The first recording by Elvis Presley, preserved on an acetate disc cut at Sun Records studio Memphis Recording Service on July 18, 1953, will hit the auction block on January 8.

The disc, which features the songs "My Happiness" and "That's When Your Heartaches Begin," is the only of its kind.

Record Collector magazine has previously listed the item at $500,000. Elvis is said to have paid $4 to make the record.

The record goes on sale in time to commemorate what would have been the King's 80th birthday.

Other items featured in the auction are Presley's first driver's license, from 1952, a signed contract for an appearance on the Louisiana Hayride radio show in 1955, and his first single for Sun Studios, "That's All Right."