Harry Potter book bought for 30p could fetch £5,000

Auctioneer Richard Winterton said the book had clearly been well-read

A rare Harry Potter book which was bought for 30p could fetch up to £5,000 at auction.

The first edition copy of The Philosopher's Stone was one of 500 produced and was bought by a Staffordshire man who died earlier this year.

It had been placed in storage and his sister said she feared it was lost.

Lichfield based auctioneer Richard Winterton said it would be "a magical moment" when it was sold on 10 July.

The owner's sister said he had a lifelong passion for books and ephemera.

She did not want to be identified, but said of her brother: "He started dealing in books and memorabilia when he was still at school.

"He would go to jumble sales and church fairs and would come back with a pile of annuals or comics."

The Harry Potter book, published in 1997, was one of 300 issued to libraries and was bought by the man from Wolverhampton Libraries.

The book still bears its library identification, spine sticker with the letter J, subsequent withdrawal stamp and 30p selling price

The owner's sister said: "When he moved house four years ago he literally put everything into hundreds of boxes, many of which went into containers."

She said he knew he had the book, but could not remember where, so they assumed it had been lost somehow.

"Now it's come to light again we, as a family, are quite excited," she added.

The book is estimated at being worth between £3,000 and £5,000

The owner died unexpectedly at the age of 55 and the book was eventually found after a team from Richard Winterton Auctioneers went through his belongings.

Mr Winterton said: "It has clearly been well-read, which is most befitting of one of the initial run of books which helped fuel the early popularity of Potter - which, of course, rapidly evolved into a global phenomenon."