The medal awarded to a policeman for capturing serial killer Donald Neilson was snubbed at an auction.
The Queens Gallantry medal, given to PC Tony White for arresting the notorious murderer, was expected to fetch between £12,000 and £15,000.
But the medal, handcuffs, notebooks and pictures from the time of the arrest in 1975 were not sold at a Bonhams sale house.
Nielson, who became known as The Black Panther, killed Baxenden sub-postmaster Derek Astin on September 6, 1974.
Mr Astin, who lived there with his wife, Marion, then 41, daughter Susan and son Stephen, 10, was shot in the back and arms as he tackled the Panther, an ex-soldier, after he'd broke into his post office and home.
PC Tony White caught Nielson and arrested him in 1975 and the notorious murderer was later jailed after being handed four life sentences.