1994 Bank of England £2 Coin: A Complete Guide

Delight any history lover or coin collector with this 1994 Tercentenary of the establishment of the Bank of England £2 coin. Celebrate the 300th anniversary of the Bank of England with this special commemorative coin.

How Much Is The 1994 £2 Coin Worth?

The average selling price according to actual sold listings on eBay is about £5.73.

This value reflects what coin enthusiasts are willing to pay at the current time.

Is The 1994 £2 Coin Rare?

The 1994 coin has a total mintage of almost 1.7 million coins, at 1,687,808 minted.

This figure includes other versions of the coin in sets, silver, and gold as follows:

  • In mint sets of 1994 United Kingdom Brilliant Uncirculated Coin Collection and as Proof FDC in 1994 United Kingdom Proof Coin Collection.
  • Silver Proof FDC with 27,957 issued at 0.925 Silver with a diameter of 28.40 mm, 15.98 grams of sterling silver 92.50%, ASW 0.4752 oz.
  • Silver Proof Piedfort with 9,569 issued at 0.925 Silver with a diameter of 28.40 mm, 31.96 grams of sterling silver 92.50%, ASW 0.9505 oz.
  • Gold Proof FDC with 1,000 issued at 0.917 gold with a diameter of 28.40 mm, 15.98 grams of 22-carat gold 91.66%, AGW 0.4707 oz.

Coin Error Issue Mule

The Royal Mint issued a 22-carat gold proof version, but the wrong obverse die was used. There was an estimated total of between 50 and 300 out of the 1,000 gold proofs that were struck in error where the obverse die was that of the Double Sovereign. On it, the Queen’s portrait is larger, and the legend is abbreviated like it is on the Sovereign coin, ELIZABETH * II D*G*REG*F*D. The value and denomination are not displayed. It is a Gold Proof mule with Double Sovereign obverse consisting of 0.917 Gold.

If you locate one of these mules, consider it to be very rare. The coin was originally housed in a Royal Mint acrylic screw top capsule presented in a Royal Mint green leatherette case and accompanied with an individually numbered Certificate of Authenticity.

Design and Meaning of the 1994 £2 Coin

1994 Bank of England £2 Coin Design – Credit

Between 1986 and 1996, the Two-Pound coin was patterned after the gold Double Sovereign with the same weight and diameter. But, they were thicker since gold is heavier than the base metal. The true gold coins actually have more of a coppery colour. The entire series of coins issued during this timeframe included 5 issue years with 7 different designs. All of them were commemorative coins intended to appeal mainly to collectors. These coins include:

1986 Commonwealth Games

1989 The Claim of Right

-1989 The Bill of Rights

-1994 Bank of England

1995 End of the WW2

1995 50th Anniversary of the UN

1996 Euro Football in England

The British Two-Pound £2 coin changed its look in 1998 to a bi-metallic coin that weighed 12 grams and measured 28.4mm in diameter and 2.500 mm thick.

Before the coin changed its design to a single metal 1986 version and then again to the modern-day Two-Pound coin, it was originally called the Double Sovereign. The Double sovereign was a gold coin with a nominal value of two pounds Sterling, or 40 shillings.

Under the reign of George III in 1820, the coin was considered to be a pattern coin. The Double Sovereign originals never entered circulation until 1887 when a new Double Sovereign was issued for Queen Victoria’s Golden Jubilee. From 1823 through 1996, the two-pound coin was minted only occasionally. Starting when Queen Elizabeth II came to reign, the coin’s obverse began to feature an effigy of the Queen.

The obverse of the 1994 Two-Pound coin features the Raphael David Maklouf effigy which appeared on the obverse from 1985 to 1996. This is considered to be the third major portrait of Queen Elizabeth II. She is facing right wearing the royal diadem which she wears on her way to and from the State Opening of Parliament. She is also wearing a pearl necklace and earrings.

The incuse lettering on her neck truncation read RDM to indicate the designer, Raphael David Maklouf’s initials. Around the outside rim reads ELIZABETH * II * DEI * GRATIA * REGINA * F * D * TWO POUNDS. Translated from Latin, this means Elizabeth the Second, by the Grace of God, Queen, Defender of the Faith.

The edge of the coin is milled.

The 1994 Bank of England Two-Pound coin was made of Nickel-brass with a 2.0 mm thickness, a diameter of 28.4 mm, and a weight of 15.98 grams.

The edge inscription reads SIC VOS NON VOBIS which is the motto of William Paterson, who was an entrepreneur closely related to the establishment of the Bank of England. The motto means thus we labour but not for ourselves. It originated from the words of Vergil, which another poet named Bathyllus plagiarized. William Paterson adopted it as his motto.

The reverse of the two-pound round coin features a design by Leslie Durbin that was to commemorate the 300th anniversary of the establishment of the Bank of England.

In the centre is an image of the Corporate Seal of the Bank of England, which is the Britannia seated and holding a spear in her right hand resting on a shield carrying the cross of the flag of England and looking on a “Bank of Money”, and Cypher of William and Mary.

To the left and right of the image are the dates 1694 and 1994. Curved upward at the bottom and written in cursive banknote script are the words Bank of England. The entire image is crowned.

What Does The 1994 £2 Coin Represent?

The Tercentenary of the Bank of England Two-Pound coin represents the 300th anniversary of the Bank of England.

When William and Mary came to the throne, the system of money and credit was in disarray with public finances weak. The Bank of England was founded in 1694 to act as the Government’s banker and debt manager.

The charter was sealed on July 27, 1694 at Powis House, Lincoln’s Inn Fields. The bank temporarily opened for business a few days later at the Mercers’ Hall in Cheapside. The first notes to bear the name Bank of England appeared shortly thereafter.

During the first half of the 17th century, banking in England was mostly done by goldsmiths who made extensive loans to the Crown. In 1672, the suspension of repayments by Charles II brought about a wave of bankruptcies and a demand for a public bank.

The young Scottish financier William Paterson backed by a powerful City group proposed the loan of more than one million pounds to the Government that was desperate for funding in the wake of War against France. In return, the subscribers would be incorporated as the Governor and Company of the Bank of England. The venture was supported by William III.

The money was raised in less than two weeks.

Where Can You Buy The 1994 £2 Coin?

Looking on eBay is a quick and easy way to find coins. Just make sure you do your homework, so you are sure of exactly what you are buying. The average selling price on eBay.co.uk for this 1994 Tercentenary of the establishment of the Bank of England £2 is £5.73. As always, the exact price is going to depend upon what condition the coin is in.