A leading coin expert has urged Australians to check their change for a rare $1 that just might be worth as much $3000.
Respected numismatist Joel Kandiah says an easy-to-miss “significant” error by the Royal Australian Mint has resulted in a batch of $1 coins skyrocketing in value.
The Perth coin and bank note expert — who uses the handle @TheHistoryOfMoney — has built a huge following on TikTok and Instagram with his insights on the value of various coins and bank notes.
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Kandiah says the sought-after coin is now selling for between $300 and $3000 online, depending on its condition.
He’s now passed on tips on how to spot the super valuable coin, that just might be lurking in your coin purse (see bottom of page).
“In 2003, Australian coin collectors became aware of a significant coin error originating from the Royal Australian Mint,” Kandiah explains.
Coin expert Joel Kandiah with the rare coin. Credit: thehistoryof_money/Instagram
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“A batch of $1 dollar coins from the year 2000 had been mistakenly produced using the incorrect obverse die (the heads side) and subsequently entered circulation.
“Astonishingly, this error went unnoticed for a year or two.
“Instead of the intended design, the obverse of some 2000 $1 dollar coins had been minted using the Australian 10 cent obverse die.
“Given the mere 1.4-millimetre difference in diameter between the 10 cent and $1 coin, this peculiar mistake led to the creation of the legendary 2000 $1 ‘mule’ coin.”
One of the rare $1 coins is currently on auction. Credit: Supplied
Kandiah tells 7NEWS.com.au that it’s believed there could be as many as 7000 of the rare coins in circulation.
“There are no confirmed numbers of how many there are out there, but it is an estimated 6000-7000 of them from a total mintage of 7.6 million,” he said.
“So that represents about 0.1 per cent of all 2000 $1 coins minted.”
He added: “If you happen to discover one of these rare mules in your change, they can be valued between $300 and $3000, depending on their condition.
“Most coins you’ll find will be around the $300 mark.”
The rare coin has a distinctive double rim. Credit: thehistoryof_money/TikTok
How to spot a rare $1 coin
Kandiah says distinguishing a 2000 $1/10 cent mule from a regular $1 coin is “relatively straightforward”.
“The smaller 10 cent die results in a pronounced double rim around the obverse of the coin, as clearly depicted in the accompanying image,” he said.
“Because of the smaller die’s usage, the obverse strike often appears off-centre, as does the double rim.
“Mules with well-centred obverse strikes typically command higher prices in the collector’s market.”
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