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1994 Gold Proof Two Pounds Rare Mule Error

Please see our 1994 Gold Proof £2 page for information, availability and pricing on the normal issue of this coin.

Mule Error - Wrong Obverse

Mints are like any other factory, and make errors from time to time. In 1994, the British Royal Mint issued a gold proof version of its £2 commemorative coin for the 300th anniversary of the Bank of England. The wrong obverse (head side) die was used when production commenced. We do not know how many had been produced when the error was discovered, it may have been the entire 1,000 piece issue limit. Certainly a few hundred pieces had been despatched to customers before the error was found. We first heard in a telephone call from a Royal Mint customer.

Asked for Advice

We can remember quite clearly receiving a telephone call from a lady who had bought one direct from the Royal Mint. She had also received a letter from them explaining that there was an error, and asking her to return it for replacement. She wanted our advice on what to do. We have always found it strange and somewhat frustrating that people who choose to buy coins elsewhere turn to us for advice. We wonder why they don't buy their coins from us originally, however we try to give advice where possible.
It was difficult for us to guess how many of the errors existed, and how many normal coins. Normally an important error like this one would command a premium price over the normal one, but it would depend on the relative quantities. If 90% of the entire production were errors, then the 10% of normal versions would probably be more valuable. We suggested that she kept the error, and asked to buy a normal coin in addition. We presume she kept the error.



The Third Portrait
The obverse (head side) is the third major portrait of Queen Elizabeth II, designed by Ralph David Maklouf, FRSA.
It came into use in 1985 and continued until 1997 inclusive, a total of thirteen years.
The obverse inscription reads:
It omits the wording "TWO POUNDS" which should have been under the portrait.
On the error coin, the portrait is also much larger than on the normal version.

Wrong Two Pound Coin

The obverse die used in error was the one designed for use on the St. George and Dragon £2 proof gold coin of the same year. Both types of two pound coin have the same diameter and other physical specifications. Whatever codes or identifying marks are used on dies at the Royal Mint, it is likely that the "wrong" die was marked "1994 £2 Proof Obverse" or similar, and whoever identified it probably forgot that there were to be two different gold two pounds that year.

Reverse Designs

The reverse design of the muled error coin is identical to that on the normal coin, so we will not repeat our description here.


The edge is milled and without inscription, on both gold versions, although the base metal and silver proofs are inscribed:-

Technical Specifications

Diameter, Millimetres28.40
Weight, Grams15.98
Alloy (Carats)22
Fineness (Millesimal)916.6
Actual Gold Content (Grams)14.63
Actual Gold Content (Troy Ounces)0.4707


The mintage of 1,000 pieces shown above is the combined total of the two types issued, the "normal" gold proof issue and the rare "mule" error issue.
We believe that about 300 of the mules may exist.
Whatever the ratio between the two versions, both are rarer than they would otherwise have been.

Prices & Availability

Quantity Rate Buy
Call to check availability

Mintage Research

In an effort to discover the quantities of each version in existence, we have started to record the certificate numbers of normal and error versions, which we show below. It is likely that a number of people returned their "faulty" coins to the Mint for replacement, so we suggest you do not place too much reliance on these figures until we have had chance to record a larger number of them.
501 Error

You may wish to use our order form.

Postage & Packing

UK Registered Post (Special Delivery) £9 per order
EU Insured Post £10 per order
USA Airmail $10,
Insured Shipping $20
Canada Airmail $15,
Insured Shipping via Fedex $60
Obverse of Normal 1994 £2 Gold Proof

Obverse of Normal 1994 Bank of England £2 Gold Proof

Two Pounds Index

Other Gold Two Pounds for Sale

Wrong Obverse Die Used on 1994 Mule £2 Gold Proof

Wrong Obverse Die Used on 1994 Mule £2 Gold Proof

Reverse of 1994 Bank of England £2 Gold Proof

Thistle on Reverse of 1994 Bank of England £2 Gold Proof

Two Pounds Information

Obverse and Reverse of Normal 1994 £2 Gold Proof

Obverse and Reverse of Normal 1994 £2 Gold Proof

Obverse and Reverse of Normal 1994 £2 Gold Proof

Obverse and Reverse of Mule 1994 £2 Gold Proof


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