The Central Bank of Nigeria began issuing currency in 1958. Over the following few decades, it transitioned from using pence, shillings, and pounds to Kobo and Naira. Given the country’s rich history and changes in currency over the years, many old coins, particularly the discontinued ones, became sought-after by coin collectors. Many of these coins, which first circulated in Colonial Nigeria, now hold significant value and can bring in substantial returns.

The 1959 6 Pence
Currently priced at 17,392.49 NGN, the 1959 Six Pence coin belongs to the British West Africa coin series. It was first issued as part of the second coinage of Elizabeth II and was in use until its decimalization in 1971.

The coin’s front features Queen Elizabeth II’s crowned bust facing to the right and has the artist’s initials engraved on the obverse side. The cupro/nickel coin also reads “Queen Elizabeth the Second.”

The reverse side features cocoa beans with the words “Federation of Nigeria” above them. Right beneath the cocoa beans are the year 1959 and the words “Six Pence,” and the year of minting bears Thomas Humphrey Paget’s initials, “HP.”

1991 10 Kobo
Geoffrey Colley was the artist who engraved the 1991 10 Kobo coins. It was a standard-circulation coin that was later demonetized in 2007. At the time of minting, the coin’s valuation was 0.10 NGN, but it currently stands at approximately 17,392.49 NGN.

The copper-plated steel coin weighs 3.48 grams and has a dodecagonal shape. It is recognizable with the oil palms and the 10 kobo lettering on the reverse side. On the obverse is a coat of arms of the country. It includes a black shield, an eagle, and two white horses on the sides, all standing on a carpet of crocus.

2006 Bimetallic 2 Naira
The Central Bank of Nigeria issued four denominations of Nigerian Naira coins. One of these was the bi-metallic 2 Nigerian Naira, which is currently valued at 17,392.49 NGN. First issued in 2006, the coin fell out of use in the mid-to late-2010s, but the recent shortage of paper currency led to its redistribution to bank customers.

The coin has a milled edge with a 2.05 mm thickness, and the steel center on the obverse side features the country’s coat of arms along with the year mentioned. The copper ring has the lettering “Federal Republic of Nigeria” with the initials “CBN” at the bottom.

On the reverse side of the 2 Naira coin, the national assembly in Abuja is carved, with the number 2 on top of it. It also has the lettering “National Assembly” on the upper edge of the steel center and “Two naira” on the upper side of the copper ring.

Bronze 1959 1 Penny
In 1973, the introduction of the current Nigerian currency, the Naira, led to the demonetization of the 1969 Bronze 1 Penny. The coin is a rare find and is priced at over 20,888.47 NGN.

It has a central hole circumscribed with Solomon’s seal, the “Federation of Nigeria” inscription, and the year 1959 on the reverse. On the obverse side is a crown above the hole and an Arabic inscription below it. The lettering “Queen Elizabeth the Second” goes around the edge of the coin.

1959 Nickel-Brass 3 Pence
1959 seems to be the year of rare coins for Nigerian coin collectors. Another great find is the nickel-brass minting of the 3 Pence coin. It is priced at 22,636.46 NGN and can be hard to find.

Like the other 1959-minted coins, this one, too, has a bust image of Queen Elizabeth II facing on the right side, and the obverse has the lettering “Queen Elizabeth the Second” going around the coin.

The reverse side features a cotton plant with the year 1959 and the words “Federation of Nigeria” encircling it. The reverse side also has the words “Three Pence” lettered below the cotton plant engraving.

50 Kobo Nickel-Clad Steel Coin 2006
The 2006-minted 50 kobo coin, featuring the country’s coat of arms on the obverse and ears of corn on the reverse side, is a shiny treasure collectors can add to their collection. The 1.8-mm-thick coin weighs 3.6 grams and has a 19.5-mm diameter.

The coin’s actual valuation is 0.50 NGN. That said, the specific coin can cost upward of 17,479.89 NGN for collectors. With the recent shortage of paper currency, these coins are currently back in standard circulation, and individuals can simply decide to put one aside and add it to their numismatic collection.

1 Kobo 1973 Minted Coin
Kobo is part of the currency system Nigeria adopted after establishing the Central Bank of Nigeria. The organization was responsible for issuing the Kobo and Naira. The Kobo denominations included ½, 1, 5, 10, and 25 Kobo. The 50 Kobo coins were also added later on. The lower two denominations were minted in bronze, while the other higher denominations were a combination of copper and nickel.

The coat of arms is on the obverse, and coin denominations are highlighted between two oil wells on the reverse. Currently, it can cost buyers as much as 20,888.47 NGN. Later demonetized in 2007, the 1 kobo coin became a rare and valuable Nigerian currency for numismatic enthusiasts.

 2006 Bimetallic 1 Naira
The Nigerian 1 Naira coin is quite significant. Despite being a fairly recent mint, the coin has a high purchase price for those who want to add it to their rare Nigerian coin collection. The 5.43-gram bimetallic coin was minted to commemorate Herbert Macaulay, a former politician.
He was known as the founder of Nigerian nationalism, and his portrait can be seen on the obverse of the coin along with his birth and death years. The coin denomination features the years engraved on either side. On the reverse side is the coat of arms of Nigeria with the year 2006 and the lettering “Federal Republic of Nigeria.”

1974 5 Kobo
The copper-nickel 5 Kobo coin, minted in 1974, is one with which people can start their rare coin collection. Currently, its price hovers around 8.807.20 NGN. A coat of arms and cocoa beans are engraved on the coin. It also features the words “Federal Republic of Nigeria” on the reverse side, along with the year 1974.