Coffey, 26, had to give up riding last year during the worst of the COVID pandemic because he couldn't risk an infection and said he only returned to racing when he ran out of cash.

He was back in the saddle in time to ride in his first Melbourne Cup in November but finished near-last on a 100-1 chance.

Punters gave him a much better chance of winning the Launceston Cup, with Aurora's Symphony backed from $8 to $6.50 with tab.com.au.

Coffey gave Aurora's Symphony, from the Symon Wilde stable at Warrnambool, a perfect run in third place behind the leader before looming to challenge on the home turn.

The five-year-old gelding charged to the lead in the straight then held off fellow Victorian Ho Ho Khan ($2.90 fav) to score by 1-1/2 lengths.

Local stayer The Risk Factor ($4.40) was a further 1/2 length away in third place after making a bold bid to lead all the way.

Aurora's Symphony was being set for the Great Western Cup in Victoria until that race had to be called off due to bush fires.

It was only then that Wilde decided to send him to Tasmania where he won a race worth five times as much.

Stable foreman Pat Kearney said the Launceston Cup looked "a near perfect race for him".

"It was terrific placement by everyone at home - it's been a massive team effort," Kearney said.

"We'll take him home now and reassess but I'm pretty sure that, being owned locally, he will head towards our Warrnambool Cup carnival."

Coffey said he couldn't have enjoyed a better run in Northern Tasmania's biggest race.

"When you've only got 54kg in a staying race you're in a great spot if you can be in the first four," he said.

"Jarrod Fry (on In A Twinkling) did the right thing when he put some pressure into the race before the home turn and it set it up nicely for me,

"I was able to manoeuvre into the clear and the horse did it quite easily at the finish."

Coffey said it was "always good to put another cup on the mantlepiece.

"I'm sorry I had to steal your money to do it but it's a pleasure to be here," he joked.

Devonport Cup winner White Hawk came from last to finish fourth with last year's Launceston Cup winner Glass Warrior fifth.

Former 'cups king' Eastender finished last, almost 40 lengths from the winner, and will now be retired to become a show horse.