Yahoo Finance King Charles coins now released but are they worth collecting?
Aussies are trying to get a piece of history, but is it worth paying big bucks for a King Charles coin?
Coins bearing the effigy of King Charles III have now been released in Australia and punters are racing to get their hands on them to make some extra cash.
Banks across the country have received the first batch of 3.5 million $1 coins with the King’s face on them. The obverse differs to that of his late mother Queen Elizabeth II, as he faces to the left - tradition dictates the new monarch faces the opposite direction to their predecessor.
Assistant Minister for Treasury Andrew Leigh said millions of Australians would be trying to “get their own little piece of history”, and coin expert Matt Thompson said people had already gone to banks to get rolls of the new batch, with several appearing online, some for more than five times their worth.
But Thompson warned against rushing in too quickly to snap them up for an inflated price.
“The total mintage is 10 million. For comparison, the new $2 coin set has a mintage of 35,000. So they’ll be very accessible for collectors, both casual and dedicated,” he told Yahoo Finance.
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More of the coins will be rolled out over 2024 depending on demand from the banks, but when will we see a different nomination of coin with King Charles on them? That mystery remains.
“The mint haven’t let that information out yet and, at this stage, it’s just the $1 with the new effigy being produced and dated 2023,” Thompson said.
He said all nominations would likely be produced next year, when dies bearing the Queen’s face will be retired.
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