The $675,000 License Plate

In Delaware, Prestige Isn’t Judged By The Car You Drive, But By Its License Plate Number

(CBS)  When Charles Murphy passed away late last year, he left behind his home and his Chrysler. But the most valuable possession of all was the license plate on the car.

“There’s every possibility that today, his plate will sell for more than his home will,” Butch Emmert of Emmert Auctions in Rehoboth, Del., told CBS News correspondent Steve Hartman.

Delaware, it seems, has a cult fascination with low-digit license plates - a fascination that translates into lots of dollars… but very little sense.

“There is no better investment in the United States today,” Emmert says. When asked he says, “I know it'll outperform the stock market.”

It all started over a century ago, when Delaware first started issuing plates - in numerical order. The wealthy people who got their cars first go the lowest numbers - and a status symbol was born.

Today, plate number “1” is reserved for the governor, “2” is for the lieutenant governor and “3” for the secretary of state. All the rest can be bought and sold on the open market. Plates with three and four digits often sell for thousands of dollars. A two digit plate can sell for tens of thousands.

“It's more important in Delaware to have a low number than to drive a Rolls Royce,” says Emmert.

The Fuscos are a family of commercial real estate brokers who have been collecting plates for 20 years.

“It all started back when my grandfather purchased number ‘9,’” says Frank Fusco. “That's when the hype began.”

Fusco says his grandfather paid nearly $200,000 for that tag back in 1994. They now own 17 plates valued at over $3 million.

At a special auction for the number “6,” the Fuscos are contenders, along with investment groups and Tim Ayres, a wealthy publisher. Ayres already owns number “11” and is betting on the bankability of number “6.”

“I think it would be a good investment, I really do," says Ayres.

In the end, plate number “11” goes to the Fuscos for a staggering $675,000.

Only in Delaware - where the right plate not only gives you license to drive - but to print money as well.

[sumarongi]

Way to much of the countries wealth is in the hands of idiots. No wonder the economy is so screwed up.

[gyan3]

I found tonight''s "Assignment America" a sad commentary on what''s wrong with America. It was distressing and offensive to celebrate and applaud the excessive spending of the wealthy few. I much preferred the story of the simple trashman who still has a dream. Like Katie, I, too, found this segment "moving and well-done."
It was especially disturbing to focus this week''s piece on that small segment of society that actually has disposable income and chooses to spend it so frivolously. Nearly a million dollars for a license plate? And he already has 17? I''d be far more impressed if he donated his money to a food shelf, homeless shelter, veterans services, or pharmacy-assistance program for people in his community. I find people like Mr. Fusco to be at best, uninspiring, and at worst, offensive. It was in extremely poor taste to run this segment on Assignment America, particularly after showing the devastation of unemployment in our country. I won''t soon forget the look on the man''s sweat-streaked face at the Atlanta job fair who was so desparately seeking immediate employment. Is he one of the millions who are also losing their home?
(Steve -- Congratulations on your new son. When you can, the show needs you back.)
Gyan in Vermont

[cantshutup]

gee, i''m glad they found something useful to do with their money... i''m guessing they''re not worried about $4 gas...

the story about the old man got me teary-eyed...i''m so sorry for his pain...a fine man though, it was also good to hear the positive comments from the minister who said, "you can kill the dreamer but you can not kill the dream" MLKjr had the right idea.

[slim1h2o]

Way to much of the countries wealth is in the hands of idiots. No wonder the economy is so screwed up.

Posted by Sumarongi at 11:18 PM : Apr 04, 2008

I agree. This is a horrible story to the working poor, and a struggling middle class, who fights tooth and nail just to get medical care. And shoddy care at that, if your poor, you get the bare minimum.

I can''t believe the way some people spend money these frivolous endeavors.

[chad55555]

People out of work,can''t keep their homes,can''t get medicine they need or even eat right or heat their home in the winter,can''t pay for gas to get to the doctor if they could afford a doctor and we read this ***. SOMETHING WRONG IN AMERICA,our leaders have proved they can''t lead America into the future but they can sure put America in the past(we are now a 3ed world country). DEMOCRACY IS NOT WORKING FOR THE AMERICAN PEOPLE,BUT IT SEEMS TO BE MAKING PEOPLE IN DC RICH.It''s only going to get worse. THIS CREATES TWO TYPES OF LAW BREAKERS,THE ONES THAT WEAR A BADGE AND THE ONES THAT DON''T. NO FALUT OF THEIR OWN,NO MAN WANTS TO SEE HIS FAMILY STARVE OR BE PUT ON THE STREET.THE BLAME LIES WITH THE LEADERS AND THEIR LAWS THAT HAVE BEEN PASSED. MAY THE TRUE GOD{CHRISTIAN)HAVE MERCY ON US. ALL WE CAN WORRY ABOUT IS A $700 thousand DOLLOR TAG FOR A CAR. WE ARE IN TROUBLE. PRAY FOR OUR LEADERS AND PRAY HARD AND LONG FOR AMERICA. WE NEED ALL THE HELP WE CAN GET.
JUST FOOD FOR THOUGHT,AMERICA IS STILL THE BEST COUNTRY IN THE WORLD.I WOULD FIGHT FOR HER AGAIN.WE HAVE A PROBLEM THAT NEEDS FIXED REAL SOON.

[hypnotoad72]

I agree. This is a horrible story to the working poor, and a struggling middle class, who fights tooth and nail just to get medical care. And shoddy care at that, if your poor, you get the bare minimum.

I can''''t believe the way some people spend money these frivolous endeavors.

Posted by slim1h2o
-------------------

Shoddy, perhaps, but I know a couple doctors and their profession is far more stressful than yours and mine. Extra long hours, little time for family... many of them doing things by the textbook because they just don''t care (others DO care, thank goodness).

[ms38654ob]

This is also a big deal in the UK where plates can fetch huge sums.

[cbutler69]

This is no worse then all these pro sports players that have all that money and you never hear of them giving to the needy only how much they blow up their noses, or how many houses they own or what frivulous toys they own. People like this are the kind that step on the little people and think its a rock in their shoes

[NMlost]

Hunh! I''m living at poverty level and praying I can pay my bills and these yahoos are paying $675,000.00 for a fool license plate and vanity...(shake head)

[penguin1023]

This doesn''t make any sense, the article says Ayres owns "11" and they are bidding on "6", but then it says "11" went for $675,000. Does it mean "6"?

[pauljackson4]

Wow,I can''t afford to take my kids to the doctor.
And they spend that kind of money on that.
AetanMynapmacEnebRrevolgIttocsCsivadAaka
NttocsdoowyllohsivadIeno DroOllaLlliwEebXpot
PytnewtOtsilanifSniEehtDAdnocesTlaunnaMowt
SdnasouhtPdnaAthgieCnaciremaElodignitirwgnos
tsetnocybetanettenibordetadlirpahtxisowtdnasuohtdna
thgietaneveleytnewtxismp
Sorry my little girl got to the keyboard.
But this makes me a little mad.........

[jennmarie620]

Good for them for having worked hard to be able to claim that kind of money in the bank - but this story is not news. I work extremely hard to pay the bills and take care of my two kids as a single parente and when I can afford ice cream cones from Dairy Queen we feel like royalty. Hearing about someone spending almost one million dollars on a liscense plate isn''t news at all.

[michellem99-2009]

I WOULD NOT WANT IT..