Aussies are being urged to check their pockets as an unlikely error on a $1 coin makes them worth thousands of dollars.
Australia’s $1 coin, which was first introduced in 1984 to replace the $1 note, features a portrait of Queen Elizabeth II on the obverse, soon to be replaced with the likeness of King Charles III.
Its reverse side, meanwhile, features five hopping kangaroos, known as the iconic “Mob of Roos” design by Stuart Devlin.
But, of the 5.1 million “Mob of Roos” $1 coins minted in 2005, just a handful had a surprisingly obvious error.
The die that was used to impress the error coins during production drastically missed the mark, resulting in a dollar that was struck about 10 per cent, or 2-3mm, off-centre.
It means that part of the design on both the obverse and reverse side has been chopped off, while the other half is home to a wonky-looking blank space.
How did the error happen?
When coins are made correctly, a metal disc known as a planchet is perfectly centred in the coin press before being stamped onto a circle of metal. Another ring-shaped device, known as a collar die, holds the metal in the correct shape as it gets stamped.
But in the case of the Australian $1 Mob of Roos off-centre error, something went wrong. Instead of the planchet neatly fitting into place, it ended up off-centre.
Because the planchet was off-centre, it didn’t fit into the collar die properly. As a result, when the press came down, the design was left misshapen and the coin not perfectly round.
Finally, the error coins slipped past the watchful eyes of those doing quality control at the Royal Australian Mint and made their way into circulation, where they became collectors’ items.
What is the $1 Mob of Roos off-centre error worth?
The error is fairly uncommon but seems to have happened more frequently in 2005, according to Mark Nemtsas and Kathryn Harris of The Purple Penny coin shop in Adelaide.
It’s possible that at least one die pair was set up incorrectly for a 2005 $1 production run, or that there was a fault with the coin press that meant it malfunctioned more regularly.
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One “extremely high grade” example of the error coin is currently listed on eBay for an eye-watering $3500.
The price tags of other examples are even higher.
A second coin is listed for $5999, while a third is listed for $6999.90.
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