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The Australian two-dollar coin, first issued in 1988, is made of 92% copper, 6% aluminium, and 2% nickel. It is the highest-denomination circulating coin in the country, and its introduction replaced the two-dollar banknote. The coin's obverse side features the portrait of the reigning monarch, Queen Elizabeth II, until her death in 2022, after which new coins began to be minted with King Charles III on the obverse. The reverse side of the coin depicts an archetype of an Aboriginal elder, designed by Horst Hahne and inspired by an artwork by Ainslie Roberts. The two-dollar coin has also been released in various commemorative designs, including coloured editions, and is sought after by collectors.
| Characteristics | Values |
|---|---|
| Year of introduction | 20 June 1988 |
| Designer | Horst Hahne |
| Design inspiration | Ainslie Roberts' drawing of Gwoya Tjungurrayi, also known as "One Pound Jimmy" |
| Metal composition | 92% copper, 6% aluminium, 2% nickel |
| Average annual mintage | 28 million |
| Commemorative issues | 2012 Remembrance Day coin, 2013 Coronation coin, 2020 Tooth Fairy $2 coin, 2022 Peacekeeping 75th Anniversary coin, 2023 King Charles III coin |
| Rarity and value | Colour $2 coins, Bullseye $2 coins, low mintage coins, and not-issued-for-circulation coins are rare and valuable |
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What You'll Learn
The coin's composition
The Australian $2 coin is composed of 92% copper, 6% aluminium, and 2% nickel. It is the highest-denomination circulating coin of the Australian dollar. It was first issued on 20 June 1988, replacing the Australian $2 note due to its longer circulatory life. The coin's size was determined considering the needs of the visually impaired community, security, practicality, and future expansion of Australia's circulating coin array.
The $2 coin has played a significant role in Australian commemorative coinage. The 2012 Remembrance Day coin, featuring a poppy flower and commemorative text, was the first coloured circulating coin in Australia. Since then, the Royal Australian Mint has released various full-colour $2 coins with limited mintages, unique designs, and powerful themes, making them highly sought-after by collectors.
The $2 coin also holds cultural significance in Australia. The reverse side, designed by Horst Hahne, depicts an archetype of an Aboriginal elder, based on an artwork by Ainslie Roberts. This design honours the indigenous heritage of Australia and pays respect to the Aboriginal community.
In addition to the standard $2 coin, the Royal Australian Mint has released commemorative editions with unique designs and limited mintages. These coins are sought-after by collectors and often feature colourful designs and themes commemorating significant events or anniversaries in Australian history, such as Anzac Day, Remembrance Day, and the coronation of Queen Elizabeth II.
The obverse of the $2 coin has featured different portraits of the reigning monarch, primarily Queen Elizabeth II. Following her death in 2022, new coins with the portrait of King Charles III entered circulation in 2024.
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History and planning
The Australian two-dollar coin is made of 2% nickel, 6% aluminium, and 92% copper. Planning for the coin began in the mid-1970s, and it was introduced on 20 June 1988, replacing the Australian two-dollar note. The two-dollar coin was designed to have a longer circulatory life than the note. The size of the coin was carefully considered, taking into account the needs of the visually impaired community, security, practicality, and the potential for future expansion of Australia's circulating coin array.
The design of the coin features an image of an Aboriginal tribal elder, created by Horst Hahne. The drawing was inspired by Ainslie Roberts' artwork of Gwoya Tjungurrayi, also known as "One Pound Jimmy", a Warlpiri-Anmatyerre man from the Northern Territory of Australia. Tjungarrayi was a survivor of the 1928 Coniston massacre, one of the last recognised massacres of Aboriginal people by the British. The design also includes the Southern Cross and native grasstrees. Several designers contributed to the process, following a brief to include a representation of the head and shoulders of an Aboriginal Australian, the Southern Cross, and Australian flora.
The two-dollar coin has become a platform for commemorative designs, with the first being minted in 2012, featuring a poppy flower and the words "Lest We Forget" and "Remembrance Day". This was also the first coloured circulating coin in Australia. Since then, the Royal Australian Mint has released various coloured commemorative $2 coins, which have become highly sought after by collectors. These coins are known for their bright, colourful designs and poignant themes, with tiny mintages contributing to their value.
The obverse of the two-dollar coin, like all other Australian coins, features the portrait of the reigning monarch. During the coin's circulation, this has primarily been Queen Elizabeth II, with four different effigies used over time. Following the Queen's death in 2022, coins featuring King Charles III entered general circulation in 2024.
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Design and inspiration
The Australian $2 coin is composed of 2% nickel, 6% aluminium, and 92% copper. It is the highest-denomination circulating coin of the Australian dollar.
The $2 coin was first introduced on 20 June 1988, replacing the $2 note due to its longer circulatory life. The size of the coin was determined after considering the needs of the visually impaired community, security, practicality, and future expansion of Australia's circulating coin array. The obverse of the coin features the portrait of the reigning monarch, Queen Elizabeth II, designed by different artists over the years.
The reverse side of the coin depicts an archetype of an Aboriginal tribal elder, designed by Horst Hahne. The drawing was inspired by Ainslie Roberts' artwork of Gwoya Tjungurrayi, also known as "One Pound Jimmy," a Warlpiri-Anmatyerre man from the Northern Territory of Australia. Tjungarrayi was a survivor of the 1928 Coniston massacre, one of the last recognised massacres of Aboriginal people by the British. The design also incorporates the Southern Cross and native grasstrees.
In 2012, the Royal Australian Mint released the first differently designed $2 coin, featuring a poppy flower and the words "Lest We Forget" and "Remembrance Day." This was followed by a coloured version of the same design, making it the first coloured circulating coin in Australia. Since then, the Royal Australian Mint has released various commemorative $2 coins with unique designs and colours, such as the 2013 Coronation coin and the Bullseye $2 coin, which has the colour motif on the obverse, a rare error that makes these coins highly valuable.
The $2 coins have become popular among collectors due to their limited mintages, artistic designs, and use of colour. The Indigenous Elder $2 coins, for example, are known for their low mintages, with the 2000 $2 coin minted at just 5.6 million. The Royal Australian Mint strikes the coins based on demand, and in some years, certain denominations are not minted if there is no need for them.
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Commemorative editions
The Australian $2 coin, made of aluminium-bronze, was introduced in 1988 to replace the $2 note. The coin features the iconic image of an Aboriginal elder, designed by Horst Hahne. Commemorative $2 coins have become highly sought after, celebrating significant events and cultural milestones in Australia. These coins are prized for their limited mintages, unique designs, and, in some cases, their use of colour.
The Royal Australian Mint releases $2 coins based on demand, and the denomination has been used for commemorative designs. The first commemorative $2 coin was minted in 2012 to mark Remembrance Day and featured a poppy flower with the words "Lest We Forget". This coin was also released with a coloured version, featuring a red poppy with a black centre, making it the first coloured circulating coin in Australia.
Another commemorative $2 coin was launched in 2013 to commemorate the 60th anniversary of the coronation of Queen Elizabeth II. This coin featured a purple circle bordering St Edward's Crown. As part of the 100th anniversary of Anzac Day, the Royal Australian Mint also released two separate coloured $2 coins. Other notable commemorative $2 coins include the Olympic $2 coins and the Coronation coin.
The Royal Australian Mint's colour $2 series has become extremely popular among collectors due to its bright, colourful designs and low mintages. The average annual mintage of the $2 coin since its introduction is approximately 28 million, while the colour $2 coins have much lower mintages. For example, the 1998 $2 coin had a mintage of 8.7 million, and the 2000 $2 coin had a mintage of just 5.6 million. These low-mintage coins are highly valued by collectors, and their market values tend to rise rapidly.
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Rarity and value
The Australian $2 coin is the highest-denomination circulating coin in the country. It was introduced on 20 June 1988, replacing the $2 note, which had a short service life due to high use. The coin features the image of an Aboriginal tribal elder on one side, designed by Horst Hahne, and the portrait of the reigning monarch, Queen Elizabeth II, on the other.
The standard $2 coin, which has been issued from 1988 to the present, is worth its face value. However, certain commemorative editions and coins with unique features are considered rare and have a higher value among collectors.
The 1991 $2 coin, for example, was only issued in collector sets, and while it may occasionally turn up in circulation, it has a catalogue value of $40 in uncirculated quality. The 1998 $2 coin, with a mintage of 8.7 million, is valued at $30 uncirculated, while the 2000 $2 coin, with a mintage of 5.6 million, is worth $60. The 2011 $2 coin, with a mintage of just 1.8 million, catalogues at $35.
The introduction of colour $2 coins starting with the 2012 Remembrance Day coin featuring a red poppy, has also increased the interest in collecting these coins. The 2013 Purple Coronation $2 coin, with a low mintage of 2 million, is worth multiples of its face value. Coloured coins from 2014 onwards, such as the green remembrance coin, the red-striped 'Lest We Forget' coin, and the orange-striped remembrance coin, are also sought after by collectors.
Another rare variety is the Bullseye $2 coin, which occurs when the colour motif is mistakenly applied to the obverse side, resulting in the RAM logo appearing on the monarch's portrait. These coins are highly valuable, with known examples trading for thousands of dollars.
The Royal Australian Mint produces coins based on demand, so certain commemorative or low-mintage coins, such as the Tooth Fairy $2 series, are also rising in value. For instance, the 2020 Tooth Fairy $2 coin has a catalogue value of $350, while the 2021, 2022, and 2023 issues are worth well above their issue price.
Overall, the Australian $2 coin has gained attention from collectors due to its commemorative designs, unique features, and low mintages, with certain rare varieties commanding significantly higher values than their standard counterparts.
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Frequently asked questions
The Australian $2 coin is made of 2% nickel, 6% aluminium, and 92% copper.
The $2 coin was introduced on 20 June 1988 to replace the $2 note due to its longer circulatory life. It is the highest-denomination circulating coin of the Australian dollar.
The reverse side of the coin depicts an archetype of an Aboriginal elder, designed by Horst Hahne. The drawing was inspired by Ainslie Roberts' artwork of Gwoya Tjungurrayi, also known as "One Pound Jimmy". The obverse side features the portrait of the reigning monarch, Queen Elizabeth II, until her death in 2022. New coins now feature King Charles III.
Rare $2 coins, such as the 2012 Remembrance Day coin and the 2013 Coronation coin, are prized for their limited mintages and unique designs. The 1991 $2 coin is also rare as it was only issued in collector sets. Colour $2 coins are also highly sought-after by collectors.
Yes, Australian $2 coins are legal tender and can be used as currency or converted to "normal" coinage at a bank.
