Rare penny found in Pittsfield selling for $120,000

Rare penny found in Pittsfield selling for $120,000

Rare penny found in Pittsfield selling for $120,000

A penny found by a MA teen and which was mistakenly made from copper in 1943 is considered so rare that it is likely to fetch up to $1.7million at auction.

The penny is considered to have been made in error because in the 1940s, copper was meant to be reserved for wartime necessities such as shell casings and telephone wires. As a result, the coins were made using zinc-coated steel, but a handful of them, including the one uncovered by Lutes, were mistakenly pressed with copper.

Lutes Jr heard the rumors but was told they were false so kept the coin for his collection.

The coin has been described as the "most famous" coin that was made by mistake, according to Heritage Auctions. The online auction ends at 6 p.m. Thursday when a live auction will begin at the Florida United Numismatics convention in Orlando. In 2010, a 1943 penny created with a bronze planchet sold for $1.7 million.

Blood moon to grace Vancouver skies January 20
Most parts of Asia including India, some parts of western Europe and Africa will not be able to witness this celestial event. It turns dark during a total solar eclipse and temperatures can call given the Sun is completely blocked.

"The coin became so famous that it was once falsely reported that Henry Ford would give a new vehicle to anyone who could provide him with a 1943 "copper" cent", Heritage says.

"Stories appeared in newspapers, comic books, and magazines and a number of fake copper-plated steel cents were passed off as fabulous rarities to unsuspecting purchasers", Heritage Auctions explained on its website.

Don Lutes Jr. was a 16-year-old high school student in MA when he stumbled across one of the most famous error coins in American history in the cafeteria in 1947.

He also contacted the Treasury Department about his penny. "Despite the mounting number of reported finds, the Mint steadfastly denied any copper specimens that had been struck in 1943".

Shut-down government will still issue tax refunds, IRS says
Still, hundreds of billions in refunds would likely still be delayed because funding wouldn't be available, under current rules. Tax refunds aren't paid with money appropriated by Congress, but the workers who process the tax refunds are.

Heritage Auctions now lists Lutes's authentic 1943 Lincoln cent at a whopping $130,000, which jumps to $156,000 with the added Buyer's Premium. "All pennies struck in 1943 were zinc coated steal [sic]".

This past September, Lutes died. To save rations, the Treasury Department at the time authorized the US Mint to strike 1943 cents on zinc-coated steel plates, known as planchets, rather than on copper blanks.

No need to pinch pennies when it comes to this coin. They quietly slipped into circulation, to amaze collectors and confound Mint officials for years to come. Today, we know there are surviving examples from all three active mints, including 10 to 15 from Philadelphia, half a dozen from San Francisco, and just one from Denver.

Yellow vest protesters call for huge run on French banks
The boxer says he is a yellow vest and has attended all eight waves of protests, angered by those in power in France . What began as a protest about a fuel tax back in November has escalated into widespread anger at rising living costs.

Related news