Rare Australian penny from the 1930s sells for nearly $60,000!
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We here at the Seniors Discount Club are firm believers that one man's rubbish is another man's treasure. You never know when you might stumble across a hidden gem, especially if you're a keen collector or have an eye for detail.
Whether it's stamps, antiques, dolls, or coins - there's nothing quite like the feeling of unearthing a real treasure, which is why we were so fascinated when we heard about a rare Australian penny from the 1930s that was sold for nearly $60,000 at an auction on Sunday.
The bidding for the penny sat at $14,000 initially but quickly soared to $44,000 as more and more collectors caught wind of this incredible opportunity. On Sunday evening, a Western Australian bidder paid $59,415 for the 1930 penny with the intention of passing it down to his grandchildren.
As you can imagine, we were absolutely floored when we heard this news and had to find out more about this fascinating discovery. Here's what we know so far…
At an auction, an Australian penny from 1930 sold for almost $60,000. Credit: Lloyd's Auctions.
What makes this coin so special?
For those of you who may not be familiar with coin collecting, antique pennies aren't exactly the most valuable coins out there. In fact, they generally sell for between $15,000 to $20,000 - which is already quite a lot in our opinion! So what makes this particular penny so different?
The penny is considered one of the country's rarest coins, with only about 1500 believed to have ever been in circulation. In 1929, the start of the Great Depression meant there was less demand for currency than usual, but 3000 pieces of this coin were accidentally produced – and nearly half of those made it into public hands.
With most believed to have been damaged or discarded over time, it's not known how many still exist today. This really is a once-in-a-lifetime chance for anyone interested in expanding their antique collection!
Lee Hames, Chief Operations Officer at Lloyd's Auctions, noted: 'The 1930 penny is considered a numismatic superstar, with its value only rising and its significance deeply established in Australian history.'
'A once byproduct of economic depression is now a symbol of prosperity, the ultimate cherry on top for any coin collector,' he added.
It should be noted that authentic Australian pennies being put up for auction are 'extremely rare' events. However, Mr Hames reported an 'influx' of rare and valuable items coming through the doors of the auction house recently.
You heard it here, members! If you think you may have stumbled upon something similar yourself (perhaps while going through your garage), then be sure to take it along to your local auction house for closer inspection – who knows what kind of fortune you may have sitting right under your nose!
Looks like it's time to rummage the coin jars and piggy banks now, eh?
Whether it's stamps, antiques, dolls, or coins - there's nothing quite like the feeling of unearthing a real treasure, which is why we were so fascinated when we heard about a rare Australian penny from the 1930s that was sold for nearly $60,000 at an auction on Sunday.
The bidding for the penny sat at $14,000 initially but quickly soared to $44,000 as more and more collectors caught wind of this incredible opportunity. On Sunday evening, a Western Australian bidder paid $59,415 for the 1930 penny with the intention of passing it down to his grandchildren.
As you can imagine, we were absolutely floored when we heard this news and had to find out more about this fascinating discovery. Here's what we know so far…
At an auction, an Australian penny from 1930 sold for almost $60,000. Credit: Lloyd's Auctions.
What makes this coin so special?
For those of you who may not be familiar with coin collecting, antique pennies aren't exactly the most valuable coins out there. In fact, they generally sell for between $15,000 to $20,000 - which is already quite a lot in our opinion! So what makes this particular penny so different?
The penny is considered one of the country's rarest coins, with only about 1500 believed to have ever been in circulation. In 1929, the start of the Great Depression meant there was less demand for currency than usual, but 3000 pieces of this coin were accidentally produced – and nearly half of those made it into public hands.
With most believed to have been damaged or discarded over time, it's not known how many still exist today. This really is a once-in-a-lifetime chance for anyone interested in expanding their antique collection!
Lee Hames, Chief Operations Officer at Lloyd's Auctions, noted: 'The 1930 penny is considered a numismatic superstar, with its value only rising and its significance deeply established in Australian history.'
'A once byproduct of economic depression is now a symbol of prosperity, the ultimate cherry on top for any coin collector,' he added.
It should be noted that authentic Australian pennies being put up for auction are 'extremely rare' events. However, Mr Hames reported an 'influx' of rare and valuable items coming through the doors of the auction house recently.
You heard it here, members! If you think you may have stumbled upon something similar yourself (perhaps while going through your garage), then be sure to take it along to your local auction house for closer inspection – who knows what kind of fortune you may have sitting right under your nose!
Looks like it's time to rummage the coin jars and piggy banks now, eh?
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