Australians have actually been cautioned concerning a coin being marketed online for hundreds of bucks when it deserves no place near that quantity. While there are lots of coins around that can bring extremely high cost, there are a lot more that aren’t.
Reports have actually appeared concerning a number of listings for the 2020 Donation $1 coin on ebay.com, with costs as high as $9,000. But Mark Nemtsas from The Purple Penny, an Australian Royal Mint authorized representative, informed Yahoo Finance there’s one reason that individuals are marketing them for this much.
“Misinformation. Someone asking thousands of dollars for a coin worth a dollar doesn’t make it worth more than a dollar, any more than me asking $1,000 for my half-eaten sandwich makes it worth a thousand dollars,” he claimed.
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Some of the ebay.com listing advertising the 2020 Donation $1 coin as “rare” and they have cost of $2,000, $5,000, and $999.
“A unique addition to any Australian coin collection, this piece originates from Australia and bears the iconic Australian imagery,” created one vendor.
However, 12.5 countless these coins were produced when they were formally launched in 2020, and an additional 12.9 million were generated the list below year.
That consolidated number was intended to stand for one coin for every single individual in the nation at the time.
Aussie professional Joel Kandiah, from The History of Money, tore right into records that the coin deserved hundreds of bucks, providing an advising to his 85,000 fans that it just has a worth of $1.
A Yahoo Finance examination revealed the “darker side” of coin gathering, exposing various listings on-line with extremely over-inflated costs.
From a “$20,000 50 cent piece” to a $1 “worth $7,500”, the coins were valued by Matt Thompson, of Thompson Coins, and disproved.
It’s not unusual. There was a comparable caution concerning a 50 cent coin being marketed on ebay.com previously this year.
Coin enthusiast Matt James Will claimed these were merely fraudsters attempting to make a fast dollar.
“$10,000 someone is trying to sell this coin for on eBay and I have two of them,” he claimed. “There are many, many ads on eBay, $8,000, $4,000, $2,000…you name it.
“This coin is unworthy that. It may be worth a number of dollars …Not 10 grand. That is a rip-off.”
What is unique concerning the 2020 $1 Donation coin?
While it may not be “unusual” in terms of its mintage, it does have a unique backstory.
It’s billed by the Royal Australian Mint as ” the globe’s very first” one dollar coin designed to be donated.
It features a green centre with a gold ripple design coming from the centre on one side, which is meant to symbolise the ” recurring effect each contribution buck makes to those that require it most”, as well as the phrase ‘Give to Help Others’.
Donation Dollars have been distributed through the banks since September 2020 and there’s an estimated six million currently in circulation.
It’s meant to encourage Aussies to donate the coin to a charitable cause rather than hold onto it – if they have the means to do so.
After being released, the Donation Dollar generated an additional $55 million in incremental charitable giving.
The Mint said if every Aussie gave away a Donation Dollar each month, it could raise $300 million in one year.
“We know through our findings that the more aware Australian’s are of the Donation Dollar the more likely they are to go out, find one and donate one,” Royal Australian Mint CHIEF EXECUTIVE OFFICER, Leigh Gordon, claimed.
“We are reminding Australians of the potential positive impact. Like any other one-dollar coin, the cycle of a Donation Dollar is ongoing. So, with Australia’s support, we believe Donation Dollar has the power to make a real difference.”
Out of the six million that have been circulated by the Mint, nearly half have been found by Aussies in their change. The Mint hopes to keep releasing Donation Dollars until all 25 million are in circulation and have the potential to go to a charitable cause.
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