People in Australia have been warned about buying coins that are not worth much at all when they’re offered for thousands of dollars online.
There are plenty of coins that can go for a lot of money, but there are also many that aren’t.
According to reports, a 2020 Donation $1 coin was being offered for $9,000 on eBay.
According to Mark Nemtsas, the managing director of The Purple Penny, one of Australia’s Royal Mint authorized distributors, the main reason why people are willing to spend thousands of dollars on coins is due to misinformation.
On eBay, the listing for the 2020 Donation $1 coin claimed that it is rare and has price tags of $5,000, $2,000, and $999.
According to the seller, this piece, which bears the Australian image, is a unique addition to any collection.
However, it was actually produced 12.5 million of these coins in 2020, and another 12.9 million were minted the following year.
It was supposed to represent all of Australia’s citizens at the time. Joel Kandiah, an expert on Australian coins, warned his followers about the value of the coin after he was told it was worth thousands of dollars. He noted that it only has a $1 value. A Yahoo Finance investigation revealed the darker side of the coin collecting industry, as many of the listings on eBay were over-inflated.
A coin expert noted that the value of the coins ranged from a $20,000 piece to a $1 “value” worth almost $8,000. It is not uncommon for people to offer up fake coins on eBay. In May, a similar warning was issued after a 50 cent coin was offered for sale on the site. According to Matt James Will, these types of fraudsters are simply trying to make quick money.
He noted that there are numerous advertisements on eBay for similar types of fake coins. For instance, the ad for the 2020 Donation $1 coin claims that it is worth $10,000. However, it is not worth anything, and the seller is just trying to make money quickly.
Although it is not rare to find a $1 coin with a unique design, the 2020 Donation $1 is actually the first of its kind. According to the Royal Australian Mint, it is the world’s first $1 coin that has been designed to be donated, and it features a green center with a gold ripple effect. The design of the coin is meant to symbolize the ongoing impact that each dollar makes on those in need.
Since September 2020, the Donation Dollar has been distributed through Australia’s banks. It is designed to encourage people to donate their coins to charitable organizations instead of keeping them. After its release, the Donation Dollar was able to generate over $55 million in charitable giving.
The Royal Australian Mint noted that giving one of the Donation Dollar coins to every Australian citizen could raise up to $300 million in one year, if everyone gave it away each month. Leigh Gordon, the company’s CEO, said that the increasing awareness of the coin has led to more people donating it.
The Royal Australian Mint is also reminding Australians about the potential of the Donation Dollar coin. Since almost half of the six million coins that have been issued by the Mint have been found by Australians, it is believed that the coin can make a real difference in helping those in need.
The Royal Australian Mint is planning on releasing Donation Dollar coins until 25 million of them have been issued. These will then go to various charitable organizations.