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article imageRare 1936 Canadian penny sells for $253,000

By Marcus Hondro     Apr 20, 2013 in World
A very rare 1936 'dotted' Canadian penny has sold at a U.S. coin auction for $253,000. The sale, for over 25 million pennies worth of dollars, was made at a coin auction in Chicago and the penny coming up for auction was announced last month.
The coin is so rare because when Edward VIII abdicated the throne to marry Wallace Simpson the Royal Canadian Mint halted a planned production of a penny coin with him on front. They did not have a usable portrait of the new successor, George VI (current Queen Elizabeth's father) so went back to the previous years portrait of George V, who had died leading to the throne being vacant for Edward.
In order to distinguish this penny from the previous runs, they put a dot, not easily visible, below the date on the coin. They test-made three of them and that turned out to be the entire run of 'dot' coins. Two ended up being taken by Maurice LaFortune who worked at the mint and one ended up in the hands of Tim Roberts, who was good friends with a Royal Canadian Mint official. Each owner eventually sold their coins for a considerable profit to John Jay Pittman, a famous New York state coin collector.
Pittman, whose been dead for 17 years, left his $30 million coin collection to family and they had already sold the first two 'dot' pennies, one in 1999 for $115,000 and another in 2003 for $230,000 (later re-sold in 2010 for $402,500 U.S.).
The buyer of this third coin is an unidentified Canadian.
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