According to Joel Kandiah, a respected expert on currency, a rare $1 coin could be worth up to $3,000.
He said that the Royal Australian Mint made a major error, which led to the sudden rise in value of the coins.
According to Kandiah, the highly sought-after $1 coin is currently selling for around $300 to $3,000 online.
He has also shared his tips on how to spot the super-rare coins that are hidden in your purse.
In 2003, he claims that collectors in Australia became aware of a major error by the Royal Australian Mint.
In 2000, the mint produced a batch of $1 coins that were mistakenly labeled as the heads side.
Unfortunately, this mistake was not detected for a couple of years. Instead, the reverse of the coins featured the Australian 10 cent reverse die.
Due to the small size difference between the 10 cent and the $1 coin, the mint created the famous 2000 $1 mule.
Kandiah explained that it was very simple to distinguish the two coins from one another.
The 10 cent die has a double rim around its obverse, and the accompanying image clearly shows this.
Due to the small size of the die, the reverse strike of the $1 coin often appears off-center.
This is why it is very common for collectors to pay high prices for well-centered coins.