Quarter sells for a record $1.5 million

  @gregorywallace November 18, 2013: 3:17 PM ET
1796 quarter

The surface coloring, known as "album toning," shows the coin has not been altered and collectors consider it desirable

NEW YORK (CNNMoney)

A quarter sold at a weekend rare-coin auction for $1.5 million, the largest sum ever paid for a 25-cent piece, an auction house said Monday.

The 1796 B-2 Quarter Dollar was minted in Philadelphia in the first year the U.S. Mint produced a quarter, said Mark Borckardt of Heritage Auctions.

It was one of about 6,000 minted that year and one of less than 500 that survive to this day, he said.

"They have become extremely important and rare coins," Borckardt said. "The quality of this coin overall is just phenomenal. I have been involved in numismatics for 40 years ... and this is the finest one I have seen."

Related: Super-rich go on a $402 million spending spree

The collector, 102-year-old Eric P. Newman of Missouri, purchased the coin for $100 in the 1930s, Heritage Auctions said.

He spent about $7,500 building the collection of 1,800 coins. At auction, those coins went for more than $23 million.

Among the other pieces in the auction were two 18th-century silver dollars that fetched a combined $1.7 million.

Proceeds from the auction go to support a non-profit coin museum, the Eric P. Newman Numismatic Education Society. To top of page



Join the Conversation
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.32%4.26%
15 yr fixed3.36%3.27%
5/1 ARM3.37%3.27%
30 yr refi4.31%4.24%
15 yr refi3.34%3.25%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.