It might be time to get that jar of old coins out from under the bed and have another look. 

An extremely rare and highly collectable, authentic Australian penny went under the hammer last Sunday evening at Lloyds Auctions, selling for almost $60,000 and 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,” said Mr. Lee Hames, Chief Operations Officer for Lloyds Auctions.

“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,” continued Mr. Hames.  

The 1930s penny came from humble and mysterious beginnings to become a favourite with collectors. 

There was staggering deflation in 1929 due to the start of the Great Depression when unemployment topped 30% and Australia’s economy was shrinking significantly causing a lower demand for currency. 

Records show that, apart from the six 1930 Pennies struck to proof quality, no pennies were ordered to be minted by the Government at that time. 

However, an ‘accidental’ minting of the 1930 penny meant there ended up being 3000 produced.  

"The suggestion is that a few circulating strikes may have been minted at the same time as the Proof version, set aside and inadvertently issued years later by mistake," say the experts at Coinworks.  

Front of record-breaking coin sold at auction last week. PHOTO: Lloyds Auctions.

Only around 1500 ended up in circulation, with many of these coins being damaged and discarded over the years, so it is unknown exactly how many are in collectors’ hands today.  

"That no one has a definite answer as to how it was minted, only adds to the romance and the mystery that has shaped the image and profile of Australia’s 1930 Penny," says Coinworks. 

"The 1930 Penny was not discovered until the 1940s, allowing at least a decade of circulation before collectors even knew of their existence." 

Despite the limited number released, given the dire circumstances experienced by the majority of the population during the Great Depression it is considered highly unlikely that any of the pennies were saved or kept as a collectible. 

"Any coin that came into a family's hands was used," says Coinworks. 

"All 1930 Pennies have undergone circulation, with the majority very well circulated and much used which means that most of the 1930 Pennies had been handled, mishandled, potentially dropped, scratched, or rattled around in change." 

The back of the coin sold last week. PHOTO: Lloyds Auctions.

The 1930 penny is the lowest mintage pre-decimal Australian coin in existence and the one sold last week is said to be in good condition featuring partial diamond and six pearls on King George V’s crown. 

“The 1930 penny is considered a numismatic superstar, with its value only rising and its significance deeply established in Australian history, 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. 

“We have been seeing an influx of collectables come into Lloyds Auctions with people wanting to sell their old or valued treasures to make some extra cash,” said Mr. Hames.