The two cent coin was first introduced with decimal currency on 14 February 1966. The original reverse design of the frill-necked lizard has not been changed since the introduction.
Two cent coins were produced by the Royal Australian Mint, the Royal Mint Melbourne branch, the Royal Mint Perth branch, and the Royal Mint, Llantrisant. The two cent coin was the last circulating coin for Australia struck outside the Royal Australian Mint.
The cessation of issue of one and two cent coins was announced by the Treasurer in his Budget Speech of 21 August 1990. The decision was based on the loss of real purchasing power through inflation and the cost of minting of these coins. The accompanying Press Release noted that
"…1c and 2c coins will continue to be legal tender: they can still be used to purchase goods and can be deposited with financial institutions in the normal manner."
Both coins were withdrawn from circulation commencing in February 1992.