Heritage Auctions says that a collector who wants to remain anonymous won the bid Wednesday night.
The auction was held in Orlando during a convention of coin enthusiasts.
The penny was called a "Chain Cent" originally because the tail's side prominently shows a chain with 13 rings, symbolizing the original 13 colonies.
Heritage Auctions president Greg Rohan says the design was later changed to a wreath after critics claimed the chains invoked slavery.
A second coin also sold for more than $2 million at the auction. A $20 denomination gold coin from 1907 sold for $2.1 million.
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