Money winners of 2008: Walter Husak cashes in on rare pennies

This post is part of our feature on Money Winners of 2008. See all 20.

At one time or another, we have all dreamed of turning pocket change into millions. A California man actually made it happen last February, though, when he sold a collection of 301 pennies for $10.7 million. Of course, they were not just any pennies. The set contained virtually every variety and subvariety of U.S. cent minted in the classic period between 1793 and 1814. Van Nuys resident Walter J. Husak had been assembling his early coppers for 28 years and estimated that they cost him a little over $5 million. That is a lot for a coin collection, but it ultimately netted him a profit of close to $200,000 per year and that is a return anyone can appreciate.

As with any investment-minded collector, Husak was doubtless torn between the desire to put together a complete collection of early cents and the hope that they would increase in value. He chose the path that usually finds the best equilibrium between aesthetic satisfaction and monetary gain by going high end. He acquired attractive specimens in the most advanced grades possible, very often locating the finest known examples of given varieties. That led to ownership of coins like the 1793 and 1794 "about uncirculated" specimens shown below, which sold for $632,500 each. The pictures are from the Husak Collection catalog, produced by Heritage Auction Galleries.