A new version of a highly valued $2 coin is set to spark a shopping spree on Thursday.
The Royal Mint will release an updated version of the Remembrance Day Red Poppy $2 coin to celebrate the 10th anniversary of the original 2012 issue and to commemorate the country’s war veterans.
After the death of Queen Elizabeth II, the 2012 Red Poppy coins skyrocketed in value, peaking at $400 each, but have since settled to be worth around $350.
The Royal Australian Mint is releasing a 2022 version (pictured) of the highly popular Red Poppy $2 coin
The 2022 edition features an updated portrait of Queen Elizabeth II, but the reverse is likely identical to the 2012 edition with a distinctive scarlet poppy in the center and the word “remembrance” around the rim.
Only 60,000 of the new coins will be issued and they will not go into general circulation but can be purchased separately for $15.
Since they are likely to sell out quickly, the coins may quickly appreciate in value while avid collectors are still trying to get their hands on one.
The coins will be issued at 8:30 a.m. (AEDT) and can be purchased from Mint’s from then on website but there is probably an hour wait to place an order.
The original 2012 $2 Red Poppy coin (pictured) skyrocketed in value after Queen Elizabeth II passed away
Alternatively, potential buyers can call the Mint on 1300 652 020 or by visiting the store in Canberra.
Australian coin collector Joel Kandiah has posted a guide to buy the new $2 coin on his popular Instagram and TikTok pages devoted to all things money.
He advises people not to ‘go along with the hype’.
“This coin will sell out and there will be people trying to flip it for ridiculous amounts of money.”
“Play the waiting game.”
Australian coin collector Joel Kandiah, who runs popular Instagram and TikTok pages on all things money, has posted a guide (pictured) for buying the new Red Poppy coin
Mr Kandiah has issued a warning of ‘unscrupulous behavior’ in the coin collecting market and advises those who consider buying as an investment to get financial guidance
Mr Kandiah (pictured) is a 31-year-old schoolteacher in Perth who has become known as an online guru for coin collecting
Kandiah advises people to keep an eye on the Mint’s website in the coming days in case they “drip” more stock or try Mint-approved coin dealers, which can be found by doing a Google search, though he also lists some.
Reputable coin dealers probably have buying limits.
Mr Kandiah warns that there is “an increase in unscrupulous behavior by sellers looking to make a quick buck.”
For those who “view coins and notes as a form of investment rather than a hobby,” the 31-year-old school teacher recommends doing so only under the guidance of a financial advisor.
Mr Kandiah said it is difficult to predict how much the new Red Poppy coin could be worth in a few months or years.
“The Red Poppy is currently the most in-demand coin in Australia,” he told Seven News.
“The new Red Poppy will generate a lot of hype soon, but I can’t really say what will happen to the market after that. And I think it’s a pretty dangerous game to try that.
“I want what’s best for the collector, I don’t want what’s best for the pinball.”
The original 2012 Red Poppy coin was released in a batch of 503,000, but the Mint also created a rarer version of 40,902 marked C coins.
In 2018, for the 30th anniversary of the $2 coin set, another Red Poppy version was released in a batch of 30,000.
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