A Harry Potter book auction features a copy that could fetch £371k after being bought for £1 at an Oxfordshire school.

The first edition of Harry Potter and the Philosopher's Stone is one of only 500 in hardcover.

The unrestored 1997 edition features tell-tale signs identifying it as rare, including listing the author as "Joanne Rowling", and with misprints on the back including "Philospher's" and "Wizardry and Witchcraft", which should be the other way around.

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Robert Wilonsky, of Dallas-based Heritage Auctions, says: "In 2021, we sold a copy for $471,000."

Also under the hammer is an uncorrected proof of the same title that misspells the author's name as "J. A Rowling" on the inside title page.

The book could fetch £371kThe book could fetch £371k (Image: SWNS) The copy was purchased for just £1 in 1997 by St. Kenelm’s School in the village of Minster Lovell. 

It stayed in their library until 2002 after which it was stored and forgotten, before being rediscovered by accident last year.

Robert Wilonsky says: "I don’t have an estimate at the moment, but in 2020 we sold a copy for $30,000 (£23,624)."

The books will go on offer at Heritage Auction's Historical Platinum Signature auction on July 25.