It’s been an eventful year for the Royal Australian Mint. Shortly after releasing the Queen Elizabeth II commemorative coin and placing the new King Charles III coins into circulation, it has now released a new colourful collection to celebrate 35 years of the $2 coin.
The sought after new collection, featuring 14 coins and the iconic poppy coin, dropped recently.
According to footage posted by a coin enthusiast and Tik Toker, thousands queued up from the early hours outside the Royal Australian Mint in Canberra to get their hands on the new collection.
@coincryptobradHuge line♬ Oh No – Kreepa
While sales of the collection have concluded onsite and through the RAM’s call centre, sales have been moved online and through a ballot system.
Buyers, especially those from further afield were quick to applaud this decision.
“Thank you. This is so much fairer and equitable to those in WA who otherwise miss out as everything is sold out online almost immediately. Happy to wait!” one avid collector said.
“Awesome that is a much fairer system for all. Thanks.”
“Thank you. I think this is the best way for those of us that can’t travel to the mint or be on the phone all hours of the day a ballot system will be perfect. Good luck to those lucky few,” commented another.
“Happy to take my chances with a ballot. Good luck all.”
“Thanking you for the honest chance of being able to purchase a new release finally! This is exciting to read after such a disheartening day! Cheers Royal Australian Mint this is something to look forward to.”
Speaking to 7News.com.au, numismatist in-the-know, Joel Kandiah, revealed that the demand for the $235 collection was unprecedented.
He owed its high demand to the immense popularity of the coloured $2 coins.
“This year marks the 35th anniversary of the $2 coin entering circulation. It has been the most innovative of our coins with more than 50 coloured commemoratives been issued into circulation since 2012,” he said.
“The RAM are celebrating this occasion by re-minting some of those unique designs such as the 2012 Red Poppy and the award-winning 2022 Honey Bee coins.
“There have been murmurings of this release for quite a few months since it appeared in the currency determination legislation, but it was only officially revealed last week.”
Despite the high anticipation around the release of the new coloured collection, the queues and buying frenzy that ensued were not expected.
He explained that the likelihood of the sets increasing in value was probably driving buyers.
“There is a lot of hype because the RAM released a similar 12-coin set in 2018 for the 30th anniversary,” he explained.
“It had a retail price of $75 and the set was not popular until coin collecting took off in 2020. That folder is now worth $800, so people are hoping the same will happen with this new set.
“Within two hours of release, prices have been selling for up to $650 a set! It is early days, so it seems the price possibly will go higher. The question is whether it can actually sustain its level due to its speculation.”
Kandiah added that another element may have piqued the collector’s attention.
“It has a mintage of 35,000 and a retail price of $235,” he said.
“What’s unique is that whilst the designs are previous commemoratives, including the red poppy, all coins will be dated 2023 and will have the memorial obverse of the Queen.
“It is very likely that these will be the last $2 coins with the Queen on them!”