Let $f$ be a function defined on the set ${\mathbf M}^{2\times 2}$ of all $2$ by $2$ matrices that is invariant with respect to left and right multiplications of its argument by proper orthogonal matrices. The function $f$ can be represented as a function $\tilde{f}$ of the signed singular values of its matrix argument. The paper expresses the ordinary convexity, polyconvexity, and rank 1 convexity of $f$ in terms of its representation $\tilde{f}.$
Let f be a rotationally invariant (with respect to the proper orthogonal group) function defined on the set M2×2 of all 2 by 2 matrices. Based on conditions for the rank 1 convexity of f in terms of signed invariants of A (to be defined below), an iterative procedure is given for calculating the rank 1 convex hull of a rotationally invariant function. A special case in which the procedure terminates after the second step is determined and examples of the actual calculations are given.