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Updated Jul 2, 2013 - 10:14 am

Bob Dylan's electric guitar could auction for $500,000

(Chris Pizzello, AP)

Bob Dylan began his career as a folk musician wielding only an acoustic guitar and harmonica. But during his performance at the 1965 Newport Folk Festival, he amped up his sound with an electric tone.

According to Rolling Stone, the 1964 Fender Stratocaster electric guitar the singer played during his Newport performance will soon be auctioned off to the highest bidder.

The current owner of the guitar, Dawn Peterson, believes the item should hold a hefty price tag.

"(TV show) 'History Detectives' felt it was worth $500,000," says Peterson. "I believe it's probably worth more than that."

Dylan's handwritten lyrics of "Just Like a Woman" and "Temporary Like Achilles" will also be included in the deal.

The auction is likely to launch later this year but a date for the auction hasn't been announced.

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