Royal Australian Mint has released a $1 coin that is set to be in very high demand

The Royal Australia Mint is releasing a new $1 dollar coin to celebrate Vegemite’s 100-year anniversary.

The Mint has released its 2023 Year Set, which includes a $1 dollar coin honouring the beloved Aussie spread.

On one side of the coin, the design showcases a slice of toast with Vegemite smothered across, while the flip side features the profile of the late monarch Queen Elizabeth II.

Coin expert and TikToker Joel Kandiah, who goes by the handle @TheHistoryOfMoney, told 7News the unique coin will be in very high demand with collectors.

“I think it will be very popular for the basis that it is a well-designed coin. People have an affinity with Vegemite (whether they love it or hate it!) and people will want to add another coloured coin to their collections,” he said.

It could likely be the last coin to feature a portrait of the late Queen and therefore could be worth a lot of money.

He added: “It’s a simple design but I think it really represents a scene that is common across many households in Australia in the morning, that piece of toast with a slight layer of Vegemite across.”

The set will be available from today (Thursday, November 17) via the Royal Mint website and is marked up at two price points.

The uncirculated set is available for $33, and the proof set is $130.

The set showcasing the former monarch comes after speculation that King Charles will not appear on the new design for the $5 dollar note.

Many have even put forth their own ideas, with some demanding that the late national treasure Steve Irwin appear on the note.

Shortly after Charles became King on the British throne, one person tweeted: “PUT STEVE IRWIN ON THE 5 DOLLAR NOTE.”

Another commented: “I would love to see Steve Irwin on the $5 dollar note!”

While a third person said: “I agree, Steve was and still is an inspiration to many. The currency with his face will be hard as nails!"

The Assistant Minister for Treasury also commented about the design following the Queen's death and said that King Charles won’t ‘automatically’ appear on the note.

However, the monarch will continue to appear on coins to uphold tradition.

He said: "The decision to include the Queen’s face on the $5 note was about her personally rather than about her status as the monarch so that transition [to Charles on the note] isn’t automatic.

“We’ll have a sensible conversation within government and make an appropriate announcement in due course.”