Money expert reveals the new $2 coin that’s selling for $1200! Is your spare change hiding a fortune?
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Collecting coins and banknotes is a common practice that many of us have adopted to make some extra pocket money someday.
Compared to keeping your money in a bank, the value of coins is often relatively low, and they may not generate significant returns. While banks offer interest on your savings, coins typically do not appreciate at the same rate.
But what if we told you that your coin collection could be worth more than you think?
Recently, a new $2 coin was released, and it has the potential to make your dreams of earning some extra cash a reality!
It may seem unbelievable, but according to Perth-based numismatist and banknote expert Joel Kandiah, also known as @TheHistoryOfMoney on TikTok and Instagram, a new coin has skyrocketed in value and is now worth an astonishing $1200!
With his extensive knowledge of coin collecting and selling and a bit of luck, Kandiah's discovery could potentially make you over a thousand dollars richer.
According to Joel, this fascinating coin has been released by the Royal Australian Mint, in recognition of Australia's role in the Vietnam War.
An uncirculated C-mintmark coin from the release is currently on sale for $15 in retail outlets and exists in a mintage of 80,000.
According to Kandiah, the recent price surge for this particular coin is unprecedented.
The Royal Australian Mint released two new Vietnam War commemorative $2 coins on April 6, with the first being an uncirculated C mintmark coin, with a recommended retail price (RRP) of $15 and a mintage of 80,000.
The second coin, a silver version of the same coin, had a proof finish, which involved striking the coin multiple times and hand-polishing it for a blemish-free, mirror-like appearance.
This coin had an RRP of $80 and a mintage of only 5000.
While both coins were initially popular, the silver $2 commemorative coin has experienced an incredible surge in price.
Kandiah noted: ‘This spike has never been witnessed before on the numismatic market.’
The reasons why this coin has caught the eyes of so many collectors could be something to do with its one-of-a-kind design.
He explained: ‘The first reason for the hype of this coin is that it is the first silver version of a coloured two coin and will most likely be the only version that will feature the Queen’s effigy.’
‘It has a lower mintage than the most valuable coloured $2 coin, the Mars $2 coin from the 2018 Planetary Series collection, which is currently valued at around $4000.’
‘The combination of these two factors have led to this price spiral which has never been witnessed before on the numismatic market.’
The coin has since sparked a heated controversy between Australian coin collectors as it was quickly snapped up by individual dealers to re-sell on eBay, often at a much higher markup.
He remarked: ‘Within minutes of release, dealers across the country sold out of their allocations.’
‘Meanwhile, people were on the mint’s online store, call centre and in person in Canberra. Silver coins were completely sold out by the afternoon and the uncirculated coins were sold out by midnight.’
‘People were waiting up to 16 hours in the Mint’s online queue system to try and get their hands on the coin.’
‘Many collectors who were purchasing online had to compete with people from the ’sneaker bot’ community, who used sophisticated software to buy up new releases - only to release them on eBay at a significantly higher markup hours later.’
‘By mid-afternoon, prices had gone up to $100 for the uncirculated coin and $300 for the silver coin.’
‘Since then, the price of the uncirculated coin has fallen down to around $60 as “fear of missing out” (FOMO) dies down.’
‘However, the silver coin has continued to spike in price, which has now increased 15-fold to $1200 by April 16.’
He also mentioned that lucky people who are able to get their hands on the silver coin are cashing in on the price spike taking place. However, it is too early to tell whether the value is anything more than a fear of missing out (as with all hot items).
Kandiah continued: ‘Once we find more people get hands on their orders from the Mint, it is likely that they will sell their coins to cash in on the price rise, but the relative rarity of the coin could be a long-lasting factor in its valuation.’
‘The coin collector market has changed considerably over the last few years, and it is in a new space where the buying and selling are done with each other through Facebook groups and eBay rather than through dealers.’
‘The democratisation and accessibility of this process has led to improved liquidity within the market, and hence we will continue to see rapid fluctuations in the Australian coin collector market in the future.’
If you were lucky enough to obtain this unique $2 coin, you could make a huge profit – who wouldn't want an extra $1200?
You might also want to check out this article to learn more about which coins increased in value since the Queen’s passing.
Do you have a collection of coins, or have you succeeded with a lucky find? We would love to hear about it in the comments below!
Compared to keeping your money in a bank, the value of coins is often relatively low, and they may not generate significant returns. While banks offer interest on your savings, coins typically do not appreciate at the same rate.
But what if we told you that your coin collection could be worth more than you think?
Recently, a new $2 coin was released, and it has the potential to make your dreams of earning some extra cash a reality!
It may seem unbelievable, but according to Perth-based numismatist and banknote expert Joel Kandiah, also known as @TheHistoryOfMoney on TikTok and Instagram, a new coin has skyrocketed in value and is now worth an astonishing $1200!
With his extensive knowledge of coin collecting and selling and a bit of luck, Kandiah's discovery could potentially make you over a thousand dollars richer.
According to Joel, this fascinating coin has been released by the Royal Australian Mint, in recognition of Australia's role in the Vietnam War.
An uncirculated C-mintmark coin from the release is currently on sale for $15 in retail outlets and exists in a mintage of 80,000.
According to Kandiah, the recent price surge for this particular coin is unprecedented.
The Royal Australian Mint released two new Vietnam War commemorative $2 coins on April 6, with the first being an uncirculated C mintmark coin, with a recommended retail price (RRP) of $15 and a mintage of 80,000.
The second coin, a silver version of the same coin, had a proof finish, which involved striking the coin multiple times and hand-polishing it for a blemish-free, mirror-like appearance.
This coin had an RRP of $80 and a mintage of only 5000.
The coins fetched high prices and are being sold on eBay. Credit: eBay.
While both coins were initially popular, the silver $2 commemorative coin has experienced an incredible surge in price.
Kandiah noted: ‘This spike has never been witnessed before on the numismatic market.’
The reasons why this coin has caught the eyes of so many collectors could be something to do with its one-of-a-kind design.
He explained: ‘The first reason for the hype of this coin is that it is the first silver version of a coloured two coin and will most likely be the only version that will feature the Queen’s effigy.’
‘It has a lower mintage than the most valuable coloured $2 coin, the Mars $2 coin from the 2018 Planetary Series collection, which is currently valued at around $4000.’
‘The combination of these two factors have led to this price spiral which has never been witnessed before on the numismatic market.’
The coin has since sparked a heated controversy between Australian coin collectors as it was quickly snapped up by individual dealers to re-sell on eBay, often at a much higher markup.
He remarked: ‘Within minutes of release, dealers across the country sold out of their allocations.’
‘Meanwhile, people were on the mint’s online store, call centre and in person in Canberra. Silver coins were completely sold out by the afternoon and the uncirculated coins were sold out by midnight.’
‘People were waiting up to 16 hours in the Mint’s online queue system to try and get their hands on the coin.’
‘Many collectors who were purchasing online had to compete with people from the ’sneaker bot’ community, who used sophisticated software to buy up new releases - only to release them on eBay at a significantly higher markup hours later.’
‘By mid-afternoon, prices had gone up to $100 for the uncirculated coin and $300 for the silver coin.’
‘Since then, the price of the uncirculated coin has fallen down to around $60 as “fear of missing out” (FOMO) dies down.’
‘However, the silver coin has continued to spike in price, which has now increased 15-fold to $1200 by April 16.’
He also mentioned that lucky people who are able to get their hands on the silver coin are cashing in on the price spike taking place. However, it is too early to tell whether the value is anything more than a fear of missing out (as with all hot items).
Kandiah continued: ‘Once we find more people get hands on their orders from the Mint, it is likely that they will sell their coins to cash in on the price rise, but the relative rarity of the coin could be a long-lasting factor in its valuation.’
‘The coin collector market has changed considerably over the last few years, and it is in a new space where the buying and selling are done with each other through Facebook groups and eBay rather than through dealers.’
‘The democratisation and accessibility of this process has led to improved liquidity within the market, and hence we will continue to see rapid fluctuations in the Australian coin collector market in the future.’
If you were lucky enough to obtain this unique $2 coin, you could make a huge profit – who wouldn't want an extra $1200?
You might also want to check out this article to learn more about which coins increased in value since the Queen’s passing.
Do you have a collection of coins, or have you succeeded with a lucky find? We would love to hear about it in the comments below!
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