Rare Australian $2 coins skyrocket in value after Queens death

Many Aussies will be racing to check their wallets following the revelation that two rare $2 coins have skyrocketed in value in recent days.

Leading Australian coin expert, Joel Kandiah, has revealed two coins in particular have shot up in value following the death of Queen Elizabeth II.

The Perth teacher is an avid coin collector and has amassed a huge following on TikTok and Instagram with his account, The History of Money.

In a recent video he revealed the 2012 Red Poppy coin and the 2013 Purple Coronation coin were now fetching a combined price of up to $550.

He said the increase in demand for these rare $2 coins is all due to the Queen’s passing.

“The market has been hot for these two $2 coins, which are the lowest minted coloured $2 coins in Australian history,” Mr Kandiah explained in the video.

“The 2012 Red Poppy has a small mintage of 503,000 and because of that, they are selling for between $150 and $370.”

The 2013 Purple Coronation $2 coin has a slightly higher mintage of 995,000, but its value has also soared.

“In the last week its value has shot up to $75 to $180,” he said.

“The coin collecting market is absolutely crazy right now.”

If the coins are in mint condition they could fetch an even higher price.

A search on eBay shows a number of Red Poppy coins selling in recent days for between $390 and $434.

For those who are in possession of one of these sought-after coins, Mr Kandiah warned them not to clean the coin as it would reduce its value, “especially if chemicals are used”.

These two coins aren’t the only currency that has shot up in value following the Queen’s passing, with Mr Kandiah saying one coin in particular is now worth eight times its original price.

The coin is the silver 50c coin released for the Queen’s Platinum Jubilee, which was initially sold for $12.50. Following the Queen’s death, the numismatist said the coin is now valued at $100.

The 2019 “Effigies Over Time” collector set has also seen a huge spike in demand, with the price soaring from $50 two weeks ago to $250 in the current market.

“I’ve been collecting for 27 years and I’ve never seen price rises like that ever,” Mr Kandiah said/

Rare coin expert Belinda Downie said the death of the Queen has had a “positive effect” on the coin collecting industry as Australians try to get their hands on a bit of history.

“Coinage does chart history and the Queen’s passing is historical,” she said.

“Now she’s history.”

The managing director of CoinWorks Australia noted the Queen had overseen the transition from pre-decimal currency, including pennies and shillings, to the decimal currency in use now.

Queen Elizabeth II has been the only monarch to feature on a decimal coin since they were introduced in 1966.

The knowledge of the Queen’s historical significance has driven a “major influx in new customers”, according to the coin expert of 50 years.

“People are trying to furiously collect,” she said.

“There’s not only a rush for Queen Elizabeth II currency, but there’s also a frantic rush that ‘Oh my gosh I could have a fortune in my bottom drawer’, which simply doesn’t happen.”

The Royal Australian Mint has revealed that King Charles III coins will be minted and entering circulation next year, which Mr Kandiah believes will see an “initial flurry” of interest from collectors.

However, the coin expert warns there may be another seismic shift in currency on the horizon.

According to Mr Kandiah, the 5c coin could soon be taken out of circulation.

“Personally I don‘t see the future of the 5c coin lasting much longer,” he revealed.

“It’s more a matter of when it will be removed from circulation rather than if it’ll be removed.”

The Royal Australian Mint disclosed that 5c coins currently cost 12c to make due to high metal prices. It also costs 24c to make a 10c coin and 48c to make a 20c.

The cost is simply unfeasible for a coin everyone hates, Mr Kandiah said. It doesn’t help that the 5c coin “has far less purchasing power than it did” when it was created.

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The Queen’s death was the perfect time for authorities to reset a flawed system, according to the coin expert.

“Australia’s coins are too big. They’re too heavy to carry around. It doesn’t make sense that the 50c coin is larger than the $2 coin or $1 coin,” Mr Kandiah griped.

“I think there’s going to be a whole rethink. It’s the perfect time for Mint to sit down and think.”

Read related topics:Queen Elizabeth II

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