Check your wallet now! Coin collector reveals how to find out if you have a 5-cent piece that could be worth $200
A coin collector has revealed a unique 5-cent piece from a rare batch that could generate exceptional value.
Adelaide man Brad Sanders was confused when he couldn't find a 5-cent piece from 1972 in his collection of coins.
He looked into the mintage from 1972 and discovered only 8.3million 5-cent coins were produced compared to 48.8million the year after, making them extremely rare.
A coin collector has revealed a 5 cent piece minted in 1972 could be worth $200
'I had about $100 in 5c pieces and I was missing that one year. I couldn’t believe it so I started doing my research and found out,' Mr Sanders told 7News.
Mr Sanders said the five cent pieces are valuable to collectors and could generate a healthy profit.
'That one depending on the condition can go from anywhere between $5 all the way up to $200,' he said.
Australians are fast moving to cashless currency, but those still using coins have the added advantage of potentially hitting the jackpot with their spare change.
Adelaide collector Brad Sanders (pictured with his partner Cristy) noticed the coins were rare when he couldn't find a 5 cent piece from 1972 in his collection
Mr Sanders said it is worth browsing through your change jars on the chance of finding something rare.
'Each coin is different so if you find something weird on it then it's always worth going "hey, does anybody else have this?"' he said.
While some may be hard to spot, coins with small minting mistakes - known as 'mules' by collectors - can easily fetch thousands of dollars.
A rare $1 Australian coin with a minting error was recently put up for auction for $4,000 with other even-rarer 'mules' being worth tens of thousands.
This $1 coin was stamped on the head side with a 10c piece mold resulting in a double-edge
While the mistake on the $1 coin might be missed at first glance, the error is obvious when pointed out - the heads side was stamped with a 10c piece mold resulting in a double-edge.
The Australian Coin Collecting Blog estimates there would be about 6,000 of these coins in circulation, with the majority ending up in Perth.
People from across the globe try to outbid each other in an effort to add the item to their collections which drives the price up.
'Value depends on the quality - so if they are really high quality, then they're going to be very valuable and worth $4,000 or $5,000,' coin expert David Jobson told The Morning Show.
Director of Town Hall Coins and Collectables David Jobson said select coins from misprints and other odd series can net thousands of dollars more than their face value to collectors
A 5c piece that has been struck twice resulting in an overlapping imprint of the echidna on one side and the Queen on the other has a $55,000 price tag on eBay
Mr Jobson, who runs a Sydney coin and collectables store, also has a 'mule' 5c piece which was struck in 2007 with the Queen's likeness on both sides instead of the iconic echidna.
'It's quite a striking error, they're a lot easier to notice in your change. Value-wise, it starts off at about $1,000 - and it goes up to about $4,000 for really nice ones.' he said.
Mr Jobson also recently sold a 20c piece with another standout error that resulted in the edges being shaped in a 'scalloped' pattern.
He explains in 1981 the Royal Mint in London produced the 20c coins and also the Hong Kong $2 coins - with an employee mixed up the two molds resulting in the hybrid item.
Mr Jobson recently sold a 20c piece with another standout error that resulted in the edges being shaped in a 'scalloped' pattern
'It's very valuable. There are less than 10 that are known to exist, and they value anywhere between $15,000 and $20,000.' he said.
A 2001 20c coin printed on a bi-metallic silver and gold coloured base can fetch up to $32,000.
A 5c piece that has been struck twice resulting in an overlapping imprint of the echidna on one side and the Queen on the other has an even bigger $55,000 price tag.
Mr Jobson warned, however, that anyone who is looking to purchase rare coins should have their authenticity independently verified by a third party and make sure the seller is reputable.
He also said that not all these rare mistake coins had been snapped up by collectors with many still able to be found in circulation such as the $1 and 5c pieces which were brought into his store after someone found them in their pockets.
He advised anybody who thinks they have found one of the mistake coins to take a quick picture and email a coin dealer who will be able to verify the item.
A 2001 20c coin printed on a bi-metallic silver and gold coloured base can fetch up to $32,000