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The new $2 coin that's already valued at $1,200 just a week after it was released - here's how to get one
A $2 Vietnam War coin is now worth $1,200
The silver coin was released on April 6
Only 5,000 of the coins were minted
The value of a rare $2 coin has skyrocketed past $1,200 since it was released a little over a week ago.
The Australian Mint released its first-ever silver $2 coin with a coloured design on April 6 to mark the 50th anniversary of the end of Australia's involvement in the Vietnam War in 1973.
Respected Perth-based coin collector Joel Kandiah said there was a 16-hour wait online to buy the coin and a matching gold one, while others joined long queues at the Mint in Canberra.
The polished silver coin, limited to 5,000 pieces, was sold by the Mint for $80 while the gold version numbering 80,000 pieces went for $15.
Both coins feature a UH-1 helicopter surrounded by a coloured band marking the three ribbons awarded to Vietnam veterans and a memorial effigy of Queen Elizabeth II.
A silver $2 coin (above) marking the 50th anniversary of the end of Australia's involvement in the Vietnam War has been valued at $1,200
The matching gold coin (above) has been resold for about $80 after the Mint initially sold them for $15 a piece
The favoured silver coins are now being resold on eBay for anywhere between $1,200 to $2,300, and the gold version is fetching about $80.
Mr Kandiah said two major factors are behind the quickest rise in value seen in Australia's coin collecting history.
'The first reason for the hype of this coin is that it is the first silver version of a coloured two coin, and will most likely be the only version that will feature the Queen's effigy,' he told Seven News.
'It has a lower mintage than the most valuable coloured $2 coin, the Mars $2 coin from the 2018 Planetary Series collection, which is currently valued at around $4,000.'
He explained the release caused a lot of controversy in the coin collecting community with more people growing frustrated by online bots buying up stock to resell at a higher price.
'By mid-afternoon (on April 6), prices had gone up to $100 for the uncirculated (gold) coin and $300 for the silver coin,' Mr Kandiah said.
The Australian Mint wrote that the coins were made to commemorate those who served in the Vietnam War.
'Some 60,000 Australians served in Vietnam. More than 500 lost their lives, many more were wounded.
'It was Australia’s largest military commitment in the second half of the twentieth century and one of the country’s most divisive episodes.
'This commemorative coin remembers the Vietnam War for the loss of life and the toll it took on those who served, and for the impact it had on Australia through a turbulent decade.'
While the current price of the silver coin will likely fall, Mr Kandiah added the coin should hold its value because so few were minted.
'Once we find more people get hands on their orders from the Mint, it is likely that they will sell their coins to cash in on the price rise but the relative rarity of the coin could be a long-lasting factor in its valuation,' he said.
