1994 Gold Proof £2 Bank of England PF69 Ultra Cameo - Rare Mule Error Coin
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The 1994 Gold Proof £2 Bank of England Mule Error is one of the most unusual and sought-after modern proof coins. Graded PF69 Ultra Cameo by NGC, it represents a major minting blunder where the wrong obverse was paired with the commemorative reverse.
The normal 1994 £2 should have had the £2 obverse with the Raphael Maklouf portrait of Queen Elizabeth II and the correct denomination border.
Instead, some were struck using the sovereign obverse die - the one intended for gold sovereigns that year - paired with the £2 Bank of England reverse by Leslie Durbin.
That wrong die pairing created the mule, making it instantly recognisable to specialists and highly sought-after because it was never intended for release.
This error makes it one of the most desirable modern UK gold coins, combining historic design with a minting anomaly rarely seen in precious metal issues.
- Issued to mark the Bank of England’s 300th Anniversary in 1994.
- Features the “William and Mary” reverse, designed by Leslie Durbin.
- The mule error occurred when the wrong obverse die (Maklouf portrait) was used.
- Very few were struck before the mistake was corrected, making this a scarce coin in proof condition.
- Graded by NGC as PF69 Ultra Cameo, the coin displays superb strike detail, frosted devices and mirrored fields.
Key Features
• Year: 1994
• Denomination: £2
• Metal: 22 Carat Gold
• Weight: 15.98g
• Diameter: 28.4mm
• Mintage: Low (error variety)
• Special Feature: Mule Error – wrong obverse used
• Grading: NGC PF69 Ultra Cameo
• Original Design: Leslie Durbin reverse, incorrect obverse pairing
Also known as the 1994 £2 mule with sovereign obverse.
What is a "Mule" Error Coin?
In coin collecting, a mule is a coin struck using two dies that were never intended to be paired together - usually the obverse from one coin and the reverse from another. It’s called a mule because, like the animal (a cross between a horse and a donkey), it’s a “hybrid” of two different things.
In the 1994 Gold Proof £2 Bank of England case, the reverse was the correct £2 Bank of England design, but the obverse was the sovereign obverse instead of the correct £2 obverse - creating an unintended and highly collectible minting error.
This coin is a true conversation piece for error coin specialists and gold proof collectors alike, rarely offered for sale in this grade.
Explore more: View our full range of graded sovereigns and gold coins.
1994 G.BRITAIN BANK OF ENGLAND MULED WITH 2SOV OBVERSE G2PND
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Delivery Information
We offer free insured delivery across the UK on all orders. Every coin is carefully inspected, securely packaged, and sent using Royal Mail Special Delivery - a fully tracked, next-day service that requires a signature on receipt.
All parcels are shipped discreetly and fully insured for peace of mind.
We currently do not ship internationally. Orders can only be delivered to the UK address provided at checkout, and we’re unable to send to PO Box addresses.
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For non-bullion items (such as proof coins, graded coins or accessories), we’re happy to accept returns within 14 days of receipt if you feel your coin is not as described and provided the item is returned in its original condition, please contact us and we’ll be glad to help.
If an item is returned for reasons other than being not as described, return postage will be the responsibility of the buyer.
Important Notes
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Yes. Every NGC-certified coin has a unique certification number visible on the slab label. You can verify the grade, coin details and population data at NGCcoin.uk using the cert number shown.
The NGC census records how many examples of each coin have been graded at each level. A Top Pop coin means no other example has achieved a higher grade — making it the finest certified specimen in existence for that issue.
Yes. If you have existing graded sovereigns you'd like to trade towards a purchase, contact us for a bespoke cost-to-change valuation.