He Paid $4.8 million For What?

birch A southern California man has paid out a whopping $4.8 million for 2 rare items.

Kevin Lipton has found the rare items he has been coveting for after 30 years of searching. He went to a New York auction house and found a rare penny and made the winning bid of $2,585,000.

Why so much for a penny? It is the rare Birch Cent. It was the experimental coin made by the US mint in 1792 when it first began. Only 10 were ever made.

“It’s like our very first penny,” Lipton told the Los Angeles Times. “It’s such a spectacular coin. It’s so important, so rare.”

His bid is on record as the largest amount ever paid for a one cent piece.

He also has found a quarter from the same year and bought that for $2.2 million.

He owns a coin wholesaling company in Beverly Hills and has been on the hunt for these coins ever since he saw the Birch Cent when he was 12 years old.

So Lipton has paid $4.8 million for 26 cents and his dream has come true.