- Oct 26, 2004
- 24,201
- 23,113
- 🏆 Honorable Mentions:
- 2
- Detector(s) used
- Minelab Explorer
- Primary Interest:
- Shipwrecks
Saw this article in a recap of 2008 events; thought it would be interesting to repost.
"At one time or another, we have all dreamed of turning pocket change into millions. A California man actually made it happen last February, though, when he sold a collection of 301 pennies for $10.7 million. Of course, they were not just any pennies. The set contained virtually every variety and subvariety of U.S. cent minted in the classic period between 1793 and 1814. Van Nuys resident Walter J. Husak had been assembling his early coppers for 28 years and estimated that they cost him a little over $5 million. That is a lot for a coin collection, but it ultimately netted him a profit of close to $200,000 per year and that is a return anyone can appreciate.
He acquired attractive specimens in the most advanced grades possible, very often locating the finest known examples of given varieties. That led to ownership of coins like the 1793 and 1794 "about uncirculated" specimens shown below, which sold for $632,500 each.
The Heritage sale represented a one-in-a-lifetime opportunity to bid on many of the coins, and quite a few realized multiples of previous records. There were no breaks for family members, either. Husak's daughter, Trina, was a bidder and reportedly paid about $20,000 for the two coins she won. Wife Patricia was said to have put the entire experience into perspective by noting that her husband would probably start collecting something else."
Don........
Source: http://www.bloggingstocks.com/2008/...-2008-walter-husak-cashes-in-on-rare-pennies/
"At one time or another, we have all dreamed of turning pocket change into millions. A California man actually made it happen last February, though, when he sold a collection of 301 pennies for $10.7 million. Of course, they were not just any pennies. The set contained virtually every variety and subvariety of U.S. cent minted in the classic period between 1793 and 1814. Van Nuys resident Walter J. Husak had been assembling his early coppers for 28 years and estimated that they cost him a little over $5 million. That is a lot for a coin collection, but it ultimately netted him a profit of close to $200,000 per year and that is a return anyone can appreciate.
He acquired attractive specimens in the most advanced grades possible, very often locating the finest known examples of given varieties. That led to ownership of coins like the 1793 and 1794 "about uncirculated" specimens shown below, which sold for $632,500 each.
The Heritage sale represented a one-in-a-lifetime opportunity to bid on many of the coins, and quite a few realized multiples of previous records. There were no breaks for family members, either. Husak's daughter, Trina, was a bidder and reportedly paid about $20,000 for the two coins she won. Wife Patricia was said to have put the entire experience into perspective by noting that her husband would probably start collecting something else."
Don........
Source: http://www.bloggingstocks.com/2008/...-2008-walter-husak-cashes-in-on-rare-pennies/
