Coin fetches $40000 in Frankston
Coin fetches $40000 in Frankston
A RARE Australian coin has sold for $40,000 in Frankston.
Coin dealer John Reeves, of Johns Coins in Wells St, recently solda 1930 penny in above-average condition to a local collectorwanting it as an investment.
The previous owner, also local, had the coin for eight years. "Ijust asked him if he had one for sale and he said 'yes'," Mr Reevessaid.
It was by far a record sale for the dealer, who opened in Frankstonin 2006.
The same coin, in perfect, or "proof" condition, is reportedlyworth $1 million the highest-value coin in Australia and therarest. It is the holy grail for coin collectors, and only six areknown to exist three in museums and three privately.
Featuring the head of King George V, it is believed only 1500-2000were struck, though the exact number is unknown.
The last time one changed hands, in 2005, it sold for $620,000 andthe owner last year refused an offer of $1 million, according toCoinworks in Hawksburn, Melbourne, and media reports at the time.
Australia's first coin is the Holey Dollar, made in 1813 fromSpanish silver coins with a hole punched in the middle. The centreis worth a fortune today.
But beware Ebay is selling copy 1930 pennies, from 99c.
- beibeiueb
- 06:06
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