Queen’s funeral: Red Poppy and Purple Coronation Aussie $2 coins soar in value

Two rare Australian $2 coins have soared in value hours after the state funeral of Queen Elizabeth II.

The 2012 Red Poppy and 2013 Purple Coronation coloured $2 coins are now worth hundreds of dollars each following the death of Her Majesty on September 8.

One Perth coin and bank note expert says the coins have fetched up to $550 combined in recent days as billions around the world tuned into the Queen’s funeral in London on Monday.  

One of the rare coins sold for a record $400 that night.

Joel Kandiah took to TikTok to explain why the coins’ value has skyrocketed.

‘The market has been hot for these $2 coins which are the lowest minted coloured circulating $2 coins in Australian history,’ he explained on his TikTok account TheHistoryOfMoney.

‘The coin collecting market is absolutely crazy right now.’

As the 2012 Red Poppy $2 coin has a small mintage of 503,000, the rare coins are selling for at least $150 and as much as $370.

The 2013 Purple Coronation had almost double the mintage of 995,000, which has seen its value shoot up in the last week from as little as $75 to $180.

‘The coin’s price had jumped by 30-50 per cent immediately on the news of her passing and has stabilised since then,’ Mr Kandiah told 7news.com.au.

‘In that time, it seems that heightened demand for the coronation coin also increased demand for the red poppy.

‘Since the Queen’s passing, the price of the coin in mint condition has increased from $310 to $400 in that time!’

Mr Kandiah says the value of the coins will likely to keep growing but was unable to list a figure.

‘With regards to how high they will sell is unknown, there are now so many participants in the coin collecting market and the hobby is growing, we will probably see a further rise but I won’t be able to put a number on it.’

A  2012 Red Poppy $2 coin, which had a limited mintage, sold for a record $400 on Monday night, the evening of the Queen’s state funeral

For anyone who think they may have a rare coin, Mr Kamiah suggests reading  Renniks Australian Coin & Banknote Values as a starting point.

The next step is log onto eBay to look at what the coin has recently sold for.

If still in doubt, a proper dealer will should give you a good understanding and a fair estimate.

Mr Kamiah has one piece of advice for aspiring coin collectors.

‘Don’t clean your coins, they will reduce its value,’ he said.

He also set the record straight to declare he has no plans to part ways with his Red Poppy and Purple Coronation coins.

‘Just a reminder: it’s my collection, I’ll hold my coins how I want to. Don’t tell me what to do,’ Mr Kamiah commented on his TikTok video.

The 2013 Purple Coronation $2 coin has also soared in value in recent days