SCHAUMBURG, Ill. (CBS) — How much is a penny worth? Usually exactly one cent, and not enough to buy anything –unless it’s one that’s up for auction Thursday night in the Chicago area.

As WBBM Newsradio’s Regine Schlesinger reports, the online bidding for this rare penny started at $1, and already is up to over $1 million.

LISTEN: WBBM Newsradio’s Regine Schlesinger reports

The coin is a rare U.S. penny, nearly as old as the country. Todd Imhof of Heritage Auctions says it is one of only about a dozen surviving from the first batch of coins minted by the United States.

“This first prototype, this Judd 1 as we call it, minted in 1792, contained a small amount of silver in the very center of the coin. It was literally plugged into the rest of the coin being copper,” Imhof said.
　
The coin’s face is Lady Liberty with her hair flowing behind her and the words, “Liberty Parent of Science and Industry.”

A similar one sold last year for nearly $3 million.

The auction will be held at 7 p.m. Thursday at the Renaissance Convention Center in Schaumburg.