ORLANDO, Fla. — A 1-cent copper coin from the earliest days of the U.S. Mint in 1793 has sold for a record $1.38 million at a Florida auction.

James Halperin of Texas-based Heritage Auctions told The Associated Press on Saturday that the sale was “the most a United States copper coin has ever sold for at auction.” The coin was made at the Mint in Philadelphia in 1793, the first year that the U.S. made its own coins.

Heritage officials said the name of the buyer was not revealed but that he was “a major collector.” One of the coin’s earliest owners was a well-known Baltimore banker, Louis E. Eliasberg Sr.

“Mr. Eliasberg was nicknamed, ‘the king of coins’ because before his death in 1976 he assembled a collection that consisted of at least one example of every coin ever made at the United States Mint, a feat never duplicated,” Halperin said in the news release.

Halperin said there remain a few hundred 1793 coins in different condition, but he one auctioned off Wednesday night is rare because it wasn’t in circulation.