1988 Australian Proof Coin Set: Value, History, Mintage, Rarity and Investment Guide

The 1988 Australian Proof Coin Set is one of the most recognisable collector releases from the Royal Australian Mint during the late twentieth century. Issued in the year of Australia’s Bicentenary, the set combines historical importance, attractive proof finishes, commemorative designs, and the first-year appearance of the Australian two-dollar coin.

For Australian decimal coin collectors, 1988 is particularly interesting because several significant numismatic events occurred during the year. Australia marked its Bicentenary, special 50 cent and one-dollar designs were issued, and the new $2 coin entered circulation. All these elements are brought together in the official proof set.

The 1988 Australian Proof Coin Set contains eight coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, $1 and $2. Approximately 104,518 proof sets were produced when the regular and special Coin Fair presentations are considered together, making the set limited compared with ordinary circulating coin production.

1988 Australian Proof Coin Set Overview

The Royal Australian Mint produced annual proof sets primarily for collectors rather than everyday circulation. Proof coins receive specialised preparation intended to create sharper detail, reflective fields and attractive contrasting design elements.

The 1988 set is especially notable because it contains all eight denominations then associated with Australia's circulating decimal coinage.

Key details include:

Year: 1988
Country: Australia
Mint: Royal Australian Mint
Type: Annual Proof Coin Set
Number of coins: 8
Denominations: 1c, 2c, 5c, 10c, 20c, 50c, $1 and $2
Approximate total proof production: 104,518, including special presentation issues
Major theme: Australian Bicentenary
Obverse portrait: Queen Elizabeth II
Finish: Proof
Collecting category: Australian decimal proof sets

The combination of eight denominations gives collectors a snapshot of Australian circulating coinage during a historically important year.

Mintage of the 1988 Australian Proof Coin Set

Mintage is one of the first details collectors examine when assessing a proof set.

The regular 1988 proof issue is catalogued at approximately 101,518 sets, while an additional limited group of around 3,000 sets was prepared in connection with the Australian International Coin Fair. This places overall production at approximately 104,518 sets when both presentations are counted.

This should not be confused with the circulation mintages of individual 1988 coins, which were often produced in millions.

A proof-set mintage of roughly 104,000 does not make the normal 1988 set extremely rare. However, it is sufficiently limited to maintain long-term collector interest, especially when examples remain complete with their original packaging and documentation.

Why 1988 Was Important for Australian Coinage

The year 1988 marked the Australian Bicentenary, commemorating 200 years since the arrival of the First Fleet at Sydney Cove in 1788.

The anniversary resulted in numerous commemorative programs, including special Australian coins.

From a numismatic perspective, 1988 is important for another major reason: it was the introductory year of Australia's two-dollar coin.

The $2 coin replaced the two-dollar banknote and became Australia's highest-denomination circulating coin. Its inclusion means the 1988 proof set was the first annual Australian proof set to contain a proof version of the new $2 denomination.

That combination of Bicentenary commemoration and denomination change gives the set considerably more historical interest than an ordinary annual proof issue.

Coins Included in the 1988 Proof Set

Eight proof coins appear in the set.

1 Cent Coin

The one-cent coin features the familiar feather-tailed glider design created by Stuart Devlin.

Although one-cent coins were common currency in 1988, they were eventually withdrawn from circulation in the early 1990s. Their presence in older proof sets now provides an additional connection to Australia's discontinued low-value denominations.

2 Cent Coin

The two-cent coin carries the frill-necked lizard design. Like the one-cent denomination, it would disappear from everyday Australian circulation only a few years later.

Proof examples preserve the design with substantially greater visual quality than heavily circulated coins.

5 Cent Coin

The five-cent coin depicts the echidna. Its compact size and detailed wildlife design can be especially attractive when struck with a proof finish.

10 Cent Coin

Australia's ten-cent coin displays the lyrebird, another classic Stuart Devlin design from the decimal coinage series.

20 Cent Coin

The 20 cent piece depicts the platypus. Interestingly, regular circulation production of the 20 cent denomination was very low in 1988 compared with many surrounding years, adding another point of interest for collectors studying complete 1988 coinage.

50 Cent Bicentenary Coin

Instead of the regular Commonwealth Coat of Arms reverse, the 1988 fifty-cent coin received a special Australian Bicentenary design created by Michael MacLellan Tracey.

The commemorative issue immediately distinguishes the 1988 set from many ordinary annual proof sets.

1 Dollar Bicentenary Coin

The 1988 one-dollar coin also carries a special Bicentenary design rather than the regular five-kangaroo reverse associated with many Australian dollar coins.

Designed by Stuart Devlin, the commemorative dollar is among the key attractions of the proof set.

2 Dollar Coin

Perhaps the most historically significant denomination is the $2 coin.

Australia introduced the circulating two-dollar coin in 1988. Its reverse depicts an Aboriginal elder, together with symbolic elements of the Australian landscape, in a design by Horst Hahne.

For collectors assembling first-year issues, the proof $2 is one of the strongest reasons to obtain the complete 1988 set.

Proof Quality and Appearance

Proof coins should not be confused with ordinary coins that simply happen to remain shiny.

Proof is a specialised method of manufacture. Dies and coin blanks receive additional preparation, allowing coins to display unusually sharp details and highly reflective surfaces.

Well-preserved 1988 proof coins can exhibit mirror-like fields and strong contrast around their raised design elements.

Because these surfaces are extremely delicate, fingerprints, scratches, haze and improper cleaning can significantly reduce eye appeal.

Collectors should therefore avoid touching proof coins directly or removing them unnecessarily from their original protective holder.

1988 Australian Proof Coin Set Value

The value of a 1988 Australian Proof Coin Set varies according to condition, completeness, packaging, market demand and the particular presentation.

As a broad 2026 collector-market guide, ordinary complete sets are commonly encountered in approximately the following ranges:

Incomplete or poorly presented set: around AUD $30–$50
Complete standard set in acceptable original packaging: around AUD $45–$70
Excellent complete set with attractive coins and original material: around AUD $60–$90
Premium examples or less-common presentation varieties: AUD $80–$120 or more

These figures should be treated as general collector estimates rather than fixed prices. Coin values can move depending on buyer demand, auction competition and condition.

A seller's asking price also does not necessarily represent actual market value. Completed sales are normally more useful than unusually high advertised prices.

What Makes a 1988 Proof Set More Valuable?

Several characteristics can increase desirability.

Original Packaging

Collectors generally prefer sets that remain exactly as issued by the Royal Australian Mint.

Original holders, folders, outer packaging and accompanying documentation can make the set easier to sell and more desirable.

Excellent Coin Surfaces

Proof coins showing deep reflective surfaces without fingerprints, scratches or visible haze tend to attract greater collector interest.

Complete Sets

A complete eight-coin set normally has greater appeal than an opened holder containing missing or substituted coins.

Coin Fair Presentation

A smaller quantity of 1988 proof sets was prepared with Australian International Coin Fair-related packaging. These can attract a premium because considerably fewer were produced.

High-Grade Certified Coins

Individual proof coins removed from sets and professionally graded at very high levels can sometimes sell for substantially more than ordinary raw examples.

However, certification costs should be considered before submitting common proof coins for professional grading.

Is the 1988 Australian Proof Set Rare?

The standard 1988 proof set is better described as collectible and limited rather than genuinely rare.

More than 100,000 examples were originally produced, and many have survived because proof sets were purchased specifically by collectors and protected from normal circulation.

However, availability decreases when collectors demand specific characteristics such as flawless coins, untouched packaging, complete paperwork or Coin Fair presentation versions.

As time passes, some sets are opened, damaged, separated or improperly stored. High-quality complete examples can therefore become more desirable even when the original production figure appears relatively large.

Storage and Preservation

Proper storage is essential for maintaining a proof set's appearance and potential value.

Keep the set in a stable, dry environment away from excessive heat, humidity and direct sunlight.

Avoid touching the surfaces of the coins. Natural skin oils can leave permanent marks on reflective proof fields.

Never polish a proof coin.

Cleaning may create microscopic scratches and permanently reduce numismatic value. Even products advertised as coin cleaners can alter the original Mint surface.

The safest approach for an undamaged original set is usually to leave the coins exactly as they are.

Investment Potential

The 1988 Australian Proof Coin Set has several qualities that may support long-term collector demand.

First, it is connected to one of Australia's major historical commemorations.

Second, the set includes two distinctive Bicentenary denominations.

Third, it contains the first-year Australian $2 coin.

Fourth, the one-cent and two-cent denominations have since disappeared from circulation.

Finally, the set represents a complete eight-denomination record of Australian decimal currency at a specific moment in history.

However, collectors should not assume that every proof set will increase dramatically in price. More than 100,000 were produced, so standard examples remain obtainable.

For this reason, the strongest collecting strategy is generally to focus on quality, completeness, originality and attractive purchase prices rather than expecting rapid appreciation.

How to Check an 1988 Proof Set Before Buying

Before purchasing, examine the complete package carefully.

Check that all eight correct coins are present. Look for scratches, spots, haze, fingerprints or signs that the holder has been opened.

Examine the folder and packaging for moisture damage, excessive wear or staining.

Pay particular attention to the proof surfaces of the $1, $2 and commemorative 50 cent pieces because these are major attractions of the set.

For unusually expensive examples, compare the item with known genuine Royal Australian Mint packaging before buying.

Why Collectors Still Want the 1988 Proof Set

The lasting appeal of the 1988 Australian Proof Coin Set comes from the combination of history and coinage development.

Few Australian annual proof sets bring together so many significant features in a single package: the Bicentenary, two special commemorative designs, the first Australian $2 coin, classic Australian wildlife denominations and the now-discontinued 1 cent and 2 cent coins.

It therefore works equally well as an individual collectible and as part of a complete run of Royal Australian Mint annual proof sets.

Frequently Asked Questions

How many coins are in the 1988 Australian Proof Set?

There are eight coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, $1 and $2.

What is the 1988 Australian Proof Coin Set mintage?

Approximately 101,518 regular sets are commonly catalogued, with about 3,000 additional special Coin Fair presentations. Combined production is therefore approximately 104,518 sets.

Why is the 1988 proof set special?

It commemorates Australia's Bicentenary and includes the first-year Australian two-dollar coin, along with special Bicentenary 50 cent and $1 coins.

How much is a 1988 Australian Proof Coin Set worth?

Many standard complete sets generally fall in the broad AUD $45–$90 collector range, although condition, packaging and special presentations can produce higher or lower prices.

Is the 1988 Australian Proof Set made of silver?

The standard annual proof set is not a precious-metal silver set. Its coins use the compositions associated with Australia's circulating denominations of the period.

Should proof coins be cleaned?

No. Cleaning can damage delicate proof surfaces and reduce collector value.

Final Thoughts

The 1988 Australian Proof Coin Set remains an important piece of Australian decimal numismatic history. Its appeal extends beyond its attractive mirrored proof finish because 1988 represented an exceptional year for Australian currency.

With eight denominations, special Bicentenary designs, the debut of the $2 coin and the inclusion of the later-discontinued 1 cent and 2 cent denominations, the set captures an important transition in Australian coinage.

Its mintage of approximately 104,518 sets when regular and special presentations are considered together means it is obtainable enough for new collectors while still being limited compared with mass-produced circulating currency.

Condition remains crucial. Complete examples with attractive proof surfaces and original packaging are normally preferable to damaged or incomplete sets, while scarcer presentation varieties may deserve additional attention.

For anyone building an Australian decimal proof collection, collecting Bicentenary memorabilia or studying the development of modern Australian currency, the 1988 Australian Proof Coin Set is a historically meaningful and visually appealing addition.

List of 1988 Australian Proof Coin Set (2026 Updated)

The 1988 Australian Proof Coin Set is one of the most collectible annual proof sets issued by the Royal Australian Mint, commemorating Australia's Bicentenary (1788–1988). This prestigious 8-coin proof set contains the $2 coin (first year of issue), Bicentenary $1 coin, Bicentenary 50 Cent coin, 20 Cent, 10 Cent, 5 Cent, 2 Cent, and 1 Cent denominations. Every coin was struck using specially polished dies and carefully prepared blanks, producing deep mirror-like fields with frosted raised designs. The set was presented in an official display case with a certificate of authenticity, making complete original sets especially desirable among collectors. Limited-issue Coin Fair editions, certified Proof 69 and Proof 70 examples, and complete unopened sets command the highest premiums. In 2026, the value of the 1988 Australian Proof Coin Set is determined by its condition, originality, rarity, certification, presentation case, and overall collector demand.

1988 Australian Proof Coin Set Value List (2026 Updated)

1988 Australian Proof Coin Set Price List (2026)

Note: The values listed above are estimated Australian collector market prices for 2026. Actual selling prices vary depending on the condition of the coins, originality of the presentation case and certificate, certification grade, eye appeal, rarity, and current market demand. Complete proof sets with original packaging, limited Coin Fair editions, and certified PR69–PR70 examples generally command the highest prices among collectors.

1. What Is a Proof Coin Set?

Proof coins are coins specially struck for collectors, using highly polished dies and multiple strikes to produce a flawless, high-quality finish. Their features include:

• Mirror-like fields

• Frosted raised designs

• Sharper details compared to standard coins

A proof set groups all the denominations produced in a particular year into one luxurious collection, usually encased in protective packaging. The 1988 Proof Coin Set is one such prestigious release.

2. Why 1988 Was a Landmark Year

The year 1988 marked Australia's Bicentenary — the 200th anniversary of the landing of the First Fleet at Sydney Cove in 1788. It was a time of national pride and reflection, leading to celebrations, commemorative projects, and special releases — including:

• The Bicentenary $2 coin introduction

• Commemorative 50-cent design

• National events and expos

The 1988 proof set captures this celebratory spirit beautifully, making it a truly historic collection.

3. What's Included in the 1988 Australian Proof Coin Set?

The 1988 Proof Set contains the following eight coins:

Key Highlights:

• Introduction of the $2 coin into the set for the first time.

• Special Bicentennial 50c design unique to 1988.

4. Coin-by-Coin Design Analysis

1 Cent: Feathertail Glider

A tiny Australian mammal, symbolizing agility and uniqueness.

2 Cent: Frilled-neck Lizard

The frill raised in defense stance showcases Australia’s exotic wildlife.

5 Cent: Echidna

The spiny echidna is featured in fine detail, capturing the essence of native fauna.

10 Cent: Superb Lyrebird

An elegant bird known for its elaborate tail feathers and mimicry skills.

20 Cent: Platypus

A beloved monotreme, swimming gracefully.

50 Cent: Bicentenary Design

A world globe behind a tall-masted sailing ship, representing Australia's connection to exploration.

1 Dollar: Mob of Kangaroos

An iconic representation of Australia’s wildlife and vitality.

2 Dollar: Aboriginal Elder

A powerful depiction of Indigenous Australian culture and heritage.

5. Packaging and Presentation

The 1988 proof set comes in:

• A hard protective case

• A presentation box with the Royal Australian Mint’s logo

• Certificate of Authenticity (COA)

The presentation quality enhances the set’s collectible appeal.

6. Mintage Figures

• Mintage for 1988 Proof Set: Approximately 100,000 sets.

• Relatively low mintage compared to other numismatic products, contributing to collectability and investment value.

7. Current Value of the 1988 Australian Proof Coin Set

Values vary based on:

• Condition (Mint condition, untouched COA)

• Original packaging

• Market demand

(Note: Prices can fluctuate based on collector interest and bullion market changes.)

8. Investment Potential

Reasons why the 1988 proof set remains a strong investment:

• Bicentenary connection = Historical importance

• First appearance of the $2 coin

• Limited mintage

• Strong collector demand

• Proof coins retain high intrinsic and aesthetic value

As with all collectible investments, diversification and market research are key to maximizing returns.

9. Rarity Factors

• Introduction of new $2 coin adds to desirability

• Limited production volume

• Special Bicentenary 50c design unique to 1988

• Many sets broken up over time (lowering complete set availability)

This creates a higher rarity premium for full, pristine proof sets.

10. Tips for Collectors

• Always buy from reputable dealers or auction houses.

• Look for complete sets (case + COA).

• Handle coins with gloves or leave inside original casing.

• Avoid cleaning coins — it reduces numismatic value.

• Store in a cool, dry environment to prevent tarnish.

11. How to Authenticate a Genuine 1988 Proof Set

Beware of counterfeit proof coins or replaced components. A genuine 1988 proof set must have:

• Sharp, clear mirrored finish

• Matching case and COA numbers (if applicable)

• Uniform font on packaging

• Coins aligned properly within the holder

Authentication through professional grading services like PCGS or NGC can add resale value.

12. How to Sell Your 1988 Proof Coin Set

Selling tips:

• Check current market values.

• Take clear, detailed photographs.

• Offer a certificate of authenticity (COA).

• Sell through trusted auction platforms (like Noble Numismatics or eBay Australia).

• Consider consigning through major numismatic dealers.

13. Frequently Asked Questions (FAQs)

Q: Was the 1988 Proof Set the first to include a $2 coin?

A: Yes, 1988 was the inaugural year for the Australian $2 coin in proof sets.

Q: Is the 50c Bicentenary design rare?

A: The 50c design is exclusive to 1988, boosting its collectible status.

Q: Will the set increase in value?

A: Historically, low-mintage proof sets tied to national milestones have appreciated steadily.

Q: What makes proof coins more valuable?

A: Superior finish, limited mintage, and collector demand drive up proof coin values compared to standard circulation coins.

14. 1988 Proof Coin Set in the Global Numismatic Market

Australian coins enjoy strong international appeal, particularly among collectors in:

• United States

• United Kingdom

• New Zealand

• Singapore

• Canada

The 1988 proof set often features in major numismatic exhibitions and auctions worldwide.

List of Frequently Asked Questions About the 1988 Australian Proof Coin Set: Ultimate Guide to Value, History, and Rarity

The 1988 Australian Proof Coin Set is one of the most historically significant modern coin sets issued by the Royal Australian Mint (RAM). Released during Australia’s Bicentennial year, this set captures a pivotal moment in the nation’s history while showcasing the highest minting standards available to collectors.

This comprehensive FAQ guide explores everything collectors want to know about the 1988 Proof Coin Set—its history, contents, specifications, rarity, market value, and long-term collectibility.

What Is the 1988 Australian Proof Coin Set?

The 1988 Australian Proof Coin Set is an official collector issue produced by the Royal Australian Mint. It contains proof-quality versions of Australia’s standard circulating coins dated 1988, struck with exceptional care for collectors rather than circulation.

Proof coins are distinguished by:

• Mirror-like fields

• Frosted design elements

• Sharper details

• Superior striking quality

Why Is the 1988 Proof Coin Set Historically Important?

The year 1988 marked 200 years since European settlement in Australia (1788–1988). To commemorate this milestone, the Royal Australian Mint released multiple numismatic products, with the proof set standing out as a permanent record of the era.

The set reflects:

• Australia’s Bicentenary celebrations

• Late-20th-century minting technology

• National identity through coinage

Who Issued the 1988 Australian Proof Coin Set?

The set was issued by the Royal Australian Mint, Canberra, Australia’s official coin-producing authority since 1965.

Each set was officially packaged, sealed, and distributed for collectors worldwide.

What Coins Are Included in the 1988 Proof Coin Set?

The standard 1988 Australian Proof Coin Set includes:

• 5 Cents

• 10 Cents

• 20 Cents

• 50 Cents

• 1 Dollar

⚠️ Important note:
The $2 coin is not included, as it was introduced in 1988 but not dated 1988.

Are All Coins in the Set Dated 1988?

Yes. All coins included in the proof set bear the 1988 date, making them a true year set for collectors.

What Metal Are the Coins Made Of?

The metals used reflect standard Australian circulating compositions:

• 5c, 10c, 20c: Cupro-nickel

• 50c: Cupro-nickel

• $1: Aluminium bronze

The set contains no precious metals.

What Is the Difference Between Proof and Circulation Coins?

Proof coins differ in several ways:

• Specially prepared dies

• Polished planchets

• Struck multiple times

• Superior detail and finish

They are made only for collectors and never intended for circulation.

What Designs Appear on the 1988 Proof Coins?

Obverse Design

All coins feature Queen Elizabeth II, designed by Raphael Maklouf, which was used on Australian coinage during the 1980s.

Reverse Designs

• 5c–50c: Australian fauna and Coat of Arms designs

• $1: Special Bicentenary First Fleet design, unique to 1988

This makes the $1 coin the highlight of the set.

Who Designed the Coins in the Set?

• Obverse: Raphael Maklouf

• Reverse Designers:

  • Stuart Devlin (50c, $1 kangaroo base)

  • Other RAM-commissioned artists

How Many 1988 Australian Proof Coin Sets Were Produced?

The 1988 Proof Coin Set had a limited mintage compared to circulation coins. While not extremely rare, the number produced was controlled to meet collector demand rather than public circulation.

Exact figures vary by source, but production was significantly lower than mint sets.

Is the 1988 Proof Coin Set Rare?

The set is not considered rare, but it is scarcer than standard mint sets due to:

• Lower production numbers

• Higher original purchase price

• Collector-focused distribution

Complete sets in original packaging are increasingly hard to find.

What Is the Value of the 1988 Australian Proof Coin Set?

Typical Market Value (2026 Range):

• Opened sets: Moderate premium

• Sealed, original sets: Higher value

• Perfect condition coins: Strong collector demand

Prices fluctuate based on condition, packaging, and market trends.

What Factors Affect the Set’s Value?

Key factors include:

• Condition of coins

• Presence of original RAM case

• Certificate of authenticity

• Surface quality (no hazing or scratches)

• Collector demand

Does the 1988 Proof Coin Set Appreciate in Value?

The set has shown steady long-term appreciation, driven by:

• Bicentenary significance

• Stable collector interest

• Limited supply relative to demand

It is best viewed as a collectible rather than a high-return investment.

Are There Varieties or Errors in the 1988 Proof Coin Set?

Major errors are uncommon due to strict quality control. However, collectors occasionally encounter:

• Light die polishing marks

• Minor frosting variations

• Packaging differences

True mint errors in proof sets can be valuable.

How Can You Tell if a Proof Coin Is Authentic?

Authentic proof coins will show:

• Mirror-like fields

• Crisp frosted details

• No circulation wear

• Official RAM packaging

Third-party grading adds confidence for high-value pieces.

Should You Remove Coins From the Proof Set?

Generally, no. Removing coins:

• Reduces overall set value

• Risks surface damage

• Breaks originality

Collectors prefer intact sets.

How Should You Store a 1988 Proof Coin Set?

Best storage practices:

• Keep in original case

• Store in a dry, temperature-stable environment

• Avoid direct sunlight

• Handle minimally

Should Proof Coins Be Cleaned?

Never. Cleaning permanently damages proof surfaces and destroys collector value.

Where Can You Buy a 1988 Australian Proof Coin Set?

You can find sets through:

• Coin dealers

• Online marketplaces

• Numismatic auctions

• Collector forums

Always verify authenticity and condition.

Where Can You Sell a 1988 Proof Coin Set?

Selling options include:

• Local coin shops

• Online auction platforms

• Specialist numismatic auctions

Original packaging significantly improves sale results.

Is the 1988 Proof Coin Set Good for Beginners?

Yes. It’s ideal for beginners because:

• It’s historically important

• Contains multiple denominations

• Offers excellent visual appeal

• Easy to authenticate

How Does the 1988 Proof Set Compare to Other Years?

Compared to non-Bicentennial years:

• Higher historical significance

• Stronger collector demand

• More iconic $1 design

It remains one of the most collected modern proof sets.

Why Do Collectors Value the 1988 Australian Proof Coin Set?

Collectors value it for:

• Bicentenary context

• High minting quality

• Complete year representation

• Long-term demand

Is the 1988 Proof Coin Set a Good Long-Term Hold?

For collectors focused on:

• Historical themes

• Complete year sets

• Stable value preservation

…the 1988 Proof Coin Set is a strong choice.

Final Thoughts on the 1988 Australian Proof Coin Set

The 1988 Australian Proof Coin Set stands as a beautifully crafted tribute to Australia’s Bicentenary. While not rare or precious-metal based, its historical importance, exceptional finish, and enduring collector appeal make it a cornerstone of modern Australian numismatics.

For anyone building a serious Australian coin collection, this proof set remains an essential and rewarding acquisition.

15. Conclusion

The 1988 Australian Proof Coin Set is more than just a collection of coins — it is a celebration of Australia's history, craftsmanship, and identity. With limited mintage, firsts like the $2 coin, and special commemorative designs, it continues to be a highly desirable set among both collectors and investors.

Whether you plan to hold it as a treasured keepsake, pass it down as a family heirloom, or invest for future returns, the 1988 Australian Proof Coin Set is undoubtedly a smart and meaningful choice.

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