The $1/10c mule coin, left, with a normal $1 coin. Picture: Australian Coin Collecting Blog
A rare $1 coin with a distinctive “double rim”, the result of a printing error at the Mint back in 2000, is today worth an actual mint to collectors.
According to the Australian Coin Collecting Blog, the so-called “$1/10c mule” coin could be worth anywhere from $1000 to nearly $3000.
“Check the date,” the ACCB writes. “It needs to be a year 2000-dated $1 coin. Then you need to look closely at the circular rim of the coin — is it thicker than usual on the Queen side, appearing doubled?
“If you think that’s the case then you might have a coin worth $1000 or more. The value of your rare coin will now depend on the condition. After spending 17 years in circulation, some coins are more valuable than others.”
As 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 normally used for the 10c piece”.
The slightly smaller size of the 10c piece resulted in the thicker double rim.
The actual number of the coins in circulation is not known, but a statistical sample by some “mule hunters” on an old internet forum estimated the total mintage at between 6000-7000. According to the blog, the majority of the mules were sent to Perth, but the error wasn’t picked up by coin collectors until 2003.
At that time, there was a “frenzy of ‘mule’ hunting in the local casino and lots of dollar coins were withdrawn from Perth banks”.
“This was the height of the ‘mule’ season, with enthusiastic searchers finding one or more mules each day spent searching,” the ACCB writes. “With the mules fetching several hundred dollars each at the time, it was a profitable and enjoyable way of spending a day.
“The ‘mule’ hunt has slowed in the last few years as the number available in circulation is slowly reduced and diluted. But the mules are still out there to be found by those willing to look.”
While some of the mule coins are listed on eBay for up to $8500, the blog says it’s better to look at actual recent sold prices to get a better indication of the coin’s value. In the past year, auction prices have ranged from as low as $425 to as high as $2742.
So next time you’re buying a coffee or emptying out the coin jar, take a few minutes to sift through your $1 coins — it could be well worth your time.
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