We report on X-ray observations of the radio-intermediate, X-ray bright Seyfert 1 galaxy, III Zw 2, obtained with XMM-Newton, Suzaku, and Swift over the past 17years. The source brightness varies significantly over yearly time scales, but more modestly over periods of days. Pointed observations with XMM-Newton in 2000 and Suzaku in 2011 show spectral differences despite comparable X-ray fluxes. The Suzaku spectra are consistent with a power law continuum and a narrow Gaussian emission feature at ∼ 6.4 keV, whereas the earlier XMM-Newton spectrum requires a broader Gaussian profile and soft-excess below ∼ 2 keV. A potential interpretation is that the primary power law emission, perhaps from a jet base, preferentially illuminates the inner accretion disc in 2000, but the distant torus in 2011. The interpretation could be consistent with the hypothesised precessing radio jet in III Zw 2 that may have originated from disc instabilities due to an ongoing merging event.