What is significant about the Coelacanth discovered in 1938?

About 2000 million years ago (mya) the first cellular forms of life appeared on earth. The mechanism of how non-cellular aggregates of giant macromolecules could evolve into cells with membranous envelop is not known. Some of these cells had the ability to release O₂. The reaction could have been similar to the light reaction in photosynthesis where water is split with the help of solar energy captured and channelised by appropriate light harvesting pigments. Slowly single-celled organisms became multicellular life forms. By the time of 500 mya, invertebrates were formed and active. Jawless fish probably evolved around 350 mya. Sea weeds and few plants existed probably around 320 mya. We are told that the first organisms that invaded land were plants. They were widespread on land when animals invaded land. Fish with stout and strong fins could move on land and go back to water. This was about 350 mya. In 1938, a fish caught in South Africa happened to be a Coelacanth which was thought to be extinct. These animals called lobe fins evolved into the first amphibians that lived on both land and water.