They were purchased for $80K each
(NEWSER) - If you’re looking for a good return on your investment, consider New York City taxicabs. Two taxi medallions, which you need in order to operate a cab, were sold yesterday for the record-breaking amount of $1 million each. Considering the first batch of medallions went for $10 ($157.50 adjusted to today’s dollars) in 1937, that means the value is up 1900%—or more than the Dow Jones, gold, oil, and US houses. The seller had purchased the medallions for $80,000 each in the 1980s, the New York Times reports. They are corporate medallions, meaning their owner can lease out the cabs and does not have to drive them. More»
