The Silver Bell was last raced for at Lanark in 1977

The Lanark Silver Bell was first raced for more than 1,000 years ago, when it was gifted to the town by King William the Lion.

When Lanark racecourse closed in 1977 the trophy was put into storage.

Now the local community council wants to auction the rights to race for a replica of the Silver Bell to the highest bidder.

Under proposals being considered, the Lanark Silver Bell could be raced for annually at different courses around the world.

The money made from selling the rights to the Silver Bell race would be used to fund local projects in Lanark.

Frank Gunning, the chairman of Lanark Community Council, said: "The options we are looking at include auctioning the rights to the Silver Bell race to the highest bidder.

"They could go to Paris, Ascot, Dubai, really any racecourse in the world.

It is historically important but the 4 inch bell is also a beautiful object in its own right Gareth Hunt South Lanarkshire Council

He added: "The alternative is to rotate the race annually throughout the courses in Scotland.

"Any money accruing from auctioning the rights to the race would go to the Royal Borough of Lanark and the common good of the local people."

But racing experts said they were not convinced the Silver Bell trophy would attract much overseas interest.

Racing journalist, Gordon Brown, said: "I think it's a realistic prospect that the Bell could be raced for at courses around the UK and certainly at Scottish racecourses.

"But as for auctioning it to courses around the world I don't think there would be a lot of interest or bidders willing to pay for it."

Gareth Hunt, senior museum's officer at South Lanarkshire Council, said: "The Bell is extremely important and is believed to be one of the oldest pieces of Scottish sporting silver.

He added: "It is historically important, but the 4 inch bell is also a beautiful object in its own right."