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The Canberra Times
The Canberra Times
Steve Evans

Collector value soars as small change makes all the difference

It was an orderly money-making affair. About 500 people turned up at the Royal Australian Mint on the last afternoon of the year to take their chance on minting the last coin of 2023.

They got a number on an armband and waited until the 10 lucky numbers came out of the drum. Then they waited neatly and nicely to be ushered into the Mint to press the button and get the coin.

At a cost of $3 - $3 into a slot and the sparkling dollar coin clattered out.

But it's not about the cash value. It's about the event and collectability of the last coin.

The winner was Justin Maloney who came up from Melbourne as he does every year just to get the chance of a collectible item.

Justin Maloney and his wife Kelly Maloney from Werribee, Melbourne with the last coin of the year which they won. Picture by Gary Ramage

In fact, two collectible items because January 1 sees the first coin minted of the new year, and both the last of 2023 and the first of 2024 will have value to collectors.

"This is my 10th year of coming up," Justin Maloney said. This time his number came up.

"I'm a huge coin collector and this is the last one with the Queen on," he said.

The coin is actually just like any other dollar coin. It has the same worth in the shops as any other dollar coin. What makes it special is that it comes with a certificate of authenticity as the last coin of the year.

So might he sell it? "Nah! This is going in my collection," he said.

For the Mint, collectible coins are a money-spinner. The current theme on the reverse of coins is the work of the scientists of the CSIRO in understanding the oceans. That changes on January 1. New theme: new collectible coins; new revenue for the Mint.

As people use less and less cash, the market for commemorative coins becomes more important to the Mint.

Its chief executive, Leigh Gordon, said that 10 years ago all the Mint's revenue came from coins in use in circulation. Now, it's 50:50 coins for actual spending and coins for collections and as investments.

"The collectible and investment coins are an important part and a growing part of the Mint's business. More and more Australians are getting involved and interested in coin collecting.

"And it's an opportunity for us to tell the stories of Australia and connect with the Australian people."

With some of the special events at the Mint, there is a mercenary motive - people can queue and come out with a new coin to immediately sell it for a few hundred dollars more on eBay.

But for this event, the motive seemed to be more about fun or enthusiasm or both.

Daniel Reddacliff and the armband which was his ticket for the lottery. Picture by Steve Evans

Jed Lee reckoned that the last coins of the year could fetch maybe thousands but he was there for the long term. "It's cool to keep," he said.

Eamon Lee alongside agreed: "You can display it. It's interesting. It's good to look at."

Daniel Reddacliff from Canberra agreed. "I find the story behind it is more significant than what the coin is worth.

"It's a bit of history," he said - a bit of history because the coins being minted on the last day of 2023 were among the last with the head of Queen Elizabeth on them.

"I've been trying to get all the coins with the Queen on them before it changes over. It's a significant moment in Australian history. We've never had another monarch on decimal currency apart from the Queen and now King Charles."

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