What does the cryptic crossword clue "Erudite Cockney’s attention monopolised by old coin? On the contrary (8)" mean?

The definition is "Erudite". The wordplay uses a container (one word inside another). DUCAT (synonym="old European gold coin") in EED (synonym="Cockney pronunciation of HEED = attention, dropping the initial H sound") = EDUCATED; definition: "Erudite" The answer is EDUCATED.

Erudite Cockney’s attention monopolised by old coin? On the contrary (8)

Independent Cryptic #12020 | 19 Across | 2025-04-18 flower

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