WHEN Edith Freemantle reached into her purse for five shillings (25p) to buy the beautiful Chinese moon vase at a Falmouth house sale, she whispered to her son: "Don't tell anyone that we've paid so much for it."

Little did she realise that it might one day be worth 8,000 times as much! But that is the price - up to £2,000 - that it is now expected to fetch when it comes under the hammer once more at Penzance Auction House on August 31.

The 8,000 per cent profit prospect is the heady sequel to Mrs Freemantle's big purchasing decision back in 1935. She died six years later, but her son Gerald, aged 13 at the time of the original purchase, has held on to the 1760 vase, and loved it just as much as his mother did, ever since.

He was amazed to discover its estimated current value after deciding to sell it at auction. "I didn't even do it for the money," he said. "My main concern was that it would just end up in a charity shop after I am gone, probably fetching no more than a pound or two, which seemed such a shame for such a beautiful item."

The reality came to light after Falmouth resident Mr Freemantle attended one of the weekly valuation sessions held at the Falmouth Hotel by Penzance auctioneer David Lay, who immediately spotted its potential. He consulted his expert on oriental porcelain and reported back with the price expectation of up to £2,000.

"We sold a similar vase, in perfect condition, for £75,000 on behalf of an anonymous Penwith seller just two years ago," he recalled. "Umpteen auctioneers from upcountry had been around this cottage, but they had all missed it and I spotted it! Mr Freemantle's vase will not be in that league because it has been damaged. The neck has been reduced by an inch and there is also a little crack at the base."

Mr Freemantle recalls: "My mother used to love going around to the house sales in Falmouth and this vase has remained in the family ever since.

"I know nothing more about its origins and I can remember very little now about the day she bought it. I can't recall whether Mum had any competition - it's quite possible that its price would have started off at even less than five shillings!"

He adds: "I have always admired it, but I simply had no idea just how valuable it had become. I have always liked the blue and white china and this one struck me as particularly beautiful and unusual."