LONG BEACH, Calif. (AP) - A penny saved is not necessarily just a penny earned: One man's collection of rare American cents has turned into a $10.7 million auction windfall.

The collection of 301 cents featured some of the rarest and earliest examples of the American penny, including a cent that was minted for two weeks in 1793 but was abandoned because Congress thought Lady Liberty looked frightened.

That coin and a 1794 cent with tiny stars added to prevent counterfeiters each raised hundreds of thousands of dollars, according to the Dallas-based auction house Heritage Auction Galleries, which held the sale in Long Beach on Friday night.

Heritage Auction president Greg Rohan said the auction was the biggest ever for a penny collection, with hundreds of bidders vying for the coins. read more