MORE ON THE 1974-D ALUMINUM CENT LAWSUIT SETTLEMENT

After finding a one-of-a-kind aluminum penny potentially worth hundreds of thousands of dollars, the finder, Berkshire Hathaway Realtor Randy Lawrence, and Michael McConnell, owner of La Jolla Coin Shop, teamed to verify and capitalize on the find.

But after a court battle with the federal government, which also claimed ownership of the 1974-D aluminum one-cent piece, the Realtor and the numismatist settled, ultimately, for donating it back to the United States Mint in Denver, of which Lawrence’s father Harry had been a deputy director until his retirement in 1979.

When McConnell discovered how rare Lawrence's penny was, Lawrence noted the coin dealer was “too honest” not to inform him about it, and the two agreed to work together to auction it off.

“But then the federal government stepped in and said they wanted the coin back,” Lawrence said, noting that that derailed their plans to auction the coin, with an estimated minimum value of $250,000, and donate up to $100,000 to fight homelessness locally.

To make a long story short, McConnell and Lawrence finally agreed to drop their lawsuit with the government over the rare coin and instead reached a settlement with the U.S. Mint that would preserve the coin’s historical significance for public appreciation and display.

“We didn't get any money, but we still feel really good about (donating) it,” said McConnell, adding, “We know it (coin) isn't a unicorn anymore. It does exist.”

Though he didn't profit materially from the rare coin, McConnell noted going through the legal system was a great learning process, which in and of itself had value. Lawrence described the finding of the rare coin and the ensuing legal battle as a “wonderful journey.”

Of the end result, Lawrence said, “It's a feel-good story — without the money. I know my father would be pleased that others will get to see and enjoy this rare piece in the U.S. Mint collection for years to come.”

To read the complete article, see:
This coin dealer knows where the real treasure is (http://sdnews.com/view/full_story/27140237/article-This-coin-dealer-knows-where-the-real-treasure-is)

To read the earlier E-Sylum article, see:
U.S. MINT REGAINS DISPUTED 1974-D ALUMINUM CENT (www.coinbooks.org/esylum_v19n12a18.html)

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