A rare 1930s Australian penny sold for around $60,000 (US$39,000).
The penny with partial diamonds and six pearls in the crown of King George V is the lowest mintage of any surviving pre-decimal Australian coin.
The coin broke an Australian record for $59,415 at a national online auction Sunday night to a Western Australian bidder who wanted to pass it on to his grandson.
Lloyd’s Auctions Chief Operations Officer Lee Hames said:
“The previous record for a penny in the 1930s was $30,000, and we put it up for auction last year, but the auction price doubled in 12 months.”
“The 1930 penny is considered a numismatic superstar, its value has only risen and its importance is well established in Australian history,” Hames continued. rice field. “Once a by-product of economic depression, it is now a symbol of prosperity and the cherry of choice for coin collectors.”
pennies are not meant to be minted
The penny was a product of the Great Depression of 1929, when governments never minted new pennies and massive deflation reduced demand for the currency.
However, due to an “accidental” minting of pennies in 1930, 3000 were produced and only about 1500 were in circulation. Many have been damaged over the years and discarded.
“Interestingly, the reason they were released was because the Melbourne Mint used a test run of about 1,500 minted coins just to fill a 1931 order,” said Amanda Benson, Lloyd’s Auctions and Appraiser. Benson, told ABC Radio Adelaide.
“They think 3,000 were minted, but only 1,500 were used to strengthen the 1931 supply.”
According to Benson, it wasn’t until 1966, when pre-decimal currency was phased out, that coin collectors realized the 1930 coin was missing.
The exact number of these 1930 pennies currently in collectors’ hands is unknown.
Growing interest in alternative investments
Two more recent Australian coins include: increased in price after passing through Queen Elizabeth II.
A 2012 Red Poppy $2 coin currently sells for over $300.
Another 2013 Purple Coronation $2 coin commemorating the 60th anniversary of the Queen’s coronation is currently selling for up to $180.
Interest in alternative investments is growing, Benson said.
“Ironically, people look for alternative investments such as coins, paintings and memorabilia at a time when the stock market tends to be a little more turbulent,” she told ABC.
“People are looking for other investments like this because the stock market is so hard to predict at the moment.”