Galloway and Collens, PLLC
248-397-5507
248-397-5507

Rare half-cent coin hidden for 50 years sells for $357,000

High-value assets can be good investments. However, passing along such assets to family members or beneficiaries is not always simple. When a person dies, an inventory must be made of both debts and assets. Any debts must be paid before the intended recipients can inherit from an estate. Proper estate administration can help to handle the details of transferring ownership.

A recent story may be of interest to people living in Oakland County who collect coins or have high-value assets they wish to pass on after they die. The brother of a scholar who died in a mountain climbing accident recently found a rare half-cent coin among his deceased brother's belongings, even though the scholar died in 1963. The brother found the coin accidentally in a cabinet while housecleaning; the coin had presumably been in the cabinet for the last 50 years.

The man took the sought-after 1796 copper coin to an auction house to have it appraised, where it was estimated that the coin would sell for around $40,000 to $47,000. The final price was actually $357,000, which included $292,000 for the hammer price plus a buyer's premium of 22 percent.

The United States coin was sold at the Woolley and Wallis auction house in England. The coin originated from a Philadelphia mint, was taken to England and has now been purchased by a Florida-based corporation. It is one of only a few of this particular type of coin known to exist in near-perfect condition.

The loss of a loved one is one of the hardest events a person can face. Taking an account of assets, paying debts and dealing with estate taxes are just some of the additional financial concerns surrounding a death. Learning the law that applies to wills and distribution of assets can make a challenging time a little easier and allow heirs and beneficiaries to protect their inherited assets.

Source: Huffington Post, "Rare 1796 U.S. Half-Cent Coin Belonging To Deceased Mountain Climber Fetches $357,000 At Auction," Ron Dicker, Jan. 24, 2013

No Comments

Leave a comment
Comment Information
  • dbusiness - 2016 Top Lawyers
  • dbusiness - Top Lawyers
  • Lead Counsel Rated Attorney
  • Senior & Caregiver
  • American Appartment Owners Association - Member since 2015
  • Same Address
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-397-5507.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Toll Free: 888-349-0309 Phone: 248-397-5507 Fax: 248-545-2520 Huntington Woods Law Office Map