Grading the New Zealand 1993 Kingfisher $2: Why That ‘Security Edge’ Matters

Condition is everything. Here’s how to examine the high points and fields to determine the true grade of this distinctive piece.

The New Zealand 1993 Kingfisher $2: An Unusual Modern Coin

When examining this peculiar New Zealand $2 coin from 1993, the first thing that strikes any professional grader is the unusual construction. This isn’t your typical modern coin – it features what’s called a “security edge” that runs through the middle of the coin’s circumference, complete with rivets along the center stripe. This distinctive feature immediately sets it apart from standard circulating coinage.

Understanding the Alloy: Not What It Seems

Contrary to initial assumptions about a bronze coating, this coin is struck from solid aluminum-bronze alloy. The composition is 92% copper, 6% aluminum, and 2% nickel – the same alloy used in Australian $1 and $2 coins. This explains the characteristic golden color that many collectors find appealing.

The “whitened” appearance that appears on high points like the Queen’s portrait and along the rims isn’t wear or coating failure. Rather, it’s the natural oxidation pattern of this specific alloy when exposed to environmental conditions. This oxidation creates a two-tone effect that can confuse inexperienced collectors into thinking the coin has been mishandled or is of inferior quality.

Strike Quality Assessment

The strike quality on these coins varies considerably. The 1993 Kingfisher $2 was produced in both circulation strike (KM#87) and silver proof (KM#87.a) versions. The circulation strikes, being aluminum-bronze, often show weaker strikes on the highest points of the design – particularly on the Queen’s hair and the kingfisher’s wing feathers.

When grading these coins, pay special attention to:

• Queen’s portrait: The highest points on the hair above the forehead and the bridge of the nose are typically the first areas to show weakness in strike
• Kingfisher details: The wing feathers and eye detail should be sharp and well-defined in higher-grade examples
• Edge detail: The security edge should show clear, distinct rivets and a uniform center stripe

Luster Characteristics

Aluminum-bronze coins develop a unique luster that differs from traditional bronze or copper-nickel compositions. The luster should appear satiny rather than brilliant, with a warm golden glow. In uncirculated examples, you should see unbroken luster across the fields, though the high points may show microscopic contact marks that don’t quite reach the level of wear.

The oxidation patterns mentioned earlier can actually enhance the visual appeal of these coins when they create attractive two-tone effects, though this isn’t considered a premium factor in grading.

Wear Patterns: What to Look For

When assessing wear on the 1993 Kingfisher $2, focus on these key areas:

• Obverse (Queen’s side): Hair above the forehead, bridge of nose, and cheek areas
• Reverse (Kingfisher side): The bird’s head, particularly around the eye and beak
• Field areas: Look for disturbance in the luster rather than actual metal displacement

Because of the alloy composition, wear on these coins tends to be more subtle than on copper-nickel pieces. The aluminum content makes the surface slightly harder, so wear manifests as a loss of luster rather than obvious metal displacement until quite advanced stages.

Eye Appeal Considerations

Eye appeal for this coin type is subjective but important. The most attractive examples show:

• Even coloration across both sides
• Minimal contact marks or bag marks
• Strong, even strike definition
• Attractive luster (whether original or toned)

The two-tone oxidation effect, while natural, can either enhance or detract from eye appeal depending on the collector’s preference. Some find the highlighted effect on high points visually interesting, while others prefer the more uniform appearance of coins that have been stored in controlled conditions.

PCGS/NGC Grading Standards

When submitting these coins to third-party graders, understand that they’re evaluated using standard criteria for modern world coins. However, the unique alloy and edge construction mean that graders must be particularly attentive to:

• Distinguishing between natural oxidation and actual wear
• Evaluating strike quality on the security edge details
• Assessing luster quality on the aluminum-bronze surface

MS-65 and higher examples are quite scarce due to the alloy’s tendency to develop the characteristic two-tone effect and the coin’s relatively low mintage. The silver proof versions (KM#87.a) typically grade higher due to their superior strike quality and the nature of proof minting.

Value Implications by Grade

The grade difference between circulated and uncirculated examples of this coin can indeed represent a difference of hundreds of dollars, particularly for high-grade specimens. While common circulated examples might trade for $10-20, gem uncirculated pieces with full original luster can command $200-500 or more, especially if they exhibit particularly attractive toning or are from a desirable pedigree.

The silver proof versions, with only 10,000 minted according to Krause, represent a separate market segment entirely, with even modest grades commanding significant premiums over their aluminum-bronze counterparts.

Authentication Notes

When authenticating these coins, pay particular attention to:

• The security edge construction – genuine examples have a very specific pattern of rivets and center stripe
• The alloy composition – counterfeits often use incorrect metal that doesn’t match the characteristic color and weight
• The edge reeding – it should be uniform and well-executed, not irregular or crude

Conclusion: A Unique Modern Collectible

The New Zealand 1993 Kingfisher $2 represents an interesting intersection of modern minting technology and collector appeal. While not particularly rare in absolute terms, high-grade examples with excellent eye appeal are surprisingly elusive. The unique alloy composition, security edge feature, and attractive design make it a compelling addition to specialized collections of modern world coinage.

For collectors, the key is understanding that what might appear to be flaws – the two-tone oxidation, the subtle wear patterns, the unusual edge construction – are actually characteristics of this specific coin type. Learning to distinguish between these normal features and actual damage or wear is essential for accurate grading and fair valuation.

Whether you’re a specialist in New Zealand coinage, a collector of birds on coins, or simply someone who appreciates the unusual, the 1993 Kingfisher $2 offers both challenges and rewards for those willing to look beyond its initial strangeness to appreciate its true qualities.

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