One of earliest English coins expected to fetch $540,000 at auction

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The discovery of a gold coin from the 13th century is believed to be one of only eight in existence from that time. /Spink and Sons

One of the first gold coins ever minted in England goes up for auction next week, with an expected sale price of more than $540,000.

It is believed the coin was made around 1257 during the reign of King Henry III and was discovered by an amateur metal detectorist in Devon, southwest England.

The coin, known as the "Henry III gold penny," was put up for sale after Spink & Son auctioneers spotted a post on facebook from the finder, who wishes to remain anonymous.

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"The coin was found in an unprepossessing field and could quite easily have never been recovered. Now it is protected for future generations to enjoy and it is truly humbling that I was its finder," the finder of the coin told the auction house.

In a statement, the auction house described the coin as having "national significance" and said the find bears "rare contemporary witness to Henry's true self-image."

The live auction will start on January 23.