Aussies around the country will be racing to check their wallets in light of the revelation that the value of two rare $2 coins has exploded virtually overnight.

Leading Australian coin expert Joel Kandiah has shared that two coins in particular have shot up in value following the Queen’s death. The Perth based teacher is an avid coin collector and has racked up a huge following on Instagram and TikTok with his page, The History of Money.

In a recent video he shared the 2012 Red Poppy coin and the 2013 Purple Coronation coin are now worth a combined total of $550. The increase in demand for these rare $2 coins is of course all due to the Queen’s passing.

“The market has been hot for these two $2 coins, which are the lowest minted coloured $2 coins in Australian history,” Mr Kandiah explained in the video.

The 2013 Purple Coronation $2 coin has a slightly higher mintage of 995,000, but its value has also soared.

If the coins are in mint condition they could go for an even higher price. A simple search on Ebay will reveal a number of Red Poppy coins selling in recent days for between $390 and $434, while the 50c coin released for the Queen’s Platinum Jubilee initially sold for $12.50, but is now valued at $100.

The 2019 “Effigies Over Time” collector set has also seen a huge spike in demand, with the price soaring from $50 two weeks ago to $250 in the current market.

“I’ve been collecting for 27 years and I’ve never seen price rises like that ever,” Mr Kandiah said.

According to Mr Kandiah, the 5c coin could also soon be taken out of circulation.

The Royal Australian Mint disclosed that 5c coins currently cost 12c to make due to high metal prices. It also costs 24c to make a 10c coin and 48c to make a 20c.

The cost is simply unfeasible for a coin everyone hates, Mr Kandiah said. The Queen’s death was the perfect time for authorities to reset a flawed system, according to the coin expert.

Image: TikTok

This article first appeared on OverSixty.