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2 NYC Taxi Medallions Sell For $1 Million Each

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Taxi Cabs line up for fares outside the Port Authority Bus Terminal (credit: DON EMMERT/AFP/Getty Images)

Taxi Cabs line up for fares outside the Port Authority Bus Terminal (credit: DON EMMERT/AFP/Getty Images)

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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.

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