A once modest 1930s Australian penny will fetch tens of thousands of dollars at auction.
According to Lee Hames, Chief Operations Officer of Lloyds Auctions, the penny is Australia’s lowest mintage predecimal coin – a “numismatic superstar” whose value is only going up.
WATCH THE VIDEO ABOVE: Covid isolation rules scrapped
Watch the latest news on Channel 7 or stream for free on 7plus >>
The highly collectible coin is in Good condition and features a partial diamond and six pearls on King George V’s crown.
The bid for the penny was $14,000 as of Friday morning, but auctioneers expected it to break records and fetch more than $40,000.
Pennies in average condition typically sell for between $15,000 and $20,000.
“It is extremely rare that such an authentic Australian penny is auctioned. This is someone’s chance to own one of the rarest coins in the country,” Hames said.
“Once a by-product of economic depression, it is now a symbol of prosperity, the ultimate icing on the cake for any coin collector.”
In 1929, at the onset of the Great Depression, deflation and Australia’s shrinking economy resulted in less demand for currency, and the government did not mandate pennies to be minted.
An accidental minting of the penny in 1930 meant 3000 were produced – but only around 1500 ended up in circulation, with many of the coins being damaged or discarded.
According to Lloyds, it’s unclear how many are still in collectors’ hands.
The penny will be auctioned along with other collector coins on Sunday evening.
https://7news.com.au/business/finance/rare-1930s-australian-penny-set-to-fetch-more-than-40000-at-lloyds-auctions-c-8402287 A rare 1930s Australian penny will fetch more than $40,000 at Lloyds Auctions