A new 50-cent coin commemorating the life of Queen Elizabeth II is in hot demand, with the sale of the coin soaring to seven to ten times the original price.
The coin, which went on sale from 8:30 a.m. on Nov. 23, is available in fine silver proof and uncirculated finishes. The uncirculated 50-cent coin retails at $15 (US$10) and has a limited mintage of 25,000, while the silver proof version is sold at $135 and has a limited mintage of 7,500.
As collectors race to secure these limited editions, online platforms are seeing the prices of the coins skyrocket. On eBay, coins are fetching bids of up to $499—more than 33 times the original price.
Leigh Gordon, CEO of the Royal Australian Mint (RAM), the sole producer of all of Australia’s circulating coins operating under the Commonwealth, said the latest release is “a study of graceful ageing by one of the era’s most recognisable female figureheads.”
“The Mint’s trademark storytelling is strongly represented on the coin’s reverse, which features a central design depicting the first six effigies, fanned above the Queen’s royal cypher.”
The coin features the six effigies of the late Queen by Ms. Clark, a British engraver who designed the fifth and final portrait of the Queen on coins of the pound sterling. The portrait was also the sixth and final to feature on coins of the Australian dollar.
The coin’s central image is framed with the lily of the valley, one of the Queen’s favourite flowers, and the golden wattle, Australia’s national floral emblem.
The Mint will limit the sales of the special editions to its physical store in Canberra, its call centre on 1300 352 020, and through the Mint’s authorised distributors.
Special Edition Coins In Hot Demand
The large volume of calls from Australians who want to get their hands on the coins resulted in the Mint’s call system crashing.Collectors took to social media to express their excitement, with one person saying that they had scored both the uncirculated and silver proof coins after 152 calls and a 33-minute wait.
“To maximise the chance to get the coin you’re after, instead of repeat dialling, we recommend giving it 20 minutes or so before trying again. It might take a few goes, but it will give you the best chance of getting through on the phone,” the Mint advised.
Numismatist Joel Kandiah said that the coins would trigger a frenzy, saying it’s “extremely special” due to its feature of the six effigies of the Queen that have appeared on Australian coinage since 1964. It is also the last coin honouring the Queen’s long reign, he said.
“There will definitely be a frenzy, which is why the RAM have reduced the allocation to just one per person through their physical store, through the phone, and their authorised distributors,” Mr. Kandiah told Seven News.
“I strongly advise collectors that if prices rise by a large amount early, to wait a month for prices to fall.”
