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Rare 50 cent coin warning as Aussies offered $10,000 pay day
There were 25 million of these coins minted in 1977 and they are being sold online and labeled as 'rare'.
An Australian coin collector has sounded an alarm over an online ploy to con people out of thousands of dollars for something worth only a "couple of bucks". There are hundreds of eBay listings for 1977 Silver Jubilee 50 cent coins and some sellers are asking for a lot.
Matt James Will said he's seen prices of up to $10,000 for just one of these coins and some of the listings claim the coin is "rare". But Will has warned people to stay well clear of this "scam".
"$10,000 someone is trying to sell this coin for on eBay and I have two of them," he said in a recent video. "There are many, many ads on eBay, $8,000, $4,000, $2,000...you name it.
"This coin is not worth that. It might be worth a couple of bucks...Not 10 grand. That is a scam."
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One seller who is offering seven 50-cent coins, including a 1977 Silver Jubilee 50 one, for the low, low price of $8,000 said they are putting them up for sale "so I can afford to live at the moment".
Another, who is trying to offload just one coin for $5,500 said it's a "must-have for any coin collector" because it will make a "great addition to any collection".
"This rare and historic coin is a must-have for any coin collector or history buff," wrote a third seller, who has offered up one of the 50-cent coins for $5,000.
"With its decimal denomination, it's also a unique piece of Australian currency. Don't miss your chance to own a piece of Australian and royal history."
Why this coin isn't rare or a collector's item
When it comes to coins, a major factor in their value being higher than face value is their mintage.
Another is whether there's a mistake or error on either side of the coin, which would inherently make it rarer.
If there were only a few thousand coins released to the public then you can bet your bottom dollar it will fetch a few dozen or even a few hundred bucks at auction.
Sadly, that's not the case with the 1977 Silver Jubilee 50 cent coin.
Sterling Currency revealed 25 million of these coins were created, so they are "not rare at all when in used condition". In fact, this style of coin was meant to be the only 50 cent coin printed for 1977.
However, there were an estimated 10 or so 50 cent coins minted that year with the regular design and only those are considered a "rare and desirable coin".
Some collectors will pay a premium for regular 1977 Silver Jubilee 50 cent coins if they're in mint condition. But even then, a whole roll of 1977 Silver Jubilee 50 cent coins was recently sold for just $150.
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