Expert reveals the secret to becoming a millionaire with Aussie coins
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Treasure hunting may not be as outlandish as it sounds, particularly if you have a penchant for collecting coins.
In the realm of high-end and rare coin collecting, Australia is experiencing a remarkable surge.
While many Australians might rummage around in their wallet for potentially alluring coins to add to their collection, an expert asserted that it's the long-cherished collections that have the potential to amass staggering value.
Director of Imperial Coins, Scott Waterman, revealed that the value of a coin is not always determined by its rarity, but rather by its condition.
'The condition will often be the biggest determining factor rather than the actual rarity of it, so if you get an average coin in the finest condition that can add a lot of value,' he said.
He also noted that although more Australians are seeking out coins with potential worth beyond their face value, such as those with minting errors, it's the coins held for extended periods that generally hold the highest worth.
‘That’s where you get into the tens and thousands and more,’ he said.
Let's delve into some astounding examples of coins in circulation that, if accrued, could drive a jackpot numbering up to a million dollars.
The Holey Dollar
The pre-colonial 'Holey Dollar', dating from the early 1800s and impressively described as the 'king of Australian collectable coins' by Mr Waterman, is among those at the top of the high-priced coin range.
This uniquely shaped coin, minted in the New South Wales colony, has an outer ring known as the 'holey dollar', and the punched-out centre, referred to as the 'dump'.
Mr Waterman explained that the creation of the Holey Dollar initially aimed to alleviate a scarcity of coins in the new colony.
'There was a shortage of currency to transact in the colony, and so, the governor at the time requested… 40,000 Spanish dollars,' he said.
The governor later recalled the coins, and substituted them with a different currency.
The value of these striking coins ranges from a whopping $30,000 to an astronomical $700,000 as it is believed that there are approximately 300 or fewer holey dollars, and around 1000 dumps currently in circulation.
The South Australian Assay Office
The rare and highly treasured 1852 South Australian Assay Office coin is potentially worth up to a million dollars each.
These coins bear the historical claim of being the first gold pieces struck for currency purposes in Australian colonies and were used in South Australia.
Nicknamed the 'Adelaide ingots', the Royal Australian Mint reported that the coins were made from stamped gold strips, each individually labelled to show its weight and the purity of its gold content.
The 1930s Penny
The 1930s Penny seems to hold a rich narrative.
Struck amidst the hardships of the Great Depression, it assumed legendary status among coin collectors.
‘The most popular higher value coin and the most iconic in Australian coins is the 1930 Penny which, in itself, is a story,’ Mr Waterman said.
‘There was no official mintage for the 1930 pennies, and it wasn’t until the 50s that collectors and dealers at the time worked out that they actually existed.’
With an estimated circulation of around 1,500 coins, a 1930s Penny can fetch anywhere between $15,000 and $100,000.
However, there were six of these pennies minted to proof quality—the highest standard possible—which, according to Mr Waterman, have been known to exchange hands for up to a million dollars.
Three out of the six coins are presently in the possession of museums, while the remaining three are privately owned.
Mr Waterman is also the president of the Australian Numismatics Dealers Association (ANDA), and he strongly advised anyone interested in collecting or investing in high-end coins to always deal with an authorised dealer.
‘If you’re considering collecting investment level, good quality coins and banknotes, then it’s recommended to deal with ANDA affiliated or authorised dealers,’ he said.
‘Always deal with an expert and try to deal with reputable bricks and mortar businesses,’ he added.
This was highlighted by a recent incident involving an Australian coin posted online for an enormous amount.
Aside from the three listed coins, other Australian coins could be worth thousands of dollars like this one.
Do you know anyone who owns one of these coins? Which rare item do you have in your collection? Share them in the comments below.
In the realm of high-end and rare coin collecting, Australia is experiencing a remarkable surge.
While many Australians might rummage around in their wallet for potentially alluring coins to add to their collection, an expert asserted that it's the long-cherished collections that have the potential to amass staggering value.
Director of Imperial Coins, Scott Waterman, revealed that the value of a coin is not always determined by its rarity, but rather by its condition.
'The condition will often be the biggest determining factor rather than the actual rarity of it, so if you get an average coin in the finest condition that can add a lot of value,' he said.
He also noted that although more Australians are seeking out coins with potential worth beyond their face value, such as those with minting errors, it's the coins held for extended periods that generally hold the highest worth.
‘That’s where you get into the tens and thousands and more,’ he said.
Let's delve into some astounding examples of coins in circulation that, if accrued, could drive a jackpot numbering up to a million dollars.
Coin expert Scott Waterman revealed that the condition of a coin is the primary factor when determining its value. Credits: Coinworks
The Holey Dollar
The pre-colonial 'Holey Dollar', dating from the early 1800s and impressively described as the 'king of Australian collectable coins' by Mr Waterman, is among those at the top of the high-priced coin range.
This uniquely shaped coin, minted in the New South Wales colony, has an outer ring known as the 'holey dollar', and the punched-out centre, referred to as the 'dump'.
Mr Waterman explained that the creation of the Holey Dollar initially aimed to alleviate a scarcity of coins in the new colony.
'There was a shortage of currency to transact in the colony, and so, the governor at the time requested… 40,000 Spanish dollars,' he said.
The governor later recalled the coins, and substituted them with a different currency.
The value of these striking coins ranges from a whopping $30,000 to an astronomical $700,000 as it is believed that there are approximately 300 or fewer holey dollars, and around 1000 dumps currently in circulation.
The South Australian Assay Office
The rare and highly treasured 1852 South Australian Assay Office coin is potentially worth up to a million dollars each.
These coins bear the historical claim of being the first gold pieces struck for currency purposes in Australian colonies and were used in South Australia.
Nicknamed the 'Adelaide ingots', the Royal Australian Mint reported that the coins were made from stamped gold strips, each individually labelled to show its weight and the purity of its gold content.
The 1930s Penny
The 1930s Penny seems to hold a rich narrative.
Struck amidst the hardships of the Great Depression, it assumed legendary status among coin collectors.
‘The most popular higher value coin and the most iconic in Australian coins is the 1930 Penny which, in itself, is a story,’ Mr Waterman said.
‘There was no official mintage for the 1930 pennies, and it wasn’t until the 50s that collectors and dealers at the time worked out that they actually existed.’
With an estimated circulation of around 1,500 coins, a 1930s Penny can fetch anywhere between $15,000 and $100,000.
However, there were six of these pennies minted to proof quality—the highest standard possible—which, according to Mr Waterman, have been known to exchange hands for up to a million dollars.
Three out of the six coins are presently in the possession of museums, while the remaining three are privately owned.
Mr Waterman is also the president of the Australian Numismatics Dealers Association (ANDA), and he strongly advised anyone interested in collecting or investing in high-end coins to always deal with an authorised dealer.
‘If you’re considering collecting investment level, good quality coins and banknotes, then it’s recommended to deal with ANDA affiliated or authorised dealers,’ he said.
‘Always deal with an expert and try to deal with reputable bricks and mortar businesses,’ he added.
This was highlighted by a recent incident involving an Australian coin posted online for an enormous amount.
Aside from the three listed coins, other Australian coins could be worth thousands of dollars like this one.
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