Treasures in your change! The $2 coin!
Once upon a time, the Australian $2 coin – along with the 5c and 10c coins – was almost entirely ignored by collectors. Australia’s obsession with ‘hoarding the commemorative’, a tradition that stretches back the predecimal era and the reign of King George V, ensured that these non-commemorative denominations received very little attention.
Then, with the issue of the 2012 Red Poppy $2, the world turned upside down. With the spotlight unexpectedly shone upon the denomination, suddenly everyone was looking for $2 rarities! But what makes a coin rare?
What makes a coin rare?
Although it is not a guarantee of rising value, the rarity of a coin can often play a key role in its monetary value. But what makes a coin rare?
The rarity of a coin, as with items in other collectable fields, is largely determined by the number of existing examples of the coin in question. The ultimate example of a rare coin, therefore, is a coin that is, by definition, unique – there is only one known example. That only a tiny number of a particular coin exist could potentially be attributable to several factors.
Mints strike some coins for archival purposes, or for distribution to government authorities, museums and other mints. Such coins will be struck in the tiniest of numbers – maybe five or ten. Some coins are struck in tiny numbers, but end up being issued for circulation, lost, or withdrawn due to wear and destroyed. Australia’s famed 1930 Penny is a prime example. Other coins are struck in huge numbers, but the entire production run – or a vast majority of it – is melted down and recycled.
Then, of course, you have Error coins, generally known by few examples because of state-of-the-art production techniques and rigorous quality control. The 1981 Scalloped Edge 20c – an Australian 20c coin struck on a metal blank supposed to be used for a Hong Kong $2 coin – is known by less than 10 examples, and is considered very rare. The condition of a coin is also naturally linked to rarity. There may be many examples of a particular coin known to exist, but if there are only a handful in pristine Uncirculated condition, then such a coin would be rare.
Remarkably, great rarities such as the 1930 Penny or the 1981 Scalloped Edge 20c were found in change. What else could you find in your change?
Colour $2 Coins – Australia’s hottest series!
In 2012, the Royal Australian Mint struck Australia’s very first commemorative $2 circulation types – the 2012 Poppy $2 and 2012 Red Poppy $2. Crucially, the iconic 2012 Red Poppy $2 was Australia’s first full-colour circulating $2 coin.
This groundbreaking issue signalled a radical change in the nature of Australian commemorative coinage. While other denominations have largely been forgotten from a commemorative perspective, the 2012 Red Poppy $2 has been followed by a vast array of commemorative $2 coins. Consequently, the Royal Australian Mint’s colour $2 series has become the hottest in Australian numismatics. As far as what to look out for in your change, colour $2 coins is where it’s at!
Underpinned by bright, colourful designs and poignant, powerful themes, $2 coins stand out a mile in change. Commanding the attention of collector and non-collector alike as a result, every colour $2 is hoarded en masse. In addition, the colour $2 series is defined by tiny mintages. The average annual mintage of the $2 coin since introduced in 1988 is approximately 28 million, but take a look at the mintages of colour $2 coins!
The 2012 Red Poppy $2 had a mintage of just 500,000! The 2013 Coronation $2 had a mintage of just one million, and the 2015 Lest We Forget $2 had a mintage of just 1.46 million! Regarding more recent issues, the mintages have rarely been more than 2 million, and, compared to the annual average, that’s minuscule.
When you consider the low mintages, and that coins are issued into circulation across the country at random, depending on demand, it’s no surprise that all colour $2 issues are very tough-to-find in change – but that shouldn’t stop you from searching! Indeed, the hunt for $2 coins in change is one of the most challenging and therefore most enjoyable coin collecting pursuits, especially as many colour $2 coins are worth money.
With colour $2 coins consistently rising in value, and several worth hundreds of dollars, you should definitely keep your eye out for these little treasures. And colour $2 coins aren’t the only $2 coins worth searching for!
Not-issued-for-circulation types…
The Royal Australian Mint strikes coinage for Australia on the basis of demand, meaning that if there is no need for a particular denomination in a particular year, no coins will be struck. As far as the $2 denomination is concerned, and the standard Indigenous Elder type, there is only one date that was struck only for collectors – the 1991 $2. Only issued in 1991 Year Sets, the 1991 Indigenous Elder $2 should never be found in change – in theory at least. In reality, for whatever reason, it does turn up occasionally – and with a catalogue value of $40 in Uncirculated quality, it’s worth looking out for.
In the same vein, not-issued-for-circulation commemorative types are unlikely to be found in change – but they could be! Every one of the low-mintage Colour $2 C Mintmark issues, for example, trades above the original issue price – many being worth hundreds of dollars. Struck from 2020 to 2023, and not issued for circulation, the RAM’s low-mintage Tooth Fairy $2 issues also rank as valuable $2 coins. The 2020 issue has a catalogue value of $350, with the 2021 ($95), 2022 ($70) and 2023 ($45) all worth well over issue price. Not-issued-for-circulation types do appear in change from time to time, so keep your eyes peeled.
Low mintage issues…
It is not only the Colour $2 Series that is notable for unusually low mintages – several of the Indigenous Elder $2 dates had very low mintages as well. The 1998 $2, for example, had a mintage of 8.7 million, and catalogues at $30 in Uncirculated condition. The 2000 $2 had a mintage of just 5.6 million, and catalogues at $60, with the 2011 $2 having a mintage of just 1.8 million and cataloguing at $35. The rising values of such coins in Uncirculated quality are in part due to the fact that, as mentioned earlier, non-commemorative decimal types are often not set aside at issue, meaning only a small number survive in top grade.
Unique $2 Error types…
As with all decimal coinage, $2 Error types are very rare – largely as a result of the state-of-the-art equipment and rigorous quality control at the Royal Australian Mint. Mistakes do happen, however, and occasionally get through the system and into circulation. Off-centre strikes, double strikes, incorrect planchets, completely blank planchets, brockages – and more – Errors can be worth money, and represent a very good reason to keep a close eye on your change. This is exemplified by one Error type that is very particular to the $2 denomination – the $2 Bullseye!
Bullseye Errors – RAM misses the mark!
Appearing with the introduction of colour coins, the Bullseye $2 is a new member of the Error Family – and an extremely rare one! As a coin is struck before the application of colour, it is possible, on very rare occasions, that it will be the wrong way around when the colour motif is applied. Thus, the colour is applied not to the reverse design, as it should be, but to the obverse, with the RAM scoring a ‘bullseye’ on the monarch’s portrait! This is now known as a Bullseye Error. A fascinating and in some ways comical error, the existence of Bullseyes is a great reason to check your change. With most of the few known examples trading for thousands of dollars, this is indeed a rare and extremely valuable $2 type.
Time to check your change!
With the $2 series littered with key types and key dates, and notorious for rapidly rising market values, there is every reason you should keep an eagle eye on your change. Who knows what you might find? Good luck!