The previous owner had informed him the rock had landed there after a meteor shower in the 1930s, according to Central Michigan University's College.
Mona Sirbescu, a geology faculty member in earth and atmospheric sciences at Central Michigan University examined it under X-ray fluorescence.
The professor sent a slice of the rock to a colleague at the Smithsonian Institution in Washington, D.C., who reportedly confirmed her discovery.
A Grand Rapids, Michigan, man, who wishes to remain anonymous, bought a farm in 1988.
A rock that was used as a doorstop on a MI farm for decades has been identified as a meteorite worth $100,000.
Central Michigan University estimates the meteorite's value at around $100,000.
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An examination found that the rock is an iron-nickel meteorite composed of mostly iron with 12 percent nickel.
A man has discovered a rock he's been using as a doorstop for 30 years is actually worth more than A$140,000.
The unnamed man is reportedly actively looking to sell the meteorite, but has not yet found a buyer. The farmer then told him that he and his father saw it fall at night during the 1930s, adding that since the meteorite was part of the property, the man could have it. The Smithsonian considered buying the meteorite for display.
Researchers discovered the meteorite has rare metals.
The Smithsonian and a mineral museum in ME are considering purchasing the meteorite for display, according to CMU. Whatever amount he winds up donating, Sirbescu said her students, the university and herself have already been beneficiaries of the find.
The owner is considering selling the meteorite to a museum or collector, and has promised to give 10 percent of the sale to the university, the university said.
"Just think, what I was holding is a piece of the early solar system that literally fell into our hands", she said.