A rare coin dating from the reign of Edward V has sold at auction for more than £50,000

The price, offered by an anonymous bidder, was well above what experts expected the coin to be sold for – an estimate of £12,000 to £15,000.

The coin was discovered by heating engineer Brian Biddle – who initially thought it was a bottle top – in a field in Tolpuddle, and registered at Dorset County Museum in Dorchester.

The coin features an image of the Archangel Saint Michael slaying a dragon and research has revealed it was minted during the reign of 12-year-old Edward V who reigned for just 86 days in 1483.

Bidding started at £16,000 and bidding in the room and on the internet quickly sent the price soaring.

Auctioneer Christopher Webb's hammer eventually came down at £42,000. By the time that buyer's commission is added, the purchaser will actually pay £50,400.

A spokesman for auctioneers Dix Noonan Webb said: "This was an extraordinary price for a rare coin with a direct link to the tragic early death of Edward V - one of the little princes thought to have been murdered in the Tower of London. Bidders were keen to try to buy a coin which somehow miraculously survived in a Dorset field for more than 500 years."