Old coins are a lucrative collector's niche worldwide. An old coin worth $1 million has been found. The first coins were designed and manufactured by American engraver Robert Birch for the nascent US government in 1792.
The Philadelphia Mint issued the Birch Cent. These historical pennies are very rare, with only 10 believed to exist today. Another Birch Penny sold for $2.58 million at a previous auction, despite the official pre-sale estimate of $600,000 to $700,000.
Coin specialists Stack's and Bowers auction coins frequently and are selling an 1861 Confederate Half Dollar expected to sell for $1 million.
While Birch was the main creator of these coins, prominent personalities like Thomas Jefferson designed several of them. The coins are valuable because they have disappeared over time and are scarce.
The coin collecting market is quietly large, with many people investing in high-quality collections.
People invest a lot in the coins because they know they would appreciate over time if they keep them in good shape.