A Utah businessman paid $1.32 million for an extremely rare 1894 dime through a buyer at an auction in Illinois on Thursday.

Dell Loy Hansen, a collector from Salt Lake City, purchased the 125-year-old U.S. silver dime at public auction at the American Numismatic Association World’s Fair of Money in Chicago through buyer John Brush, the president of David Lawrence Rare Coins of Virginia Beach.

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Only 24 of the 1894-S dimes were struck at the San Francisco Mint, of which only nine are known to exist, according to auction house Stack’s Bowers Galleries. The coin sold last week was once owned by the late former Los Angeles Lakers owner Jerry Buss, who was also an avid collector of rare coins.

“This was one of the most exciting acquisitions we have made in the pursuit of Mr. Hansen’s collection,” Bush said in a news release.

A rare 1876 20-cent piece was also auctioned at the event, selling for $456,000. First issued in 1875, 20-cent coins are described by Stack’s Bowers Galleries as “a one-year wonder.”

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Some 10,000 20-cent pieces were minted by the Carson City Mint in 1876 but were ordered destroyed by the government. The coin auctioned in Chicago is one of only 20 from the 10,000 minted at Carson City that escaped the melting pot.

Fox News' James Rogers and The Associated Press contributed to this report.