Even the untrained eye could tell: This $3.01 in pennies was much more than spare change. By the end of Friday night's auction in Long Beach, Walter Husak's rare American penny collection had fetched a cool $10.7 million.

The Van Nuys man parted with nearly all of his assortment of 301 "large cents," or antique copper coins roughly the size of quarters, as eager buyers pushed the bidding sky high. After investing years and millions in tracking down and acquiring the early American currency, Husak was a little sad to see his pennies sold.

But not too sad.

"It was a stupendous auction," said Husak, 65. "I still can't even believe it."

Officials with the auction house that organized the sale called it a "once-in-a-lifetime event" for coin aficionados. read more