Any One Have Some Spare Change?

Rare 1930 proof penny up for sale
February 23, 2009 - 5:01AM

An Australian 1930 proof penny, acknowledged as the most valuable copper coin of the modern era in the world, is being offered for sale with a price tag of $2 million.

The coin is one of just six proofs struck at the Melbourne Mint, and one of three which remain in private hands.

A proof is a special early sample of a coin issue, historically made for checking the dies and for archival purposes.

The 1930 Australian penny is considered the best of the proofs and was originally handpicked by the mint's deputy master, A M Le Souef, for his private collection.

The penny, owned by a businessman, has come onto the market this week after nine years.

Coinworks director Belinda Downie, a Melbourne-based rare coin dealer, said interest in the penny from across the globe was high.

She said the outstanding provenance made the coin special, with anything connected to Le Souef's collection pounced on by dealers.

"Over the years it's been referred to as the king of rarities," she told AAP.

"It is simply a phenomenal coin in an exceptional state of preservation."

Ms Downie said the hefty price tag reflected what was happening in the industry, despite the global economic downturn.

She said the only proof 1923 halfpenny available to collectors had sold earlier this month for a record $500,000, after last being sold a decade ago for $89,100.

"Top coins have always done well, what recessions do is they make people look for alternatives," she said.

"We've had record sales and we're actually operating at record levels.

"Our industry across the board is doing extremely well, we are getting increased inquiries and extremely solid sales."

Adding to the mystique of the coin, 1500 1930 pennies accidentally made it into circulation, despite no record of them at the mint.

Even those pennies, not as fine as the proofs, can sell for $20,000.

"They are not proof coins, they were specifically struck for circulation in a factory environment," Ms Downie said.

"The proof coins are created like masterpieces, they are regarded as works of art."

Ms Downie said the owner was selling because he had had his enjoyment of the rare penny.

"He wanted to acquire the most important coin in the industry and he's held onto it for nine years," she said.

"He knows he's selling the coin into a market that is growing, I think he decided it's time."