Metal in Australian Coins Worth More than Face Value

Australia’s lower denomination coins will end up costing more to make than their face value, according to a report by the research outfit Morningstar, thanks to soaring metal prices.

Prices of the two key metals in Australia’s silver coins – nickel and copper – have skyrocketed this year due to Russia’s invasion of Ukraine, with the price of nickel spiking 250% on the London Metals Exchange last month to more than $100,000 a tonne. Copper is predicted to see a similar spike.

According to Morningstar, the metal in Australia’s 5 cent coins is now worth 6 cents, up from 4 cents six months ago. Over the same period, the value of metal in a 10 cent piece has increased from 9 cents to 14 cents, while metal making up a 20 cent piece has jumped in value from 18 cents to 28 cents.