Victoria Cross $ 1 Dollar

The value or price of a rare coin is far more complicated than a simple formula mintage = value. As with any other commodity, the price of a coin is a combination of supply and demand. So, for two coins with identical mintage (which for NCLT coins can be fairly equated with supply) but radically different prices, the answer must be that the more expensive one has higher demand.

What makes a coin high in demand? If the mints knew for sure the answer to that, every single NCLT coin they issued would be a winner. The fact that so many NCLT coins are still languishing at near-issue-price indicates that the mints aren't very good at predicting what will be in high demand.

Why does the VC dollar have such a high demand, then? The best explanation I can offer is that it's a design that appealed to a large number of coin collectors, besides the usual "gotta buy every dollar coin" mob. History collectors liked it because it commemorated something quintessentially Australian. Numismatists liked it because it had a nice picture of the medal itself on it. Militaria collectors liked it for the military theme. Of course, once the coin collectors established the demand, the investors jumped on the bandwagon, helping drive the price up and keep it up.

I'm just glad that way back when they were issued, I bought the last VC dollar a coin dealer friend of mine had in stock, for issue price. I didn't really want it, but he talked me into it.