Yahoo Finance Rare $2 Australian coin worth 60 times more, expert explains why
The coin's owner could be in for a big pay day after getting it professionally assessed.
A $2 Australian coin is being auctioned off for more than 60 times its legal tender value. But before you race to find your spare coins, there’s a very special reason this particular one is worth so much.
Two years after the COVID pandemic broke out, the Royal Australian Mint released a limited-edition coin honouring the country’s frontline workers, who played a vital role in keeping Aussies safe.
On one side, it features 12 people holding hands with each other and is meant to represent people like police, healthcare and social support workers.
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These coins are worth just $2 if you try to use them to buy anything in the country, but there is one that is in such good condition it’s worth way more than that.
You can buy it from Drake Sterling for a whopping $135.
Why is a $2 coin worth so much?
However, a spokesperson from Drake Sterling revealed to Yahoo Finance the devil was in the details.
The coin’s owner had it assessed and certified by the Professional Coin Grading Service (PCGS), which evaluates a piece of currency and gives it a score out of 70. The score relates to the condition of the coin and how many marks, scratches and imperfections can be found.
This one managed to score 68, putting it “in the top 20 per cent of all Frontline $2 coins assessed by the PCGS”.
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“Without the certificate and the rating of 68, the coin is worth, like, $10,” the spokesperson told Yahoo Finance. “If members of the public can find a high-quality example in change and then have it certified by PCGS at 68, the coin becomes more valuable.
“If the collector can get the coin certified at 69, it’s worth multiple hundreds of dollars, and if the coin achieves a grade of 70 - the maximum grade and holy grail of grades - the coin could achieve over $1,000 at auction.”
There haven’t been any Frontline $2 coins that have managed to achieve the coveted score of 70 and Drake Sterling said that would be a unique coin.
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When a set of rare $2 coins that had soared in value were released to the public back in December, the Royal Australian Mint was inundated by would-be collectors who queued up overnight to get their hands on them.
It had been 35 years since the $2 coin was released in 1988 and, to “honour the significant milestone”, a 14-coin collection showcasing colourful commemorative designs was being released.
People started lining up outside the mint in Canberra in the afternoon and there were some who camped overnight in sleeping bags to be among the first to buy them. It wasn’t long before the collection wound up on eBay for $1,200.
