2 Taxi Medallions Sell for $1 Million

It's the most expensive price in city history.

Two New York City taxi medallions sold Wednesday for $1 million each, the highest price ever recorded in city history.

Medallions were created in 1937 as a system to essentially cap the number of official licenses. Street-hail taxis cannot operate without one.

When first introduced, medallions cost $10, which is like $157.56 in today's dollars.

The $1 million price shows how much things have changed.

“It’s a lot of money, and it is an investment that someone would not make without being confident in the industry and the future of the city,” David Yassky, chairman of the city’s Taxi and Limousine Commission, told The New York Times.

There are slightly more than 13,000 medallions operating on the street.

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