Pricey mistake: Misprinted 'Harry Potter' book hitting the auction block

A rare uncorrected proof of Harry Potter and the Philosopher's Stone that was bought for just $1.27 is expected to fetch a mint when it is auctioned in Dallas, Texas, on July 25.

The opening bid for the book is already at $12,500.

Just 200 such proofs were printed with an error on the main title page listing author JK Rowling's name as "J. A Rowling."

The rare book up for grabs was purchased by a school in the English village of Minister Lovell. It was forgotten until a local businessman found it, intending to donate it to a museum.

However, the museum reportedly balked at having such a potentially valuable item in its collection, so the book's sharp-eyed new owner, Dale Henry, decided to auction it off for charity.

All proceeds from the Heritage Auction will be reinvested into the cash-strapped town.

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