At the time of writing, it's now at a bid of $120,000. 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. But as his health declined past year, Lutes made a decision to sell the coin, said Peter Karpenski, a friend and fellow coin collector.
MA native Don Lutes Jr., who died in September, found a 1943 copper Lincoln penny in his lunch money change back in 1947.
"In regard to recent inquiry, please be informed that copper pennies were not struck in 1943", the response read. He also contacted the Treasury Department about his find but the Mint steadfastly denied any copper specimens had been struck in 1943.
"This lot represents a true "once in a lifetime" opportunity", said Heritage Auctions.
The auction is set to end January 10, 2019.
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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 pennies "captured the imagination of coin collectors, school children, and members of the general public alike", but alluded even the most persistent collectors; only a handful of legitimate specimens have turned up in the following seven decades - including the one belonging to Don Lutes Jr, who passed away in September. Lutes heard this rumor and inquired with Ford Motor Company, but they set the record straight, denying that Ford had many any such promise.
That extremely rare one-cent piece could rack up as much as $1.7 million when it's auctioned off Thursday in Dallas, the New York Post reported. Those planchets went unnoticed when the bins were refilled with zinc-coated steel planchets in 1943, Heritage Auctions said. "All pennies struck in 1943 were zinc-coated steel". When they became dislodged, they were printed and circulated with the millions of steel copies. 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.
A rare coin found by a high schooler in his lunch money has been valued at nearly $1.7million, following the owner's death.