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Collectors will have to dig deep into their pockets if they want to get their hands on a valuable piece of rock 'n' roll history that's currently up for auction.

The Beatles' 1972 Grammy Trustee Award presented to John Lennon is expected to fetch up to $500,000, through the Gotta Have Rock And Roll auction house, the Daily Mail reports.

Each of the four members of The Beatles — which includes Paul McCartney, George Harrison and Ringo Starr — were given the statuettes in recognition for their 'significant contributions to the field of recording' two years after the band broke up, according to the auction's website.

But, it turns out Lennon wanted no part of his award and told the president of the Grammys at the time: 'I'm not a Beatle anymore, you can keep it,' as reported by Gotta Have Rock And Roll to TMZ.

The legendary Revolution singer-songwriter ended up gifting the award directly to the head of Apple Records, who was also the President of Naras The Grammys.

The golden gramophone award is mounted on a wood base with an inscribed plaque affixed to it reading, 'National Academy Of Recording Artists And Sciences, National Trustees Awards 1972, To, The Beatles, John Lennon'.

Currently, the bid sits at $200,000, but with more than four days left the auction house closes on Friday estimates that the final price tag will shoot up to between $300,000 and $500,000.

Other Beatles lots currently up for auction with Gotta Have Rock And Roll include handwritten lyrics, a 1964 signed US tour contract, an autographed setlist from 1963, and Lennon's sunglasses, fountain pen and a matchbook.

Lennon was just 40 years-old when he was gunned down and killed by Mark David Chapman on December 8, 1980, while he and wife Yoko One were walking back into their New York City home late at night.