Those are fairly scarce little coins but they do come up very so often. This particular example has seen much better days (!) and I would have expected about 1/20 of what it actually went for.
It was a true auction starting at $3.0, so a couple of people desperate to get this type at any cost, or mass hysteria might be an explanation. But truly it makes no sense to me. In that condition it really only has scrap value.
Now it'll be interesting to see if the transaction actually goes through, either to the winning bidder or to the runner-up on a "second chance" basis, or if the coin ends up being relisted.
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