Numismatists, check your collections. An Australian penny, one of only 1500 put into circulation, has sold for just under $60,000 at auction.
The 1930 penny was sold at a national online auction for $59,415 to a West Australian bidder who intends to pass the coin on to his grandchildren, the ABC reports.
Amanda Benson, head of fine art and luxury at Lloyds Auctioneers and Valuers, told the ABC the penny had the lowest mintage of all pre-decimal Australian coins in existence.
“They were released just after the stock markets crashed in 1929 and what’s special about those is that they were never actually meant to be released,” she said.
The federal government cancelled the orders for pennies in 1930 as the Great Depression took hold.
Two other recent Australian coins have jumped in value since the death of the Queen.
A 2012 $2 coin featuring a red poppy – only 500,000 were released, is now selling for more than $300. And a $2 coin with purple stripes commemorating the 60th anniversary of the Queen’s coronation – one million were released in 2013, is selling for up to $180.
Ms Benson said there was growing interest in alternative investments.
“Ironically, it’s during times when the stock market tends to be a little bit more tumultuous that people look for alternative investments like coins, paintings, memorabilia,” she said.
Do you have a coin collection? Have you checked the contents in recent years?
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