$2 dollar coin skyrockets to value of $550 following Queen’s funeral

A numismatist has revealed how the price of an Australian $2 coin has risen drastically since Queen Elizabeth II's funeral.

If there was ever a time to rifle through the old bags at the back of your wardrobe or empty out your pockets and piggy banks then now is that time.

Without knowing, one coin in amongst your various hiding places of loose change could be worth a whole lot more than it used to.

Since Queen Elizabeth II's funeral took place yesterday (19 September), Joel Kandiah, a TikTok Numismatist (a person who collects or studies coins), has revealed two Australian dollar coins could now be worth 250 times their original value.

Kandiah revealed that two coins - one with a poppy flower in the centre and the other with an image of the Imperial State crown - 'can fetch up to $550'.

The numismatist - known as The History of Money - explained: "The market has been hot for these two $2 coins which are the lowest minted coloured circulating $2 coins in Australian history.

"The 2012 Red Poppy has a small mintage of 503,000 and because of that, they're selling for between a $150 and $370.

"The 2013 Purple Coronation $2 coin (valued between $40 and $140 before the Queen's death) has a mintage of 995,000 and in the last week its value has shot up to $75 to $180."

However, don't go getting your hopes up if you find a spare note discarded at the bottom of your cupboard, as Kandiah told 7NEWS.com.au there's been 'no significant change in the collectors value of £1, $1 and $5 notes'.

"The criteria for them being rare, remains the same now as it was before.

"Coins however is a different story. There have been big movements in three particular coins," he continued.

Instead, keep your eyes peeled for the 2013 Purple Coronation $2 coin, 2012 Red Poppy $2 coin, the Queen's Platinum Jubilee 50c coin and the 'Effigies Over Time' collector set.

Kandiah noted how the 'level of demand has been unprecedented' for the Red Poppy in particular. "There are 503,000 of these coins made, which only represent 0.05 per cent of the total amount of $2 coins ever made," he added.

Kandiah reflected how the coins already had 'a bit of hype' around them prior to the Queen's passing."And now they're just going through the roof," he said.

Prior to Queen Elizabeth's funeral, the 50c Platinum Jubilee coin - which has a mintage of 70,000 - was $12.50 and is now being sold for '$100 each'.

The set of coins known as the 'Effigies Over Time' which were made to 'commemorat[e] the new effigy of the Queen in 2019' used to be sold for $30 a set and are now worth 'at least $160'.

On Sunday, 17 September, the numismatist went to an auction and purchased an Effigies set for $75. Yesterday, the set had skyrocketed and become worth a whopping $180.

"I honestly can't believe it," Kandiah said.

However, the numismatist did warn that it can be 'very hard to predict the movements'.

He noted that 'not everything will go through the roof' especially when 'millions' of something is made, such as $5 notes and $1 notes.

Kandiah added: "And the rare ones are generally those with certain prefixes, if it starts with an AA for example. That hasn’t suddenly changed because the Queen has passed away."

For a 'good indication' of how much your coins are worth, you can check 'the Renniks Australian Coin & Banknote Value books' or just go on eBay, Kandiah advises.

Or if you're still uncertain, head to a 'proper dealer'.

Kandiah reflected: "Since the pandemic, the growth in hobbies like coin collecting has been beyond ridiculous.

"The whole popularity of coin collecting. I’ve been collecting for 27 years, I thought I was a dork. Now you’ve got kids getting right back into it.

"There’s been a slow build, but now it’s just shot through the roof - this year it’s been incredible. So there’s more interest in coins like this than ever."

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