What is a Mule coin? $1 coin error worth $3000

A prominent coin expert has issued a call to action to Australians, encouraging them to scrutinise their loose change for a potentially valuable treasure – a rare $1 coin that could be worth as much as $3000.

Joel Kandiah, a numismatist, has revealed a significant error made by the Royal Australian Mint, catapulting the value of a batch of $1 coins.

Going by the moniker @TheHistoryOfMoney on TikTok and Instagram, Mr Kandiah has garnered a substantial following due to his insights into the worth of various coins and banknotes.

According to Mr Kandiah, these sought-after coins are currently fetching prices ranging from $300 to $3000 in online markets, contingent upon their condition.

“In 2003, Australian coin collectors became aware of a significant coin error originating from the Royal Australian Mint,” Mr Kandiah explained.

“A batch of $1 coins from the year 2000 had been mistakenly produced using the incorrect obverse die (the head side) and subsequently entered circulation.

“Astonishingly, this error went unnoticed for a year or two.”

Rather than featuring the intended design, some of the 2000 $1 coins had been struck with the Australian 10c obverse die, according to Mr Kandiah.

The slight 1.4-millimeter difference in diameter between the 10c and $1 coin led to the creation of what is now known as the legendary 2000 $1 ‘mule’ coin.

Mr Kandiah revealed that there may be as many as 7000 of these rare coins in circulation, telling 7 NEWS: “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. So that represents about 0.1 per cent of all 2000 $1 coins minted.”

He added: “If you 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.”

Mr Kandiah emphasised that distinguishing a 2000 $1/10 cent mule from a regular $1 coin is “relatively straightforward.”

He stated” “The smaller 10c die results in a pronounced double rim around the obverse of the coin, as clearly depicted in the accompanying image. 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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