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BN_OneCentCoinSellsFor164K_03.jpg
BNPS.co.uk (01202 558833).Pic: Heritage/BNPS..***Please Use Full Byline***..The tiny dot on the reverse gives the coin its astonishing value...A humble one cent coin has stunned auctioneers by selling for £164,000 at auction...Despite its face value being only one cent, half a pence in sterling - the incredibly rare 77-year-old Canadian copper coin sold for more than 164,000 pounds when it went under the hammer...The sought-after penny is one of just three surviving 'drop cent' coins minted in 1937 featuring the bust of King George VI despite his death the year before...After his successor Edward VIII abdicated the throne just months into his reign to marry American socialite Wallis Simpson, Canada's coin-makers feared a shortage of pennies and so produced a batch of one-cent pieces using the old George V molds...To distinguish them from others, the coins were marked with a unique dot stamped under the date mark - but soon after they were rounded up and melted down to make way for coins featuring new king George VI...Dubbed 'dot cents' the coins soon became greatly-desired collectors' items and in 1944 acclaimed American collector John J. Pitman paid 100 pounds for one of the three remaining coins...Heritage Auctions have just sold the coin on behalf of Canadian collector for 164,000 pounds.