A defective 1 yen coin was put on Yahoo Auction, Japan's version of ebay, and bidding just ended yesterday with the winner paying 2.8 million yen.

Some people apparently have enough money to pay 2.8 million yen, or roughly 28,000 dollars, for a defective 1 yen coin. The coin in question doesn't just have a simple manufacturing error on it, such as a slight displacement in the design, it has the era "Heisei" and a "1" on the deformed aluminum coin. As expected with auctions such as these, there were concerns that the coin was simply a fake, but because it was put on auction by a company known for selling rare and uniques treasures, collectors went crazy and bid away.

There were a total of 153 bidders, with the auction price jumping to 300,000 yen immediately after bidding started and skyrocketing to a million yen in a matter of days. Three individuals bid over 2 million yen, and the rest is history.

See how one of the most powerful women in history claimed her throne in Isabel.

Defected coins seem to be all the rage among collectors. A 50 yen coin with a small round hole in it once sold in the same auction for 580,000 yen.

I gotta figure out how to deform some coins!