It’s been 30 years since coins replaced two-dollar notes

Can you believe 2018 marks 30 years since the $2 coin first went into circulation around Australia?

For anyone who lived in Australia before the days of online banking, ATMs and EFTPOS, you’ll remember that two dollar notes were actually a thing. Unfortunately, the notes were easy to damage and on June 20, 1988, then-treasurer Paul Keating announced the small golden coin would replace the outdated notes. A standard note only lasted around six months before it became too damaged, while a coin can circulate for up to four decades.

The choice to change from a note to coin was a massive public affair, with organisations representing the visually impaired, vending machine industries and retail and financial institutions offering their input.

In its first year of circulation, more than 160 million $2 coins were produced and sent into the public.

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“In 1988 the two dollar coin joined Australia’s circulating currency and with it came the opportunity to honour the original inhabitants of Australia on our coins,” Ross MacDiarmid, CEO of the Royal Australian Mint said in a statement.

“In the 30 years since, the two dollar coin has continued to celebrate Australia’s history and culture. There have been many special edition commemorative designs marking Anzac Day and Remembrance Day, as well as milestones such as Her Majesty Queen Elizabeth II’s 60 years on the throne.”

As such, the Royal Mint has produced a commemorative set that unites 12 of the designs that have entered into general circulation, including special Anzac Day and Remembrance Day releases.

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“The set is a celebration of the heritage, creativity and engineering excellence for which the Royal Australian Mint is renowned,” MacDiarmid added.

While most people probably don’t think much about the coins in their wallet or purse, there are some interesting facts about the golden coin. For one, it’s actually not gold, but rather 92 per cent copper, six per cent aluminium and two per cent nickel.

The Mint can produce 200,000 coins per machine per day and more than 15 million commemorative coins have entered circulation since 2012.

What do you think? Do you remember when the two dollar notes were still used in Australia? Do you have any of the special commemorative coins that have been released over the years?