Shrewd sellers who managed to get their hands on the coloured $2 Lest We Forget coin are cleaning up on eBay as demand for the coin sends prices skyrocketing.
Within hours of the coin being unveiled on Sunday April 19 at a special event hosted by the Honorable Kelly O’Dwyer MP at the Stonnington Cricket Oval, listings on eBay began appearing, offering the coin for auction.
Perhaps fuelled by the enthusiasm of collectors and the general public alike to own one of these unique colour commemorative coins with a mintage of only 1.5 million – coupled with the knowledge that the Royal Australian Mint would not be offering an official Uncirculated version of the coin – auction prices for both individual coins and security bags are realising profits of between 1500%-4900% above the face value of the coins themselves. A veritable bonanza for the sellers but an excessive amount to pay for unwary buyers.
It’s unclear where these eBay sellers acquired their colour $2 coins for sale. Some speculate they work in banks or security firms that delivery currency to banks, while others believe they were just lucky to be amongst the first to find the coins in their change. Either way, they are finding a not-to-be-sniffed-at financial reward by listing them quickly on the online auction site, as impatient buyers clamber to be some of the first to own the new commemorative $2
The 2015 Lest We Forget colour $2 coin was issued to commemorate the 100th anniversary of the Gallipoli landing. It is the 4th coin of colour to be issued into circulation after the 2012 $2 Red Poppy, the 2013 $2 Purple Coronation and the 2014 $2 Green Remembrance Day coins. The 2012 Red Poppy coin was distributed to the public through the RSL, while the other coins entered circulation via the Reserve Bank of Australia.
As more of these coins make it onto the secondary market the prices being reached on eBay will undoubtedly fall, so if you’re looking for a more reasonably priced colour $2 we recommend being patient. eBay listings for the 2013 and 2014 colour $2 coins are still plentiful, 1-2 years after the coins were originally released, so there is no doubt the 2015 Lest We Forget coin will be popping up on eBay for years to come also.
Otherwise, keep a close eye on your coinage because you never know when you might find one of these coin in your change. If you do find one feel free to post a photo of it here or on our Facebook page.
*prices listed at time of writing this article