Usually coin collecting begins with ordinary pennies or quarters. Most collectors started their huge collections as children and now most of them have an impressive range of various extremely rare specimens. Today rare coins are very valuable, but what is the biggest value or price paid for a rare coin? The most expensive coins in the world are presented below.

5. The Australian Proof 1930 Penny - $517,345

Number 5 in the list is this Australian 1930 penny. According to numismatic experts, only 6 of such coins were struck by the Melbourne Mint. In order to make this penny, the mint used polished blanks and dies, which were specifically treated. Three coins are held by private collectors, one can be seen at British Museum, another 1930 penny is presented at Museum Victoria and the last one is held by the Art Gallery of South Australia.

In 2005 one of the rarerest 1930 pennies was sold for A$620,000 (which is about US$517,345), thus becoming the most expensive coin in Australia and the most expensive copper coin in the world.

4. 1870-S Seated Liberty Dollar Eliasberg Specimen - $1,300,000

This extremely rare coin is believed to be a numismatic treasure in the U.S. It's a very mysterious coin, and it is worth mentioning that usually such coins are not formally registered as being minted. Experts consider that 11 coins of this type survived till nowadays. However, only three of those are in mint condition. PCGS graded this particular coin AU53 and Stanford Coins and Bullion was able to sell this coin for $1.3 million.

3. 1894-S Barber Dime - $1,552,500

This coin is considered to be one of the rarest in the United States. It was graded PCGS Proof-64. According to the information provided by the U.S. Mint, only 24 pieces were minted and only 10 are known today. Experts state that this particular proof coin represents one of the three specimens of the 1855 $50 round strike retained by John Glover Kellogg when minted and preserved with his personal effects. The 1894-S Barber dime was bought for $1,552,500.

2. 1804 Silver Dollar from Queller's Collection - $3,737,500

A rare collection of silver dollars was presented by David Queller at the Official Auction of the Central States Numismatic Society convention, where one of the coins, and namely this 1804 Silver Dollar, was sold for $3,737,500. The auction was held by Heritage Auction Galleries and realized for all bids a total of $44million.

1. 1933 Saint-Gaudens Gold Double Eagle Coin - $7,590,020

Let's start with a little bit of history here. Back in 1933, 445,000 gold Double Eagle coins were struck. This was the period when President Franklin Roosevelt decided to take the United States off the gold standard. People were asked to turn in their gold so there would be no more gold coins to be used in circulation. It was ordered that all 1933 Double Eagles gold coins are destroyed. However, several coins of this type were not melted. Two 1933 Double Eagle gold coins were given to the Smithsonian Institute for the U.S. National Numismatic Collection. Eight coins were confiscated in 1950s by the Secret Service.

At least 9 coins of this type were sold by a dealer. One of these coins became a part of a collection gathered by King Farouk of Egypt. Four decades later the coin was presented by a coin dealer in New York. It was then immediately seized by the Secret Service. Finally the gold coin was stored in the Treasury vaults at the World Trade Center. However, when back in 2001 a lawsuit was settled, the 1933 Double Eagle coin was set for auction. The auction was held on July 30, 2002. The 1933 Saint-Gaudens Gold Double Eagle Coin was purchased for $7,590,020, thus becoming the most expensive coin in the world.

In 2004 ten gold Double Eagle coins were found and instantly seized by the Secret Service, when the coins were sent by the U.S. Mint for authentication. Today these coins reside in Fort Knox.