A copy of a colonial Psalm Book will be sold during an auction in New York later this year and is expected fetch as much as $30 million.

The Bay Psalm Book was the first book ever to be published in America. The book now has only eleven copies existing and one of those copies will be sold from Boston's Old South Church's collection at an auction in New York later this year.

According to a statement by Sotheby's, released Friday, the book is expected to sell at as much as $30 million which would make it the most expensive book in the history of the world.

The book initially titled, "The Whole Booke of Psalmes" Faithfully Translated into English Meter, was first printed in 1640 in Cambridge, Massachusetts. Hundreds of copies were made but currently only 11 are known to still exist.

The book is being sold from Boston's Old South Church's collection to raise money for repairs of the church. Along with the book, 19 pieces of colonial silver will be sold by the church for repairs and charity work.

This is the first copy of the book that has been put up for sale since 1947. In 1947, it was auctioned at a record price of $151,000. Now, Sotheby's estimates that this copy will sell for anything between $15 million to $30 million at its New York auction November 26.

"This little book of 1640 was precursor to Lexington and Concord, and, ultimately, to American political independence," said David Redden, chairman of Sotheby's books department.

Redden added that this "mythical rarity has become too rare to collect. Yet here it is today, this modest little book printed in the American wilderness but embodying the values that created our nation: political freedom and religious liberty."

The selling has raised a few brows and the move is said to be "controversial".

"We know what we need for a sustainable future," Reverend Nancy Taylor, senior minister, told Boston.com. "We want to take this old hymn book, from which we literally sang our praises to God, and convert it ... into doing God's ministry in the world today."

However, a few members of the congregation didn't share similar views with Reverend Taylor. "Once we break the faith with our forebears, it's all out the door," church historian Jeff Makholm told the Associated Press. "How easy is it to spend somebody else's money?"

Hence, the issue was opened to votes and majority of the congregation decided on selling the book and the silver.