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Australia’s rarest coin sells for a pretty penny

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Coin collectors throughout Australia are rejoicing after a rare 1930s penny sold for a record $60,000 at the weekend.

Featuring partial diamond and six pearls on King George V’s crown, the coveted currency is the lowest mintage pre-decimal Australian coin in existence.

When it sold under the hammer on Sunday evening the coin broke an Australian record.

“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,” said Lloyds Auctions COO Lee Hames.

“Our previous record for a 1930s penny was $30k which we auctioned last year, and in 12 months the price has now doubled at auction.” 

Australia’s rarest 1930s penny sells for $60,000 at auction

The penny was a product of the Great Depression in 1929 when deflation led to a lower demand for currency.

At the time, the Government was not minting any new pennies.

An ‘accidental’ minting, however, lead to there being 3,000 of the 1930s pennies in circulation, many damaged and discarded over the years.

It is unknown exactly how many are in collectors’ hands today. 

“A once by-product of economic depression is now a symbol of prosperity, the ultimate cherry on top for any coin collector,” said Mr. Hames.

Did you know?

A coin collector is called a numismatist.

650 circulating coins are made in Australia each day.

People collect coins for a variety of reasons, including historic or artistic value, or to invest for potential long-term profit.

The average age of a coin collector a decade ago was 60, but as we become more of a cashless society, coin collectors are getting younger, with many aged in their 30s taking up the hobby.

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