Aussie "Holy Grail" to be auctioned

May 11, 2011 - PRLog -- Aussie ‘Holy Grail’ to be auctioned

Ask almost anyone which Australian coin is the rarest or most valuable, and you will undoubtedly get “a 1930 Penny” as the common  answer. The ‘Holy Grail’ of Australian numismatics is a plain bronze penny, with a face value of less than one cent equivalent in today’s currency. The design doesn’t differ from other pennies of the era, however it is the date that makes this the Great Australian Rarity.
What is regarded as the finest known example of the 1930 Penny found in circulation will be offered for sale in June by International Auction Galleries in Melbourne. It will go up with a conservative estimate of $450,000.
The 1930 Penny was actually unknown in circulation until at least 1940. Official reports from the Melbourne branch of the Royal Mint where it was struck make no mention of it’s existence. It was the height of the Great Depression and few additional coppers were needed to supplement those already in circulation, given the average weekly wage was three pounds ($6).
But during the war, word got out that some pennies dated 1930 had actually made it into circulation. Australian collectors, as well as any Average Joe that heard of it, feverishly searched their change in the hopes of turning one up. Well known Sydney collector and shop owner Sir Marcus Clark had all cashiers in his stores regularly check their cash floats and banking. He also placed ads offering 10 shillings (equivalent of one dollar) for any received.



A considerable amount of public effort yielded about 50 coins, but it is thought that it is more like around 1,500 that actually made it out of the Mint into circulation.
The coin offered by International Auction Galleries is in good Extremely Fine/almost Uncirculated condition with significant mint red lustre, which really is what sets it apart. Most examples that turn up are in Fine to Very Fine grade and the average price for these is around $30,000. As mentioned, this extremely rare example is the finest known circulated coin, and is expected to sell for over $500,000.
The same auction also features some other top and very rare numismatic items including other Choice Pre Decimal coins along with rare gold pieces, British coins, a large Tradesman Token collection, Pre Federation and Pre Decimal banknotes, a colonial Holey Dollar and much more, with over 700 lots on offer  totalling $7,000,000 in estimates.
This is a rare opportunity for the serious collector or investor to acquire a piece of Australia’s history. It will be auctioned on Thursday 2nd June at the Westin Hotel, 205 Collins St, Melbourne. Catalogues are available by calling 07) 5380 300 or downloaded from the website at www.iagauctions.com



Photo opportunity

Images of the featured 1930 Penny are available on request

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FURTHER INFORMATION:
Paul Hannaford, Managing Director and Auction Co-ordinator, International Auction Galleries
Telephone (07) 55 380 300
Email mail@iagauctions.com

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Founded in 1990, International Numismatics is one of the official distributors of The Royal Australian Mint and Perth Mint products. We also specialise in Pre Decimal coins and Banknotes and have the biggest selection on offer.