Contract object &1 already exists

What causes this issue?

You want to create a contract object with external number &V1&. This is
not possible because a contract object with the same number already
exists.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Enter a number that has not yet been assigned.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.