Do you ready to pay $200,000 for a penny? A coin in Canada also known as "King of Pennies" will be auctioned by Heritage Auction Galleries in New York and the auction will take place on 3 January and 4 January 2010. The coin is extremely rare because only three pieces of the coin is available around this world and all of them is owned by numismatist John Jay Pittman until his death in 1996. Canada King of Pennies or a 1936 dot cent coin, was most likely never released into circulation.
Canadian authorities had prepared to produce 1937 coins with the effigy of King Edward VIII who, the year before, had succeeded his father, George V, upon his death. But when Edward abdicated the throne to marry an American divorcee, the dies for the 1937 coins, bearing Edward's image, could not be used. That led to a shortage of one, 10 cent and 25 cent coins. In response, the 1936 coin was put back into production but with a tiny dot placed on the reverse to differentiate it. The dot is under the date on the penny and under the wreath on the nickel and quarter, and was meant to distinguish the coins as 1936 productions created in 1937.
The Dot 25 cent coin is easier to obtain but for whatever reason, only three of the Dot pennies are available across the globe. The rumours are that all the 1936 Dots were destroyed because they weren't needed and that a small number survived and entered the market. The 1936 Dot 10 cent is another rare piece where supposedly 191,000 were made, but only five are known. At the last sale of the Dot cent coin six years ago, it went for $207,000.
Source: www.calgaryherald.com
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