Rare coin given to schoolboy as change now worth $2.3m

A man's rare penny he kept for decades could be worth over $1 million

A man's rare penny he kept for decades could be worth over $1 million

A penny that a MA teenager found in his change from lunch money could be worth as much as $1.65 million (£1.3 million) when it is auctioned off. That year, the one-cent coin was supposed to be struck in steel so to preserve copper for more high priority-uses during World War II. Lutes passed away in September and his coin will be up for auction through January 9, Fox News reported.

Don Lutes Jr. was a 16-year-old high school student in MA when he stumbled across one of the most famous error coins in American history in the cafeteria in 1947.

"In regard to your recent inquiry, please be informed that copper pennies were not struck in 1943".

There were rumors at the time that the Ford Motor Company would offer the prize of a new auto to anyone who could give Henry Ford one of the copper pennies.

"Despite the mounting number of reported finds, the Mint steadfastly denied any copper specimens had been struck in 1943", Heritage Auctions added, referring to the US Mint, which produces coinage for the US.

A rare Lincoln-head penny a MA teenager received in change for his school lunch is up for auction with a starting bid of $100,000. Lutes even tried to get the authenticity of his penny verified by the Treasury Department.

He contacted Ford, who told him that they weren't giving out cars in exchange for the coins after all.

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Heritage Auctions will offer the coin from January 10-13 during its Florida United Numismatists Show in Orlando. The penny was created after "a small number of bronze planchets was caught in the trap doors of the mobile tote bins used to feed blanks into the Mint's coin presses at the end of 1942", according to auction house.

Lutes's coin, now verified, will remain on auction until January 10, according to Fox News.

A rare coin found by a teenager in the change from his lunch money could be sold for more than $2 million when it goes to auction.

Don Lutes Jr. was 16 when he discovered the rare coin at school in March 1947.

"They eventually became dislodged and were fed into the coin press, along with the wartime steel blanks".

'PCGS CoinFacts estimates the surviving population at no more than 10-15 examples in all grades.

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