On 1 August 2002, The Age newspaper reported a new world record price of over US$17 million for a $20 US gold coin dated 1933. This represented a big leap in price. The world record for a bronze coin is currently held by an Australian penny - the proof strike of 1930. There are six examples of this special Melbourne mint proof. One is in the Museum Victoria collection. In addition there are some hundreds (the exact number is unknown) of 1930 pennies made as normal strikes which went into circulation. Further information can be found in our page on coin valuations, the link for which can be found at right.
1945 Australian Shilling
Source: Museum Victoria
The two forms of 1930 penny, the proof and circulation coins are rare because very few were ever made. The 1933 US $20 coin and the 1945 Australian shilling are rare for a second reason, in both cases a large number were made but most were destroyed before being released because of a change in government regulation.
A third form of rare coin is a survivor which started out as one of many. In this class are coins like the Australian Holey Dollar, issued in 1813 and later withdrawn and melted. Other rarities in this class are those coins which have survived in perfect condition while the remainder have done the job they were made for; they were issued, used and as a result are now worn.
1813 Australian Holey Dollar
Source: Museum Victoria
How important is condition for value?
Collectors try to obtain the most perfect examples of a coin. Indeed, for many older coins, so few have survived in “Uncirculated” condition that they can be very valuable. Even more valuable are coins that are still uncirculated and were perfectly struck in the first place. Mints often employed minimum pressure in striking coins to preserve their expensive dies so most coins, when examined under magnification can be seen to be not perfectly struck.
Collectors have developed technical grades to describe the condition of a coin. “Uncirculated” is one grade – it defines a normal coin in the condition that it left the mint. Age does not affect the definition, no matter how old a coin is, to be classed as Uncirculated (usually abbreviated to Unc.) it must be as it was the day it left the mint. A coin that was knocked against another during manufacture would be “Unc. bag marked” and would have a lower value. The slightest wear, shown by no more than rounding of the edges of the highest parts of the design and the coin is no longer Uncirculated.
1911 Australian Florin
Source: Museum Victoria
The chance of a coin surviving in perfect condition is very low. For this reason it is at this perfect condition end of the collector range where values increase most dramatically. From almost Uncirculated to Uncirculated can make a difference of many hundred percent. In lower grades, even when all of the original design remains clear, most coins do not have high values.
In addition to coins that are rare because of how few were struck or how few have survived in perfect condition, there are also pattern coins. These are trial coins made to test new designs or metals. Some, like the square coins experimented with between 1919 and 1921 but never made for circulation, can be easily recognised. Others like the 1937 penny, look like later issued coins. From 1938 millions of Australian pennies had the leaping kangaroo design, but in 1937 it was a new experimental design and is very rare.
How can I find out what my coin is worth?
Museum Victoria cannot provide information on the value or worth of a coin (or any other object). If you have a coin you think may have a value it is possible to get an idea of what a coin dealer might charge for it from standard catalogues cited below. However, remember that the grades are specialist descriptions and the values are only a guide to what you might have to pay for a replacement. Collectors are careful about spending money and look upon these prices as the most they should have to pay. Dealers are even more careful as they make their living from buying and selling. They will never the price that is listed in a book. They may or may not want to buy at all, especially if they already have examples in stock. You will be asked to bring the coin in for inspection if the dealer has any interest in it. The value of a coin is often in its state of preservation. It is a good idea to visit a number of dealers before selling, or to place the coin in a specialist auction where collectors and dealers compete for purchase.
1919 Australian Square Penny – a rejected pattern
Source: Museum Victoria.
Should I clean my coins?
No, do not clean coins – an Uncirculated coin that has been cleaned is no longer classed as Uncirculated and will be worth much less. A scarce coin that has been cleaned and is in a circulated condition may totally lose its value.
Further Reading
Greg McDonald, The Pocketbook Guide to Australian Coins and Banknotes.
Ian Pitt (Ed.), Renniks Australian Coin & Banknote Values.
Chester L. Krause and Clifford Mishner, Standard Catalogue of World Coins.
Please note: Museum Victoria DOES NOT provide valuations and cannot tell you how much your object is worth. Please read our valuations infosheet for further advice. We will not publish or respond to comments asking us to value an object.