Australia’s Rarest Penny Sells for Nearly $60,000

Gold coins. (Maoyunping/Shutterstock)

A rare 1930s Australian penny has been sold for nearly $60,000 (US$39,000).

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

The coin was sold at a national online auction on Sunday night for $59,415 to a Western Australian bidder who wants to pass it on to his grandchildren, breaking 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 $60,000,” said Lee Hames, Chief Operations Officer for Lloyds Auctions.

“Our previous record for a 1930s penny was $30,000, which we auctioned last year, and in 12 months, the price has now doubled at auction.”

The rare 1930s Australian penny has been sold for nearly $60,000. (Supplied)

“The 1930 penny is considered a numismatic superstar, with its value only rising and its significance deeply established in Australian history,” Hames continued. “A once by-product of economic depression is now a symbol of prosperity, the ultimate cherry on top for any coin collector.”

Pennies Not Meant to be Minted

The penny was a product of the Great Depression in 1929, when significant deflation resulted in lower demand for currency, with no new pennies minted by the Government at the time.

However, an ‘accidental’ minting of the 1930 pennies led to 3000 being produced, with only around 1500 ending up in circulation. Many have been damaged and discarded over the years.

“Interestingly, the reason they were released was because the Melbourne Mint used a test run of around 1,500 minted coins just to fill the 1931 order,” Amanda Benson, Head of Fine Art and Luxury at Lloyds Auctioneers and Valuers, told ABC Radio Adelaide.

“They think 3,000 were minted, but only 1,500 were used to bolster the 1931 supply.”

The rare 1930s Australian penny has been sold for nearly $60,000. (Supplied)

It wasn’t until pre-decimal currencies were phased out in 1966 that coin collectors realised the 1930 coin was missing, according to Benson.

It is unknown exactly how many of these 1930 pennies are in collectors’ hands nowadays.

Growing Interest in Alternative Investments

Two more recent Australian coins have skyrocketed in value after the passing of Queen Elizabeth II.

A 2012 Red Poppy $2 coin is now selling for more than $300.

Another 2013 Purple Coronation $2 coin commemorating the 60th anniversary of the Queen’s coronation is now selling for up to $180.

There is currently a growing interest in alternative investments, Benson said.

“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 told ABC.

“At the moment, because the stock market is quite difficult to predict, people are looking for other investments like this.”