Auctioneers TW Gaze included the item – which features the caricatured face of a black man – in its catalogue for today’s sale of antiques and vintage items at its sale rooms in Diss.
It was expected to fetch between £100 and £150.
But following a complaint to the firm, it has been withdrawn from sale.
The auction house has declined to comment.
It comes weeks after police seized a number of golliwog dolls from a pub in Essex following a hate crime complaint.
In a separate incident, Norfolk police recently recorded a hate incident over a display of golliwogs at a cafe in Caister.
The money box, like golliwogs, is based on a caricature which is now widely considered racist.
The Gaze customer who complained to the firm, and who asked not to be named, said: “Following the seizure by police of a number of golliwogs from a pub in Essex recently, TW Gaze in Diss have included in their catalogue what most would consider an offensively racist money box in the form of a caricatured man of colour.”
When the EDP contacted TW Gaze, the firm said it had now been withdrawn from sale but it had no further comment.