Rare $200 coin used to knock more than $1000 off an Australian's bill

Coins and banknotes are considered legal tender in Australia, but their worth can vary from the dollar value they are assigned if they are out of the ordinary.

An Australian shopper has managed to knock more than $1,000 off their bill at a Melbourne jewellery store - all thanks to a rare $200 coin.

Coins and banknotes are considered legal tender in Australia, but their worth can vary from the dollar value they are assigned if they are out of the ordinary.

That's what happened when a shopper walked into a Micheli Jewellery store and presented staff with a $200 gold coin from 1983.

But shop owner Darren Harris explained to Yahoo Finance why the customer didn't just get a $200 cash bonus.

"If you took that coin into a bank, they would give you $200 because it's legal tender, that's the value of the coin to the bank," he said.

"But we pay the value of the coin ... and those coins have probably gone up at least 30 per cent in the last five to six months because gold's gone up so much."

Micheli Jewellery gave the customer $1,100 off their purchase in exchange for the coin.

You've probably not heard of a $200 coin. That's because they are quite rare.

There were only 88,000 of these special coins produced by the Royal Australian Mint in 1983.

This might seem like a lot, but is significantly less than the 186 million $1 coins made in 1984.

A $100 coin released this year, also featuring a Koala, has been valued at over $5,000. It weighs an ounce, or just over 28 grams.

The 1983 version weighs 10 grams, but the exchange could be seriously beneficial if Harris holds onto the $200 coin.

At the start of the year, the price of gold per troy ounce (which is the metric used in weighing precious metals and is equivalent to 31.1 grams) was $3,038. It's now worth $3,734.

'Hold onto that coin'

Not only could the $200 coin be worth a lot more down the track, but it stands above regular gold, according to Harris.

"If you go and get a piece of [gold] bullion, it doesn't really look attractive," he told Yahoo Finance.

"If you've got a coin, it's interesting."

The coin that was brought into them came in a tiny plastic blue wallet that kept the metal in good condition.

Aussies who saw the jeweller's video said the store had come across a great piece of history.

"This will only continue to increase in value so I would hold onto it. My dad bought a few when they were released in the '80s. It was a very limited run. A collector will happily pay you for it," wrote one person.

"I hope you’re not planning on banking it, what a win! Just hope it wasn't stolen," said another.

In another win, Harris said that because the coin was minted in 1983, it's exempt from capital gains tax (CGT), which was introduced in 1985.

He claimed many collectors try to find items before that 1985 CGT start date so they can enjoy a potentially appreciating and tax-free asset.

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