Dortmund, Germany - A tiny silver coin thought to be "the oldest German penny" sold at auction in the city of Dortmund on Monday for 34,000 euros (44,000 dollars).

The denarius coin was minted between 747 and 751 under King Pippin III of the Franks (714-768) to replace coinage of the ancient Roman empire and was rediscovered in
1981 in dirt in the western city of Trier.

While Roman coins are common, numismatists regard Pippin's penny as the first specimen of independent coin issues in Germany. Germany phased out its last pennies in 2002 when the euro became legal tender.

The auction company WAG said the buyer was a private collector in western Germany. (dpa)