Expert warns over resale price of first Australian King Charles $1 coins

The first Australian coins featuring King Charles III are being resold for many times their shop value, but a coin expert has warned collectors not to buy them.

This week, banks across the country received the first batch of 3.5 million $1 coins that bear the effigy of our new king.

Previously, Queen Elizabeth II faced to the right on Australian currency but, in keeping with tradition, King Charles faces to the left.

Assistant Minister for Treasury Andrew Leigh said millions of Australians would be trying to “get their own little piece of history”. It appears he was correct.

Rolls of the new coins have already begun to appear on online resale websites, attracting dozens of interested buyers.

They include uncirculated $1 coins “straight from the Royal Australian Mint” that can be picked up by the roll for $150.

Other sellers are offering individual uncirculated $1 coins for between $4.50 and $5 a piece.

But coin expert Matt Thompson warned against rushing to add the new coins to your collection, saying the prices seen online may be inflated.

He compared the King Charles $1 coins to a set of limited edition $2 coins that was released earlier this month that quickly became a collectors’ item.

“The total mintage [for 2023 King Charles $1] is 10 million. For comparison, the new $2 coin set has a mintage of 35,000. So they’ll be very accessible for collectors, both casual and dedicated,” he told Yahoo.

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Even more King Charles $1 coins will be rolled out next year depending on demand from banks, though its not clear when different denominations will become available.

“The Mint hasn’t let that information out yet and, at this stage, it’s just the $1 with the new effigy being produced and dated 2023,” Mr Thompson said.

He said all denominations will likely be produced next year, when dies — the metal piece that stamps a coin — bearing the face of Queen Elizabeth II will be retired.

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