This recent discovery of a gold hoard takes me back to last month’s find of the 1974-D Aluminum Penny— the only one in the world confirmed to exist! Remember that?

A guy named Randy Lawrence inherited it along with his dad’s coin collection. For more than 30 years, it sat in a desk drawer, thought to be just a worthless keepsake, until a coin dealer took a closer look. This dealer eventually bought it, but soon contacted Randy again after realizing what they had: a rare aluminum cent never before seen by the public!

It’s quite the story. Even better, the dealer and Randy’s son agreed to split the profits and donate $100,000 to local homeless programs. How amazing is that?

Here’s an excerpt from UTSanDiego.com explaining why this aluminum coin is so rare, along with more details if you’re interested:

“In the early 1970s, the cost of copper was so high that making a penny was more expensive than the penny’s value, prompting the U.S. Mint to try other metals. The Philadelphia Mint produced 1.5 million aluminum pennies, but before they could be circulated, they were destroyed as they didn’t work in vending machines or show up in X-rays if swallowed… It wasn’t until 2001 that there were reports of a small batch of 10 aluminum pennies minted in Denver in 1974, but since none had ever been seen, it was assumed they were all destroyed.”

It’ll be fascinating to see how much this penny sells for at auction in April. The thought of someone spending hundreds of thousands on a single penny is mind-blowing! Though, as collectors, it makes sense to us.

This experience is a good reminder to keep our eyes peeled. You never know what treasures are hidden around us!

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UPDATE: On March 17, 2016, Lawrence and McConnell gave the penny back to the U.S. Mint…

“Randall planned to sell it at a public auction, but the Mint demanded its return, claiming the coin was never authorized for release and thus remains U.S. Government property. Lawrence and his business partner from their coin shop, Michael McConnell, eventually surrendered the coin when the Mint demonstrated that the aluminum cent had never been authorized to be struck in Denver, and there was no evidence that it had been given as a gift… ” – Wikipedia