Ching-ching for rare R2 coin

PLETTENBERG BAY NEWS - A Plettenberg Bay numismatist (coin collector) is excited by a rare double-strike 1989 R2 coin which might hit the coin collectors' jackpot.

John Mulder, former owner of Coins International, uncovered the coin in a treasure hunt and first diagnosed it as an overstrike (coin that was struck over a previously struck coin, using the older coin as the new coin's blank).

"If it is not unique and not the rarest SA numismatic coin, I certainly would like to know which coin holds that position?" asked Mulder.

He said history repeated itself after a century with this R2 overstrike coin, the distant relative of the British pound and the decimal equivalent of the 1898 "single 9 overstrike Krugerpond" which recently sold for a staggering R41m.

"A rare coin with such an elusive history of evading detection deserves preservation in a collection of famous coins," said Mulder.

One in 66 million
Described as akin to a "hole-in-one", it could be a grand slam for SA numismatics. "No other South African legal tender currency coin escaped as many pitfalls as has this R2 overstrike coin.

"At a rarity of one in 66 million, it is so rare and mysterious that two South African Mint officials had to make a surprise home visit to verify its existence," said Mulder.

They documented that the 1989 R2 coin was overstruck on a 10c nickel coin, nine years after the 10c coin went out of production - adding to the mystery.

It escaped detection by Mint controls and disappeared at the bottom of the pile, looking like a mediaeval hammer struck coin.

Rescued
"Its weight was the first confirmation that something was amiss and the coin spent some time in circulation without being discovered by the public," said Mulder.

At a quick glance it resembled a standard coin and was lost on a beach - only to be "rescued" from oblivion by Mulder, then a treasure hunter with a metal detector, a hobby he pursued for many years.

"I scoured the press for several decades and nobody ever reported the loss of the coin and nobody reported finding a similar coin," he said.

Now in his nineties, Mulder has disposed of some assets from his Coins International days, which he closed in the late 1980s.

"When I saw the price fetched by the 1899 single 9 overstrike, I imagined this may be a good time to test the market with this R2 overstrike," he said.

Mulder can be reached at jmulder661@gmail.com.

The flip side of the 1989 R2 coin.