Australians are on the hunt to find two rare $2 coins that have exploded in value in recent days following the death of Queen Elizabeth II.
Australian coin expert Joel Kandiah made the revelation on his TikTok, The History of Money, which has almost 112,000 followers.
In a recent video, the commerce teacher from Perth said the 2012 Red Poppy coin and the 2013 Purple Coronation coin were now fetching a combined price of up to $550.
“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 higher mintage of 995,000, but its value has also soared.
“In the last week its value has shot up to $75 to $180,” Mr Kandiah said.
A coin’s mintage is the number of coins that were produced, so the lower the mintage, the more rare and collectible the coin is.
One follower asked how to clean and preserve the coins, but Mr Kandiah said its best to not clean them because it will reduce its value.
“Don’t clean your coins, they will reduce its value. Search ‘Renniks’ on Google and they have a whole range of storage solutions,” he responded.
“The coin collecting market is absolutely crazy right now.
Several other Australian coins featuring Queen Elizabeth II have also increased in value following her death.
Coinworks’ Belinda Downie – who has close to 40 years’ experience in the industry – said traditionally avid collectors would target past monarchs.
“Now that the monarch has passed, coins of Queen Elizabeth II are no longer current and will very much be in demand,” she told Sky News last week.
From 2023, the Royal Australian Mint in Canberra confirmed it would update new coins featuring the new head of the monarchy, King Charles III.
This means the five, 10, 20, 50 cent coins and the $1 and $2 coins will look slightly different from next year.