News

1930 penny worth a small fortune

Coins & Collectables owner John Felesina is glad to see a rare coin like this 1930s Australian penny in Bundaberg.
Coins & Collectables owner John Felesina is glad to see a rare coin like this 1930s Australian penny in Bundaberg. Max Fleet

IT would take much more than a penny to buy the latest collectable item dealer John Felesina has acquired.

Mr Felesina, the operator of Coins & Collectables, has just taken possession of an item so rare it is nicknamed the King of Australian Coins.

The coin is an example of the famous 1930 Australian penny, valued at $24,000.

As a contrast, Mr Felesina showed off a box of ordinary Australian pennies which he sold for 20 cents each.

Mr Felesina said he had recently acquired the rare coin from a private collector.

So why is the coin so valuable?

It was never supposed to exist in the first place.

“The Melbourne Mint never intended to strike pennies dated 1930,” Mr Felesina said yesterday.

“The true account of why they exist is unclear.”

But Mr Felesina said the story was the coins were struck during die testing or that visitors to the mint were encouraged to strike a brand new penny as a memento of their visit.

It is believed only 1500 of the pennies exist.

“It wasn’t until the 1940s collectors realised how rare these coins were, as so few were found in their change,” Mr Felesina said.

“This coin is part of Australian history.”

He said he had sold other 1930s pennies in the past.

“Most people who come in the door know about the penny,” he said.

Mr Felesina said competition for the small pool of these coins on the market had generated strong price growth over the past decade.

He said many of the coins had found their way into superannuation funds and investment portfolios.

Website australianstamp.com says officially the 1930 penny was not minted.

But it was known from an employee of the mint a small number of dies were produced, although the decision not to mint the coin was taken in 1929.




Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

El Niño is coming to an end

Eastern tropical Pacific sea surface temperatures have cooled significantly in the past fortnight, and are now approaching neutral levels.

Goodbye El Niño...hello, La Niña.

DASHCAM: Police investigating Childers truck near miss

A still from the dashcam footage near Childers.

This is why you should always be wary of crests

FACES OF BUNDY: Jack Hardy sings the praises of busking

FACES OF BUNDY: Busker Jack Hardy. Photo: Mike Knott / NewsMail

"I like being able to control the atmosphere"

Latest deals and offers

Dashcam Goodwood Rd

Dashcam captures a near miss on Goodwood Rd near Childers

Car Vs Moped, Takalvan St

CRASH: Moped and 4x4 collide on Takalvan St: man taken to hospital

Car vs Moped, Takalvan St, April 30 2016

Surprise Gifts & Homeware

Ash Cumar, owner of Surprise Gifts & Homeware, has moved from Brisbane to open a shop in Bargara. Photo: Mike Knott / NewsMail

Ash Cumar, owner of Surprise Gifts & Homeware, has moved from Brisbane to open a...

Demand for acreage lots pushes up property prices

Property values in Cooroy have increased 25%

Property values jump in Cooroy and Peachester.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances