Rare Australian $1 coin in circulation could be worth thousands

Aussies are being urged to check their loose change as a $1 coin could be worth thousands because of this unusual feature.

Australians are being urged to check their pockets for a rare $1 coin that could be worth thousands of dollars.

Experts in coin collecting are urging Aussies to keep an eye out for a $1 coin minted in 2000 that contains a significant error made by the Royal Australian Mint.

The error could fetch the owner anywhere up to $3000 online, based on the coin’s condition.

This rare $1 coin has a double rim on the Queen side. Picture: Supplied

The rare coin has been minted with a “double rim” around its perimeter, while a regular $1 coin only has one rim.

The Australian Coin Collecting Blog is urging people to check their coins.

“Check the date. It needs to be a year 2000-dated $1 coin,” the blog reads.

“If your 2000-dated coin does have the double rim on the Queen’s head side then what you have is a $1/10c mule, a variety of the Australian dollar coin that’s worth well over face value.”

A regular coin has a single rim.

“After spending 17 years in circulation, some coins are more valuable than others.”

The blog explains the mule was made when a technician at the Mint in Canberra accidentally paired the mob of ‘roos dollar reverse with the Queen’s head obverse, which is usually used for the 10 cent coin.

The smaller size of the 10c coin resulted in the thick, double rim.

According to the blog, the error wasn’t spotted for at least three years.

“A coin’s value is ultimately determined by the price a buyer will pay and the price that a seller will accept,” the blog says.

Originally published as Rare Australian $1 coin in circulation could be worth thousands