An extremely rare and highly collectable, Australian penny from the 1930s is going up for auction this weekend and is set to break records.

This penny is the lowest mintage pre-decimal Australian coin in existence and is in good condition featuring partial diamond and six pearls on King George V's crown.

Lloyds Auctions chief operations officer Lee Hames said it was extremely rare to see such an authentic Australian penny go to auction,

"This is someone's chance to own one of the rarest coins in the country," he said.

There was such deflation in 1929 due to the start of the Great Depression and Australia's economy was shrinking significantly causing a lower demand for currency, with no penny's being ordered to be minted by the government at that time.

However, due to the 'accidental' minting of the 1930 penny, there ended up being 3000 produced, but only around 1500 ended up in circulation, with many of these coins being damaged and discarded over the years, it is unknown exactly how many are in collectors' hands today.

"The 1930 penny is considered a numismatic superstar, with its value only rising and its significance deeply established in Australian history, 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.

"We are seeing an influx of collectables come into Lloyds Auctions with people wanting to sell their old or valued treasures to make some extra cash, and we encourage people to bring in their collectables to be valued."

The penny will go under the hammer this Sunday from 7pm with many other rare and collectable coins.

You can view the 1930 penny here.

You can view the entire auction here or visit www.lloydsauctions.com.au for more information.

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