A philanthrophist has donated his collection of rare books to Princeton University worth $300 million including a 1455 Gutenberg Bible, the first book to ever be printed using movable type printing press.

The donor, William Scheide was an alumnus of the University in 1935 and is known for supporting the institution's various programmes for arts and education including the library, scholarships, endowed professorship, the funding of buildings and special collections of books. The University has housed Scheide's library since 1959.

Despite his many contributions, he surprised his alma mater when he died at the age of 100 last November and bequeathed his 2,500 volume rare books collection to the University.

"I cannot imagine a more marvellous collection to serve as the heart of our library," Princeton President Christopher L. Eisgruber said in a statement, adding that the gift is "one of the greatest collections of rare books and manuscripts in the world today."

"Bill established a lasting legacy at this University through his magnificent rare books collection, his scholarship support for hundreds of students, and his extraordinary contributions to our music and humanities programs. We are grateful for his profound commitment to Princeton, and we are proud that his name will endure in so many ways on the campus he loved so dearly," Eisgruber said.

The Gutenberg Bible is a Latin language Bible printed in Mainz, Germany and is considered to be an extremely rare collectors' item.

Only 48 copies of Gutenberg Bible exist, according to records; 11 copies are in the US. Harvard and Yale have one copy each while the New York Public Library and Library of Congress also have their own copies. Only the Morgan Library and Museum in New York has more than one copy as the library has three in its possession.

In itself, the estimated value of a complete Gutenberg Bible is $25-$35 million with individual leaves selling from $20,000-$100,000.

Scheide's collection also includes an original printing of the Declaration of Independence, Paul Revere's print engraving of the Boston Massacre and notes from Beethoven, Bach, Mozart and Wagner.

Shakespeare's work in its original print, known as the First Folio, was part of the set, as well as the second, third and fourth folios.

The collection is a family heirloom that dates back to the 19^th century when Scheide's grandfather started making his fortune during the Pennsylvania oil boom.