Coin dealer pays nearly Sh226M for rare American penny

Beverly Hills coin [PHOTO:Courtesy]

A Beverly Hills rare coin dealer purchased a 1792 American penny for nearly $2.6 million (1.7 million pounds), the most ever paid for a one-cent piece at auction.

Named after its engraver, Robert Birch, the so-called "Birch Cent" was among the first pennies struck for the United States, part of a series of prototype coins. Only 10 are believed to exist and collector Kevin Lipton said the coin he purchased is in the best condition of those 10.