The Aussie coins worth up to a million dollars revealed by expert

While some coin collectors might be searching for valuable coins in their wallet, an expert says it's the coins that have been collected for years that are worth the most.

The dealing and collecting of high end and rare coins is a booming industry in Australia, and an expert in the field has revealed some of the most valuable numismatics in circulation.

Director of Imperial Coins Scott Waterman said while there is a growing number of Aussies hunting for coins that could be worth more than face value due to minting errors and other factors, it’s the coins that are typically collected for long periods of time that are the most valuable.

“That’s where you get into the tens and thousands and more,” he told NCA NewsWire.

But Mr Waterman said the value of a coin is often dictated by its condition, not necessarily its rarity.

“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.

Mr Waterman has revealed some of the most valuable coins in circulation, noting some could be worth up to one million dollars.

The Holey Dollar

1813 Holey Dollar valued at $295,000, Picture: Supplied

Described as the “king of Australian collectable coins” by Mr Waterman, the pre colonial holey dollar is one of the most valuable coins on the market.

The coin minted in the early 1800s in the New South Wales colony, takes a unique shape with the outer ring known as the holey dollar and the centre of the coin punched out, referred to as the “dump”.

Mr Waterman said the coins are by far the most valuable coins on the market, with the collectable ranging in price from $30,000 to $700,000.

Mr Waterman explained that the coin was initially created to address a shortage 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 coins were later recalled by the governor and replaced with a different currency.

It is understood there are about 300 or less holey dollars and about 1000 dumps in circulation.

The South Australian Assay Office

Historically important and excessively rare 1852 type 1 ingot from the South Australia Government Assay Office, Adelaide. Sold at 04 Jun 2009 auction for $801,000.

A collectable coin that is rarely seen on the market, is the highly sought after 1852 South Australian Assay Office.

The coin can be worth up to a million dollars a piece, but Mr Waterman said they are rarely seen.

The coins were the first gold pieces to be struck for currency purposes in Australian colonies and were issued in South Australia.

According to the Royal Australian Mint, the coins were made from strips of stamped gold which later came to be known as the ‘Adelaide ingots’.

Each ingot was individually stamped to indicate its weight and the purity of its gold content.

1930s Penny

The 1930s Penny. Picture: Supplied

The 1930s Penny was struck during the Great Depression and has become one of the most valuable and popular coins.

“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.”

Mr Waterman said there is thought to be about 1,500 coins struck despite there being no official mintage recorded by the Melbourne Mint.

Mr Waterman said the valuable coins can start at $15,000 and go up to $100,000 for circulation issues.

However, there were six 1930s Pennies that were struck to proof quality, the highest quality of coin a mint produces.

Three of the six coins are currently owned by museums and three are within private hands.

Mr Waterman said any of the six coins could be traded for up to a million dollars.

Also president of the Australian Numismatics Dealers Association, Mr Waterman said anyone looking to purchase or deal in high end coins should always work with an authorised dealer.

“If you’re considering collecting investment level, good quality coins and bank notes, then it’s recommended to deal with ANDA affiliated or authorised dealer,” he said.

Always deal with an expert and try and deal with reputable bricks and mortar businesses.”

Originally published as The Aussie coins worth up to a million dollars revealed by expert