Rare $2 coins are skyrocketing in value after Queen Elizabeth's death

The 2012 Red Poppy coin and the 2013 Purple Coronation coin were now fetching a combined price of up to $550, avid coin collector Joel Kandiah said.

The Perth teacher has amassed a huge following on his TikTok and Instagram accounts called The History of Money, and he said commemorative coins are in high demand following the Queen's death.

"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 2012 Red Poppy has a small mintage of 503,000 and because of that, they're selling for between $150 and $370."

With a slightly higher mintage of 995,000, the value of the 2013 Purple Coronation $2 coin has has shot up to $75 to $180.

"The coin collecting market is absolutely crazy right now," Mr Kandiah said.

A search on eBay reveals shows a number of Red Poppy coins are on the market, with some people asking up to $750.

IN OTHER NEWS

With the death of Queen Elizabeth II, talk has turned to Australia's coins and $5 note.

While the obvious choice would be to replace the current portrait of the Queen with the newly crowned King Charles III on the $5 note, it may not happen Australia's Assistant Treasury Minister Andrew Leigh said recently.

The Royal Australian Mint said historically, coins bearing a new Sovereign's effigy were released approximately 12 months after coronation of the Sovereign.

The effigy used on Australian coins is approved by Buckingham Palace and provided by the UK's Royal Mint.

"Upon receipt of the official portrait of the new Sovereign, the Mint would allow approximately 12 months to produce and release coins bearing the new effigy," the Royal Australian Mint said.

Coins featuring the Queen's effigy will continue to be minted during the transition to a new effigy of King Charles III.

Existing coins will remain in circulation until they are recycled due to wear and tear.

Coins with the effigy of the new Sovereign will gradually replace the old coins. There will not be a recall of coins currently in circulation and they will remain legal tender.

In keeping with tradition, the new Sovereign will face the opposite direction to their predecessor in the profile portrait depicted on Australian coinage.

In 1986 the then Australian Prime Minister Paul Keating announced the $2 note would be replaced with a coin.

The $2 coin was introduced into circulation in 1988.

In 2012 the first commemorative $2 coin was introduced into circulation.