The victim was going to pay in some money at a Post Office in Edinburgh about 10.20am yesterday when he was attacked.
Two men pulled him to the ground on Restalrig Road and threatened him, taking the cash before making off towards Seafield.
The suspects are both described as being white, between 18-20-years-old.
One of them was around 5ft 8ins tall, slim to medium build with short cropped fair hair. He was wearing a plain grey hooded top with the hood up and possibly jeans.
The other man was around 5ft tall, of slim build. He was wearing a dark navy hooded top with the hood up with dark jeans and dark trainers.
A police spokesman said: “This has been a terrifying experience for this man who was walking a route he takes regularly when the two men set upon him.
“We would appeal for anyone who may have been in the area at the time, and who may have seen what happened, to contact us on 0131 311 3131.”