Aussie coin worth more than $34k

An Australian coin that was never meant to be minted will sell for more than $34,000 today, with experts predicting the final price will break records.

A 1930s penny will be auctioned off by Lloyds Auctioneers and valuers at 7pm on Sunday, alongside a collection of other collectable coins.

The penny is considered one of the country’s rarest coins, with only about 1500 believed to have ever been in circulation.

In 1929, the start of the Great Depression and its brutal effect on Australia’s economy meant there was a lower demand for currency than usual, so the government did not order any pennys to be minted.

But 3000 were accidentally produced, with about half of those making it into public hands.

With most believed to have been damaged or discarded, it is not known how many still exist.

“The 1930 penny is considered a numismatic superstar, with its value only rising and its significance deeply established in Australian history,” Lloyd’s Auctions chief operations officer Lee Hames said

“A once by-product of economic depression is now a symbol of prosperity, the ultimate cherry on top for any coin collector.”

Mr Hames said it was “extremely rare” for an authentic Australian penny to go to auction, but that there had been an “influx” of rare and valuable items making their way to the auction house.

Bidding for the coin sat at $14,000 on Friday, but had soared to $34,000 by Sunday morning and is expected to sell for a final price of more than $40,000.

Generally, pennies sell for between $15,000-20,000.