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Australian $1 coins can be worth $5,000 if they have special double rim minting error

A seemingly ordinary $1 coin could make you $5,000 richer thanks to a unique double rim on its edge.

Joel Kandiah, a 31-year-old commerce teacher from Perth, revealed the easily identified feature on his TikTok account called The History of Money on Tuesday. 

The self-acclaimed 'TikTok Money Expert' explained how a rare $1 coin minted in the year 2000 could be worth between $325 and $5,000 to collectors.

The currency whiz urged his followers to check their $1 coins minted in the year 2000 for unique double rims, estimating the coins are worth between $325 and $5000

The currency whiz urged his followers to check their $1 coins minted in the year 2000 for unique double rims, estimating the coins are worth between $325 and $5000

The money man told Daily Mail Australia the reason the $1 coins are valuable is because of an error during the minting process which gave the coins a double rim. 

'On the obverse (heads) side of the coin, they used a 10c die by mistake when minting the coins, hence the double rim', Mr Kandiah said. 

The collector explained that when a coin is pressed in the mint, a die is used to imprint the image on the blank coin to create the design. 

'A lot of these escaped the quality control process at the mint and got into our change. The most reports of these being found have been in Western Australia', he said. 

Mr Kandiah said experts estimate at least 6,000 of the valuable coins could be currently stashed in the piggybanks of unknowing Australians.  

'I used to have one ten years ago and sold it for about $150 back then. Huge regret,' the coin enthusiast said.   

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Share Experts estimate at least 6,000 of the valuable coins (pictured) could be currently stashed in the piggybanks of unknowing Australians

Experts estimate at least 6,000 of the valuable coins (pictured) could be currently stashed in the piggybanks of unknowing Australians

In an earlier video, the secondary teacher explains rare coins and notes are sought after by collectors willing to pay generous amounts. 

As the coins cannot be returned to a local bank, Mr Kandiah suggests contacting a professional dealer who can grade the money and offer a fair price.  

The currency whiz also suggests setting up a store on Ebay or Facebook marketplace where collectors can purchase your rare coins or notes. 

Mr Kandiah said the popular TikTok videos have already earned one of his 50,000 followers a small fortune. 

'Someone contacted me saying that they had a 1923 Half Penny that their grandfather had passed onto them', the coin whiz said. 

'They didn't know it was rare until they watched one of my videos. It's guaranteed to get them at least $1,300 in the poorest condition.'

Joel Kandiah, 31, runs the TikTok account 'The History of Money' where he creates informative videos on rare coins and notes for his 50,000 followers

Joel Kandiah, 31, runs the TikTok account 'The History of Money' where he creates informative videos on rare coins and notes for his 50,000 followers

The money man explained the reason the $1 coins were so valuable is because of an error during the minting process which gave the coins a double rim

The money man explained the reason the $1 coins were so valuable is because of an error during the minting process which gave the coins a double rim

HOW TO FIND VALUABLE COINS ACCORDING TO JOEL KANDIAH

Rare 20c coins worth $8

About 0.5 per cent of 20c pieces made in 2004 could be worth $8 each to collectors.

The valuable coins have a bigger image of the Queen's head on the back.

Coins that have a larger head were also imprinted closer to the edge and have a pointy letter A in the text around the rim.

Out of about 72 million 20c coins produced that year, only about 400,000 have larger heads.

Pictured: The coins look identical on the front, but one has a larger head on the back 

Source: The History of Money  

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