It was announced in 1991 that 1 cent and
You won't find too many 1 cent coins on a list of Australian coins worth money - some 1 cent coins can be worth (much) more than their face value if they are a rare date and / or if they are in mint condition.
The going rate for a circulated 1¢ or 2¢ coin is $3 while those in mint (uncirculated) condition can be worth up to $15.
1c and 2c coins will continue to be legal tender: they can still be used to purchase goods and can be deposited with financial institutions in the normal manner." Both coins were withdrawn from circulation commencing in February 1992.
Let me explain. Under the Currency Act 1965 there are restrictions on how much can be paid in coins. So, if you are paying with 1c or 2c coins (which have been withdrawn from circulation but are still legal tender) you can only pay an amount up to 20 cents with just these coins.
Yes, 1c and 2c pieces are still Australian legal tender, but they are not considered as 'currency' (or, money that is officially released for circulation). This means that you can take your old 1c and 2c coins to the bank and exchange them for currency totalling the same face value.
Rounding of Cash Transactions
Rounding is conducted on a voluntary basis. 1c and 2c coins remain legal tender. Rounding applies only to cash payments. The total amount of any bill will be rounded down or up to the nearest 5c.
Two Cent Coin Value – What Dealers Pay
The values of two cent coins can range significantly, from $11 to over $200 depending on year and condition.
Australia, 1968 One Cent -
With the lowest mintage of all circulation one cent pieces, the coin was never available in a mint set (the Royal Australian Mint did not issue a mint set in 1968) making them today very difficult to hunt down in Mint State or UNC.
Which Australian One Dollar Coins Are Valuable? Australia's rarest one dollar coin is the 2000 $1/10c mule - this is the one to look for! A few years ago, a mint condition example sold at auction for more than $10,000.
The Royal Australian Mint stopped making the coins in 1990 because they were a drain on the mint's funds and held little value. Inflation has rendered five and 10-cent coins less valuable today than were the one and two-cent coins when decimal currency was introduced in 1966.
A 2-cent coin is worth $0.02, which is not very valuable. In the United States, the last 2-cent coin was minted in 1873, so it is pretty rare.
The one cent coin was first introduced with decimal currency on 14 February 1966. The original reverse design of a feather tailed glider has not been changed since the introduction.
Currently, the most sought-after is the Northern Ireland version, followed by Scotland and then England. Each coin features the same base design of a runner with a flag but each contains the flag of their country.
All euro coins have a distinct common side (obverse) and national side (reverse), the latter of which is specific to each member state. The euro coin series comprises eight different denominations: €2, €1, 50c, 20c, 10c, 5c, 2c and 1c.
After the cost of their production exceeded their face value, the minting of 1c and 2c coins were stopped in 2002, and of the 5c coin in 2012.
However, paper bank notes and the old-style £1 coins are not legal tender any more and cannot be spent. Fortunately, there are a number of ways you can swap old notes for new ones or deposit them into your account.
Do banks take old pound coins? Banks are not obliged to legally accept any old versions of coins or notes which have been withdrawn from circulation. However, some major banks do.
The $2 coin is made of 92% copper, 6% aluminium and 2% nickel. It is circular in shape, and has an interrupted milled edge.
Coins that are obviously dirty can be run under water (with a very mild detergent) and left to air dry. A short soak in olive oil may remove unwanted gunge. For cleaning corroded coins the damage is already done, they will forever show pitting into the coin surface. This is as far as anyone should go with cleaning.