Thanks for the replies, ikandiggit are you sure we are looking at the same coin or am I mistaken becasue I found this website:http://www.australianstamp.com/coin...1931penn.htm
and they had this to say:
Misaligned (dropped) figure 1 in date on reverse - Indian die. Only 10 to 20 examples exist. A recut 1930 reverse die is believed to have been used to create this rarity. For the serious collector, this is one of the most challenging Australian numismatic items to obtain. (Value: $2,000 - Fine, 1997 $2,350 - V.Fine, 1999)
The 1 on the coin is definitely dropped and it is definitely an Indian die, so do these as a combination make it rare and expensive..
i am a bit of a novice and sort of new to collecting, what I'm getting at, will this be good for collection?
A recut 1930 penny reverse.... etc. That is not possible as the 1930 penny has curved base lettering and the 1931 dropped 1 reverse has flat base lettering. There are also much more than 10 to 20 in existence, more likely in the hundreds (still a rare coin though). It is known that there were fewer than 1000 minted. See the entry on this on Mike Locke's website