‘Opposite of rare’: Aussies warned over $1 coin selling for up to $9k online

A $1 coin is selling for up to $9,000 online but an expert has issued a worrying warning.

Aussies are being warned to watch out for a $1 coin being falsely listed online as “rare” and selling for thousands of dollars more than it’s really worth.

The 2020 Donation Dollar, designed to be given to charity, is being listed on eBay for eye-watering prices of up to $9,000. But coin experts warn it’s worth far, far less.

“The reality is that the coin is only worth face value ($1),” coin expert and TikToker Joel Kandiah told news.com.au.

Mr Kandiah said the Donation Dollar is anything but rare. Picture: Instagram@thehistoryof_money

Contrary to what several seller have claimed online, Mr Kandiah said the coins are “practically the opposite of rare”.

“They’re a relatively common coin with 12.5 million minted in 2020 and 12.9 million minted in 2021.”

The 2020 Donation Dollar was the world’s first dollar coin designed to be donated – with one minted for every Australian at the time.

It features a green centre with a gold ripple design to symbolise the ongoing impact each donation makes to those in need.

Over six million Donation Dollars are currently estimated to be in circulation, with the Royal Australian Mint set to continue releasing the coins until all 25 million are in circulation.

The coins are being sold for up to $9,000 on eBay. Picture: eBay

Mr Kandiah, who has amassed a huge following on TikTok and Instagram with his account, ‘The History of Money’, claimed online sellers may be significantly upping the price of the coin as they may not have properly researched its value or may be engaging in money laundering.

“They (also) may have gone to a dealer who has told them it’s only face value and hence weren’t happy, so they go to eBay and sell it for a price they were hoping to get.”

He warned Aussies who are looking to get their hands on valuable coins to only buy off trusted sellers who have high ratings.

“If still unsure, see an ANDA (Australasian Numismatic Dealers Association) authorised dealer and they will point you in the right direction,” he advised.

The 2020 Donation Dollar was the world’s first dollar coin designed to be donated. Picture: Handout via NCA NewsWire

The Assistant Minister for Treasury, Competition and Charities, Dr Andrew Leigh said Donation Dollars – which are intended to be given away rather than then hold onto – are “helping to build a more reconnected Australia.”

“When we donate to others, we experience the well-known ‘helper’s high’ – the joy that comes from assisting others.” Dr Leigh said in a statement last year.

As of 2023, the coin had generated an additional $55 million in incremental charitable giving.

“The Donation Dollar is an example of where an innovation can inspire additional behaviours and the importance that cash can inject into the community,” Royal Australian Mint CEO Leigh Gordon said last year.

“The number of people that have been inspired to make a donation by coming across a Donation Dollar far exceeds the value of that dollar.”