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These $2 coins worth $550 after Queen’s funeral

A screenshot of the $2 coins that are worth more now that The Queen has died and Australian banknotes fanned out on a table.
These $2 coins have skyrocketed in value since the passing of The Queen. (Source: TikTok @TheHistoryOfMoney/Getty)

It might be time to take a look through your spare change, with the value of certain $2 coins skyrocketing since the death of Queen Elizabeth II.

The 2012 remembrance $2 coin, which has a red poppy on one side, was one of the lowest-minted coins in Australian history, with just 503,000 entering circulation, according to coin and banknote expert @TheHistoryOfMoney on TikTok.

If you have one of those in your spare change it could fetch you a massive $370.

Likewise, if you have one of the 2013 purple coronation $2 coins, you could also fetch around $180 for it.

The 2013 coin had a mintage of around 995,000, making it also quite a rare find.

“The coin-collecting market is absolutely crazy right now,” the TikToker said in his video.

What happens to our money now The Queen has died?

The value of certain coins has been going up in price now that new coins are set to be minted with the effigy of King Charles III.

The Royal Australian Mint will engage with its British counterpart to obtain an appropriate effigy that will then be confirmed with Buckingham Palace.

The new effigy will be tested and then put into production.

Coins with the effigy of Queen Elizabeth II will still be valid legal tender.

And for anyone concerned, coins bearing the effigy of King Charles III will still work in all vending machines, or any machine that takes coins.

“I don't expect that there'll be any change in the dimensions that would mean that they wouldn't operate in the coin machines that we have,” CEO of the Royal Australian Mint Leigh Gordon said.

Gordon said the average lifespan of a coin was around 30 years, and those bearing the effigy of Queen Elizabeth II were no different.

“We expect our coins will last for about 30 years. And indeed we don't remove them from circulation as a distinct task,” Gordon said.

“We do accept coins back from the banks that have actually worn out. And we then go and dispose of those coins. We melt them down for their metal and recycle them.”

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