Newly released 50c coin is causing a collector chaos

Released just this morning, the uncirculted coin from the Royal Australian Mint retails at $15, but is already fetching bids of more than $400 each on eBay.

The coin, featuring the six regal effigies of the late Queen, has prompted a frantic scramble, with photos showing, diehard coin enthusiasts were spotted queuing up outside the Mint in Canberra from dawn.

However, the Mint’s decision to not retail the new release on their e-shop and limit purchases to its Call Centre, on-site Coin Shop, and authorised distributors has ruffled feathers among the enthusiast community.

Disgruntled collectors are venting on social media, with rural residents feeling particularly slighted.

“Well that’s hardly fair! What about us country people that have got no way of getting there or to other stores,” one Facebook user wrote, while another said, “so in other words don’t bother if you don’t live near the mint”.

The intense demand has also overwhelmed the Mint’s phone lines, leaving countless callers stuck in a loop of endless busy signals.

“I’ve only called 70 times in the last 6 mins … for it to drop out. Good times,” one person posted on Facebook.

With only 25,000 uncirculated coins and 7,500 silver proofs minted, the race to secure these limited editions has become a coin collector’s ‘must have’ item.

“With limited mintage, this coin is expected to be a highly prized addition to any coin collection,” the Mint advised.

The frenzy has not been confined to physical queues and phone lines.

Online marketplaces, particularly eBay, are witnessing a surge in listings for the coin, with sellers asking up to $499, more than 30 times the retail value for these new coins.

The Mint’s advice to those still hungry for the coin is to try the online stores or official distributors, but coin expert Joel Kandiah warns of a wild ride ahead, suggesting a waiting game for those who miss out on the initial frenzy.

“It is essentially the last coin commemorating the Queen,” Mr Kandiah told 7NEWS.com.au.

“There will definitely be a frenzy, which is why the RAM have reduced the allocation to just one per person through their physical store, through the phone and their authorised distributors.”

Mint CEO Leigh Gordon has hailed the coin as a perfect tribute, encapsulating the Queen’s monumental seven-decade reign.

“Historically, coins bear witness to a Monarch’s reign with their royal effigies appearing on the obverse. In keeping with that tradition, this exceptional coin showcases the Queen Elizabeth II Memorial Effigy by Jody Clark on the obverse,” he said.

“The Mint’s trademark storytelling is strongly represented on the coin’s reverse, which features a central design depicting the first six effigies, fanned above the Queen’s royal cypher.”