auction in 1974, when it went for $105,000.
"It's a real classic, one that's rarely seen in such good condition," Imhof said.