John Lennon's letter to Queen Elizabeth II valued at $73,000

A letter written to Queen Elizabeth II by John Lennon when he returned his MBE (Most Excellent Order of the British Empire) to Buckingham Palace has been valued at 60,000 British pounds ($73,041.64), it was revealed here on Thursday.

The hand-written letter was brought forward on Wednesday at a special Beatles memorabilia day held at The Beatles Story exhibition in Liverpool when auctioneers Julien's Auctions were putting value on The Beatles' items, Xinhua news agency reported.

It had been found among a collection of records bought for just 10 pounds at a car trunk sale 20 years ago.

Written by Lennon to Queen Elizabeth II, the letter explained why he had returned his MBE, awarded to each member of the band in the Queen's honours.

According to a spokeswoman for The Beatles Story, the owner of the letter, who wished to remain anonymous, brought the letter at The Beatles Story on Wednesday, where members of the public were being offered free valuations.