The Latin charter dates back to 1287 and details a lease arrangement between Ingeram Mounceaux and Bridlington Priory for the watermill at Hertburn, amounting to 40 shillings a year.

Local historian Mike Wilson said that it was 'absolutely amazing' that such a rare piece of the town's history was available to the highest bidder, and hoped a local person or organisation would buy it.

"This may be one of the oldest surviving documents of our town's history," said Mr Wilson. "The Great Town Deed dates back to the 1600s, but this charter came around 400 years earlier. It's quite incredible really."

The charter originates from a time when the Priory was at its richest as people made donations to the church believing it would help their passage into Heaven.

Mr Wilson wants the charter to be displayed in the town for everybody to enjoy.

He said: "We do not make the most of our history and that really upsets me."

The charter is currently at Bloomsbury Auction House in London and bidding starts today at £500, though it is expected to fetch up to triple that amount.

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