It was bought at auction in the early 1990s by Auckland art gallery owner Warwick Henderson, who is farewelling his toy collection because he is moving premises.
The item, which Mr Coney calls a "dissected puzzle" because jigsaws had not been invented when it was made, shares the maddening fate of many modern versions in having several pieces missing.
Otherwise, he would have put an estimate of about $2000 on it.
But even with a large chunk of Africa missing, the puzzle remains "materially" intact, and has the bonus of tracking Captain James Cook's three round-the-world voyages including their convergence on New Zealand.
"It is one of the rarest items of New Zealand-related material we have handled," said Mr Coney, who expects it to fetch between $500 and $750.
Mr Coney said New Zealand had a thriving toy-collecting scene.
"Toy collectors are passionate and knowledgeable with a great sense of humour and appreciation for the childhood joys that toys bring," he said.
The second collection being auctioned belonged to the late Bob Geerligs, who left most of the toys he brought back to Auckland from frequent visits to Europe in their original packaging.
Playtime
• Vintage toys auction - 1pm, Wednesday, December 10 at Art+Object, 3 Abbey St, Newton.
Items previewed by the Herald yesterday included:
• 1953 open-top Pontiac with driver ($800-$1000)
• Late-1940s Fun Ho! roadster with driver and passengers ($500-$750)
• 1960s Cadillac sedan, one of the largest tin toy autos made ($350-$450)
• Late-1940s clockwork (American zone) German Schuko tinplate motorbike and rider in original working condition ($200-$250).
On the web: artandobject.co.nz.