Hand-written notes by author J.K. Rowling are pictured inside a rare first edition of her book 'Harry Potter and the Philosopher's Stone' displayed at The National Library of Scotland on June 26, 2017 (AFP)

Bought for just 30p, a rare edition of Harry Potter and the Philosopher’s Stone is being auctioned and is expected to be claimed for £5,000.

The cross-generation novel then-turned renowned movie sequel by JK Rowling was shut down by a dozen publishing firms when it was first pitched in the 1990s, until Bloomsbury printed just 500 hardback copies in 1997.

But 300 of the initially released copies were issued to public libaries, making the mission of tracking down the edition almost impossible.

A Staffordshire man with a great passion for books and novels was one of the first people to acquire the book from Wolverhampton libraries.

The man passed away earlier this year at the age of 55, leaving behind a large priceless collection of books.

“He would go to jumble sales and church fairs and would come back with a pile of annuals or comics. When he moved house four years ago he literally put everything into hundreds of boxes, many of which went into containers," his sister said according to The Guardian

“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 was found by a team from Richard Winterton Auctioneers that went though his library after he died.

“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," Winterton said.

“It will be a magical moment” when the book will be autioned on July 10, Winterton added.

In March, the same book was sold in mint condition for £69,000, and a rare 15th anniversary edition of the book claimed by its owner in a competition went for £8,000 at an auction in December 2022.