The Y-shaped nugget, weighing 5.5kg (177 ounces), was buried 60cm beneath the ground near the town of Ballarat in Victoria. Local experts said they could not recall any nugget even approaching that size being discovered in the area previously.
Michael Cooper believes it is likely to attract the attention of aficionados of the precious metal.
“It is such a rare find I can imagine a lot of collectors out there would probably see it having a high collectable value, not just its intrinsic value,” according to Mr Cooper, who says it will probably be “many, many years” before such a large nugget is found again.”
His advice to British prospectors whose eyes have lit up at the news?
“For all those people that go out with their metal detectors in the UK, I would say it’s probably incredibly unlikely you’re going to find anything that size – your chances are against you – but still try; it’s a fun hobby, so why not?”
That much gold at current prices is $299,122.92.