Unfortunately there is a lot of misinformation to be found on the internet and even deliberate misleading by crooks and con artists. The one rational question to ask yourself is why would the Royal Mint put so many coins into circulation to make so many people rich? The answer is of course that they wouldn’t.
As this type of enquiry makes up around 70% of those received by dealers and auctioneers, I have put together a general information email below, which we send to these enquiries. But in specific respect of your £1 coins these are not of any value I am afraid, for the reasons stated. You can still pay them into the Nationwide BS if you have an account, but otherwise they are of no value.
Sellers Information:
When the new decimalised currency was introduced officially in 1971, all of the coins had the word ‘NEW’ on them and in 1971 specifically, around 1.5 Billion of each of the 1 and 2 pence coins were minted. This making them the most common coin issued for the series thus far.
The Royal Mint decided to continue with the word ‘New’ for a period of 10 years, before removing it from the coinage in 1982. However in 1983 the Royal Mint inadvertently used the old die in error for a sample of the 2 pence’s and before it was noticed these had gone into circulation It is these that are rare and command a few hundred pound if you can find them.
As you may or may not be aware, the value of any coin/medal/token/Banknotes relies on three main criteria.
1)The rarity of the item, how many were minted and how many are known to remain.
2)The condition of the coin. In most cases baring exceptionally rare items, the condition needs to be excellent to attract the higher prices. The difference between an average coin and an excellent one of the same type, can see a variation in hundreds if not thousands of pounds in value.
3)The metal it is made from. As you might expect, Gold, Platinum and Silver have a metal value even if the coin is in poor condition.
Pre Decimal Coins:
In respect of pre decimal coins, it is worth understanding that with a few exceptions, these were minted in their millions and many survive in excellent condition today. For this reason they have little numismatic value until in the case of copper coins, they go back to pre-1900 and the Victorian era. However condition is then also a consideration, as a worn ‘Bun Penny’ will still have little value unless one of the very few rare dates.
Silver coinage is the same, however from 1946 to 1920 inclusive, all silver coins actually contained 50% silver. This is unlike 1947 onwards and even those in use today, which are made of a Cupra-Nickle and as such have no value. Silver coins minted from 1919 and back were made of 92.5% silver. What this means is that despite their having no collectable value, (unless one of a couple rare dates or in excellent condition or pre 1900 as mentioned above) they have a bullion value. You will see scrap dealers offering prices from 10 x face value for pre 1947 and up to 40 x for pre 1920. However be aware that when you go to sell you will often be told that ‘the coins are too worn and they cannot give you the top price.’ And you will be offered much less. Also be aware that silver prices do change with the market prices.
For this reason, you should only sell to a well know individual or dealer who has given you a fixed price before you sell. Our buying prices are clearly stated on our website and allow for a mix of high grade and badly worn coins. We pay 20 x face for pre 1920 and 10 x face for pre 1947 and it is as simple as that.
Gold Sovereign and Half Sovereigns:
In the main unless earlier Victorian and back, these have a fixed price determined by the prevailing gold price. Currently the minimum buying price bullion sovereigns and half’s is around £320 and £160 (as of 15th November 2020) respectively. There is also a premium for boxed proof coins with their COA and in some cases can achieve much higher prices. But we can go through this with you once you have a better idea of what you have.
Modern Circulating Decimal Coins:
In recent times the Royal Mint has seen itself put under considerable pressure to produce ‘commemorative type coins’ in comparison with the older style one design type. This coupled with cut backs particularly in quality control, has seen considerably more of these ‘error’ types entre into circulation.
There has been much hype driven by the press and eBay as to expectation of high values for these coins ‘Commemorative’ and ‘Error’ coins, coupled with numerous copies coming in from China and elsewhere.
But the reality I am afraid, is that these coins were minted in their millions and are simply not as scarce as people think. As a curiosity and to a ‘Commemorative’ collector they may achieve a little above face value, but really only on eBay (be aware that silly ‘asking prices’ will never actually sell) the two genuine exceptions to this is the 2009 Kew Gardens 50p and the 2012 ‘hidden swimmer’. This 2009 having a lower mintage, but still 210,000 and they regularly sell for between £80 and £120 at auction, the 2012 can make £2,000+.
And modern ‘errors’ on eBay generally only achieve £10 to £20 at most, despite some of the high prices being asked (but not achieved) for them. It is also worth noting that many of the supposed errors are not errors at all, but due to minting techniques, such as the ‘Upside Down’ edge wording. These are in fact equally spread and are due to the way in which the minted coin ‘falls’ into the edge press.
Unfortunately there is a lot of misinformation to be found on the internet and even deliberate misleading by crooks and con artists.
When the new decimalised currency was introduced officially in 1971, all of the coins had the word ‘NEW’ on them and in 1971 specifically, around 1.5 Billion of each of the 1 and 2 pence coins were minted. This making them the most common coin issued for the series thus far.
The Royal Mint decided to continue with the word ‘New’ for a period of 10 years, before removing it from the coinage in 1982. However in 1983 the Royal Mint inadvertently used the old die in error for a sample of the 2 pence’s and before it was noticed these had gone into circulation It is these that are rare and command a few hundred pound if you can find them.
I have also included below some information on other myths surrounding modern currency coins that you might find helpful.
In specific regard to 50p and £2 coins, these were issued in their million, so like pretty much every other modern currency coin they are not in an way rare and as such do not have any investment or numismatic value other than 50p or £2 respectively. But due to sheer collectors hype on eBay, you may get £2 or £3 for them there, from someone who is simply wanting to have a set. You might say that this is not a bad return. But for genuine Numismatists these are simply for spending as they were made to be used.
Upside Down Edge Lettering Myth:
Depending on the denomination, some coins will have edge lettering to help against counterfeiting. What you may not know though, is the edge lettering is applied before the coin has even been struck which is why some coins can end up with the edge lettering either way around. These are not errors, but simply the minting process.
The one question we suggest people ask themselves, is: why would the Royal Mint put into circulation coins knowing that they would simply be sold on for a lot more money?
The exception to the above is the 2009 Kew Gardens 50p which sells from between £60 and £120 and Olympics Aquatics (withdrawn version) of the 50p which might achieve £500 – £800 and one early on it its discovery achieving £3,000. But I suspect that is very much an exception to the rule. It is estimated that at least 600 failed to be returned to the mint and therefore it is not unfeasible you have one of these.
The one on the left is the valuable one. There is much hype and misinformation on both eBay and in the press. These types of enquiries now make up around 70% of enquires dealers receive.
Due to this we do not deal incirculating base metal currency coins, the only Decimal commemorative type coins we do deal in are the Proof Silver/Gold/Platinum varieties as our Clients are more academic collectors and investors.
