Rare 1989 South African R2 Coin Could Become a Collector’s Dream

A rare 1989 South African R2 overstrike coin discovered in Plettenberg Bay is generating excitement among coin collectors and numismatists across the country.

The unusual coin was discovered years ago by veteran numismatist and former Coins International owner John Mulder while treasure hunting with a metal detector on a beach. At first glance, the coin appeared ordinary, but its unusual weight and appearance suggested that something was different.

The South African Mint later confirmed that the 1989 R2 coin had been overstruck on a 10c nickel coin — despite the 10c coin having gone out of production nine years earlier. An overstrike occurs when a new coin design is struck over an existing coin instead of a blank metal planchet.

According to Mulder, the coin’s rarity could be as high as one in 66 million, making it one of the rarest modern South African coins ever discovered.

The discovery has drawn comparisons to the famous 1898 “Single 9” Krugerpond overstrike coin, which sold for approximately R41 million and remains one of South Africa’s most valuable coins.

Mulder believes the R2 overstrike deserves recognition among South Africa’s most important numismatic discoveries due to the number of production and quality-control processes it somehow escaped before eventually entering circulation unnoticed.

The coin reportedly spent time in circulation before being lost on a beach and later recovered by Mulder during one of his treasure hunting outings. Despite decades of searching through reports and collector publications, Mulder says he has never encountered another example like it.

Now in his nineties, Mulder says the recent attention surrounding rare South African coins has encouraged him to test the collector market and determine just how valuable the unique coin may be.

Summary

• A rare 1989 South African R2 coin was discovered in Plettenberg Bay by numismatist John Mulder.
• The coin was overstruck on a discontinued 10c nickel coin.
• Its rarity is estimated at one in 66 million.
• The South African Mint verified the unusual coin.
• The discovery has been compared to the famous “Single 9” Krugerpond overstrike.
• Mulder believes the coin could become one of South Africa’s most significant collector pieces.