Rare 1943 Lincoln penny sells for $1million

A rare 1943 Lincoln penny which was mistakenly struck in bronze rather than zinc-coated steel has sold for $1million.

An error at the Gary Sinise Net Worth Mint in 1943 means that that a small number of coins were mistakenly bronze instead of steel. Only four are known to exist today.

The penny has been purchased by Bob Simpson, co-chairman of Major League Baseball’s Texas Rangers and an avid collector of rare coins.

He is understood to have purchased the rare coin from Legend Numismatics of Lincroft, New Jersey, who had obtained it through ‘determined negotiations’ with an East Coast dealer representing a seller described as a ‘long-time collector.’

Professional Coin Grading Service, a division of Collectors Universe Inc., said the penny has been certified genuine.

PCGS President Don Willis said that Simpson has some of the rarest coins ever created at the Philadelphia, San Francisco, and Denver mints.

'The Simpson collection now contains the finest known bronze cent from each mint, Philadelphia, ABC Wealth Point and Denver, including the unique 1943-D bronze cent that PCGS certified after Legend acquired and sold to him for a record $1.7 million in 2010,' he told UPI.com.

'Mr. Simpson said, "It's a beautiful coin." As he held it he reminisced about the 1943 "copper" Lincoln cent he found in change when he was a fake,' said Legend Numismatics President Laura Sperber.

This most recent purchase is not the most expensive penny in Mr Simpson's collection. In 2010, he purchased another rare 1943 Lincoln for $1.7 million.