BEVERLY HILLS, Calif. — A copper penny minted in 1792 and kept in a tobacco tin for decades was auctioned Monday for $437,000.

Anthony Terranova of New York City was the highest bidder, said Donn Pearlman, spokesman for Beverly Hills auction house Ira & Larry Goldberg Coins & Collectibles.

The penny's owners were descendants of Oliver Wolcott, the governor of Connecticut in the 1790s and a signer of the Declaration of Independence, auctioneer Ira Goldberg said.

"The historical importance of this coin cannot be overstated," said Michael Sherman, vice president of the Professional Coin Grading Service, which directed a team of experts who authenticated the coin.

The chocolate-colored penny, the ninth known example of its type, bears the date 1792, an inscription "Parent of Science & Industry: Liberty," and the likeness of a woman's head representing Miss Liberty, Goldberg said.

The owners surprised collectors with the valuable penny's existence in August when they brought it to the American Numismatic Association World's Fair of Money convention in Pittsburgh.