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Feb 16, 2008 11:16 am US/Pacific

About 300 Rare Pennies Auctioned Off For $10.7M

LONG BEACH, Calif. (AP) ― A penny saved is not necessarily just a penny earned. One man's collection of rare American cents has turned into a $10.7 million auction windfall.

The collection of 301 coins featured some of the rarest and earliest examples of the American penny, including a cent that was minted for two weeks in 1793 but was abandoned because Congress thought Lady Liberty looked frightened.

Dallas-based auction house Heritage Auction Galleries, which held the sale in Long Beach Friday night says that coin and a 1794 cent with tiny stars added to prevent counterfeiters each raised $632,500.

Heritage Auction president Greg Rohan says the auction was the biggest ever for a penny collection, with hundreds of bidders vying for the coins.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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