An extremely rare 1930 Australian penny has sold for $60,000 at auction, breaking an Australian record.
The coin went under the hammer over the weekend and was bought by a Western Australian bidder.
The auctioneers believe it is a record sale price for a penny in ‘good/fine’ condition.
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“This penny has not only broken a record at Lloyds Auctions, but we believe it has broken an Australian auction record based on its grade, selling for $60k,” chief operations officer for Lloyds Auctions, Lee Hames, said per AAP.
The penny is the lowest mintage pre-decimal Australian coin in existence, Lloyds Auctions said. It features a partial diamond and six pearls on King George V’s crown.
The coin was actually never meant to be minted. In 1929, the start of the Great Depression meant there was a lower demand for currency, so the government did not order any pennies to be minted.
But, due to an ‘accidental’ minting of the 1930 penny, there ended up being 3,000 produced and only around 1,500 put into circulation.
Now many of the coins are thought to be damaged or discarded, according to Lloyds Auctions, and it is unknown how many are owned by collectors today.
“The 1930 penny is considered a numismatic [coin collecting] superstar, with its value only rising and its significance deeply established in Australian history,” Hames said.
“A once by-product of economic depression is now a symbol of prosperity, the ultimate cherry on top for any coin collector.”
Aussie coins skyrocketing in price
Other coins have soared in price following the death of Queen Elizabeth II.
The 2012 remembrance $2 coin, which features a red poppy, is now selling for an impressive $370.
It’s one of the lowest-minted coins in Australian history, with just 503,000 entering circulation.
The 2013 purple coronation $2 coin, has also skyrocketed in price to around $180.
The coin had a mintage of around 995,000, making it another rare find.