The Star Wars figure, a Jawa dating back to the 1970s, is estimated to be one of only 10 to 12 in existence worldwide. The price tag is described as "conservative" considering the figure was originally sold for just £1.50.

This is not the first time a rare Star Wars figure has been sold for a significant amount. Last October, a similar figure sold for £27,500 in the US, and three years ago, a UK version sold for £22,000.

Despite the financial crisis in the UK, auctioneers have estimated a lower price for this figure but won't be surprised if it exceeds expectations.

The seller of the figure received it as a gift from British toy company PALITOY during the promotion of the Star Wars line in Marvel's comics. The current owner, who served as the art director for Marvel UK between 1974 and 1979, only realised the figure's value when he brought it to the auctioneers on a whim.

Jonathan Torode, an auctioneer at Excalibur Auctions, expressed his surprise at the rarity of the figure. He said: "I have been a toy auctioneer for a long time and this is the first one I have actually seen in the flesh, so to speak."

The Jawa figure has long been considered a myth among collectors, with many believing none existed anymore. It is believed to be the rarest Star Wars figure in the UK and one of the top three rarest in the world.

The rarity of the Jawa figure is due to its production history. Initially, it was produced with a vinyl cape, but a Star Wars employee suggested a cloth cape would be better. Production quickly stopped, and the figure was given a cloth cape instead, leaving only a few vinyl cape versions behind. However, some of the "cheap" vinyl cape figures had already made their way to the UK and were set to be sold for £1.50 each.

According to Mr Torode, the UK figures are even rarer because by the time they arrived, production had switched to cloth capes. He explained: "Up until the early 2000s they were thought to not exist - they were like a legend. This figure is one of the rarest carded Star Wars figures known to exist, with approximately 10-15 examples documented."

The Jawa figure being auctioned comes with its rare vinyl cape on its original 12-back card. The card is in excellent condition, with minimal creasing in the corners and no yellowing of the bubble. The figure itself is in exceptional condition, earning an E grade on a VG/E card.

The auction will also include other Star Wars figures from the same vendor, such as a Stormtrooper and a Sand People figure. However, these figures are estimated to sell for around £300, nowhere near the value of the rare Jawa figure.

The auction for the rare Star Wars figure and other collectibles will take place on July 22 at Excalibur Auctions' Toys & Model Railways Collectors Sale. Jonathan Torode expressed his excitement about handling such a piece of Star Wars toy history, saying: "It's a privilege to handle such a piece of Star Wars toy history."

This article was crafted with the help of AI tools, which speed up Express.co.uk’s editorial research. A news editor reviewed this content before it was published. You can report any errors to readercomplaints@reachplc.com.