NEW YORK (CBSNewYork) — If you thought the cost of a New York City cab fare was high, you’ll never believe what is costs to buy a medallion.
Two taxi medallions have just been sold for $1 million each, making it the highest price on record since the city began issuing them back in 1937. Back then, the going rate for a medallion was about $10,000.
Medallions are aluminum plates that give companies or cab owners to operate a yellow cab. In the 1980′s, medallions sold for about $80,000.
There are just over 13,000 medallions in New York City.