How to get rare $2 set now selling for $600 after major change announced

The Royal Australian Mint has claimed the system will be fairer for those trying to bolster their collections.

The Royal Australian Mint will now sell collectable coins through a ballot system, with the remaining highly coveted 35th anniversary $2 coin sets released this Wednesday.

The mint stopped the sale of the 14-coin set in December last year after thousands queued and many disappointed collectors reported issues with being able to buy them over the phone. The sets were being sold by the mint for $235. In the days following the release, some people attempted to resell the limited editions for up to $1,500. As the hype has settled, so has the asking price on websites like eBay, where the collectable set is currently being sold for between $300 and $600.

This was not the first time Australians had trouble buying the limited-edition collectables, with the mint admitting it could not keep up with the “exceptionally high volume of traffic” as bots inundated its website on release days. But, from Wednesday, the mint will bolster its online offering through a partnership with EQL, an e-commerce platform built with “indestructible infrastructure to prevent site crashes, stop bots and scammers, [and] streamline payments and processing”.

A limited edition coin set and people camping out in the mint car park before its release.
The remaining limited edition 35th anniversary $2 coin sets will be released through a new ballot system after thousands queued up outside the mint last year. (Source: Supplied) (picture alliance via Getty Image)

The mint hopes the ballot will create a fairer system to help more Australians around the country to be able to access the collectable coins.


How can I enter the mint ballot to get limited edition coins?

On Wednesday at 8.30am a ballot link will be created on EQL. You can register and enter the ballot. The mint said every entry will need to go through a multi-step security verification process to “confirm you are human and slow down bots”. There are purchasing limits to one product per person.

You will need to provide payment details and your address and when the ballot is closed, you will be notified if you were successful or not. If you win, payment is processed and the set is mailed out within 7 to 14 business days.

A limited edition coin set and a call log showing someone has phoned the mint 1236 times.
Some Australians unable to get to the mint to purchase limited edition sets have reported tying to call for hours without being able to get through. (Source: Supplied)

The mint told Yahoo Finance that not all coins will be sold through the ballot system and that only the online allocation will be distributed through EQL. You will still be able to buy them in person at the mint, over the phone and through registered agents.

There were 35,000 of the anniversary sets minted and 6,000 that remaining that will go on sale on Wednesday. They were in such significant demand as a similar 12-coin set released in 2018 for $75 is now “consistently selling for over $800”, coin expert Matt Thompson told Yahoo Finance.

Why did the mint need to change how it was selling collectable coins?

The mint has been accused of distributing collectors items unfairly as those who don’t live near the mint, or can’t make the journey, are forced to buy through the call centre, with some making thousands of calls over several hours without connecting.

The online store was closed after repeatedly crashing in popular events and the mint acknowledged the “need for a better, fairer system to make our products available to the Australian community” when it announced the ballot system.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.

Yahoo Australia