Demand for coins and stamps rises as collectors search for the next big thing after the death of Queen Elizabeth

Demand for coins and stamps rises as collectors search for the next big thing after the death of Queen Elizabeth

When John Platts received a shipment of coins in preparation for the Year of the Rabbit, he had no idea how much they were worth.

The 50-ton silver coins, which arrived in ornate red volumes, are probably among the last Australian coins minted with a portrait of Queen Elizabeth II.

They bear a date stamp of 2023.

“People want to know if we have anything available for 2023 and we have coins that have already arrived,” said Platts of Mackay Coins and Stamps.

“We can’t take them back, so we have to keep them…but they have to destroy anything the Royal Australian Mint hasn’t issued.”

The North Queensland coin dealer believed this would make the coin very valuable in the coming years.

Lunar New Year coins are circulated bearing the date of 2023 and bearing the image of the Queen.(ABC Tropical North: Melissa Madison)

“It will be interesting to see what will be of value in the coming years,” he said.

“We are all out”

As soon as news of the King’s death spread, Mr. Platts’ phone began to ring nonstop.

“People wanted anything to do with Queen’s Days, new platinum coins, mint sets, and proof sets,” he said.

“I got a phone call from a guy at Longreach and he said, ‘I have $2000 to spend and I want to spend it on Coins.

“People want to put a little of their surplus money into their possession.”

Demand was so strong for the husband and wife business that they were processing orders worth a week each day.

“We have already sent out more than 100 packages within 24 hours and are sending them all over the world,” Platts said.

From Japan to America, to China and Germany. [Coin collecting] Very popular in Germany.

“We sold everything in a week.”

In times of turmoil and uncertainty, Platts said, people viewed coins and stamps as safe havens for investment.

The value rose overnight

In the hours after the Queen’s death was announced, there were a number of collectibles that had skyrocketed in value.

Close-up of two hands of a man holding a commemorative coin and a dollar note with the image of the Queen.
Platts says this coin and bank note are the most sought after items.(ABC Tropical North: Melissa Madison)

Among them is a $1 note, which is now valued at $6 and a recently issued 50-cent commemorative coin for the Platinum Jubilee.

“It went from $12.40 to $140 overnight,” Platts said.

And the Silver Jubilee, the 1977 50-cent coin, everyone is chasing that, so it doubled in price.

Close-up of a man's hand holding a 50-cent coin.
This commemorative coin from 1977 is a highly sought after coin by collectors.(ABC Tropical North: Melissa Madison)

“The stamps put in an amazing performance too, just like the rarity…anything related to the 1954 coronation is getting very popular.”

Platts said that while regular coins in circulation may not increase much in value, special editions of coins — usually 50 cents — are worth keeping an eye out for.

Collectors’ sets issued for special occasions are also expected to increase in value.

The 2022 Healthcare Heroes Collection has been released and is the last official collection with the Queen’s portrait on it.

“It’s so valuable, it’s doubled in price… to about $200.”

A group of Australian coins in a blue frame, next to a bag with a person wearing a mask.
The value of this collection doubled overnight after the death of the Queen.(ABC Tropical North: Melissa Madison)

Platts said the first set of coins bearing the portrait of King Charles III also deserved to be kept safe for the future.

“There will be a limited number of commemorative coins and they will be highly collectible,” he said.

“[The Royal Australian Mint] They will take out a special 50 cent coin and a special $2 coin, and they will also take out gold and silver coins as well.

“If you can get your hands on it, it will be helpful to hold on to it.”

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