£1 Coins
The £1 Scarcity Index reveals which £1 coins are the rarest
Can’t wait – click here to reveal the UK’s “scarcest” £1 coin
With the Great One Pound Coin Race nearing the finishing line, collectors across the UK are desperate to complete their Round Pound collections.
Historically, change collectors have relied upon mintage figures for their indication as to which coins in circulation are the rarest. But the story is not that simple.
650 million coins lost from circulation
The £1 coin has been in circulation since 1983. During that time a total of 2.2 billion £1 have been struck for circulation. But they are not all still in use.
There are 1.5 billion coins in circulation but probably fewer than 800,000 of the rarest design
The last available figures for coins in circulation, published by The Royal Mint for 2014, suggest that 1,553,000,000 £1 coins are in circulation.
In other words, 650 million of the coins struck no longer circulate, presumably withdrawn over the years as worn or damaged.
The majority of those 650 million coins are from the early issuing years, meaning that although some of those years may have high mintages, the actual number of coins available to collect from your change is far lower. In fact our research suggests that only a little more than half of the early years’ £1 coins are still in circulation. Far fewer if you’re trying to secure one in good collectable condition.
Scarcity breeds scarcity
But even that is only part of the story. Of course, scarcity breads scarcity.
Even before the launch of the Great One Pound Coin Race, we noticed a rise in collector interest for £1 coins on the back of the introduction of the new 12-sided £1 coin. And the demand is always disproportionately high for the more difficult coins. The result is a continued ratcheting up in demand for the rarer coins.
The Change Checker £1 Scarcity Index
That’s why Change Checker launched the £1 Scarcity Index. Rather just relying on mintage figures, we have combined them with the two critical points above – the actual numbers of coins in circulation and real collector demand, measured by Change Checker swap data – to create a unique Scarcity Index for the £1 Coin.
Scaled from 100 to 1, the scores represent the relative scarcity of each coin, with 100 being the most scarce.
So will I ever find the Edinburgh City £1 Coin in my change?
With a scarcity rating of 100, the Edinburgh City £1 Coin is the rarest Round £1 in circulation
With the Edinburgh City £1 Coin topping the Scarcity Index, will you ever actually find one in your change?
Well certainly it won’t be easy – but it’s definitely possible. Our calculations suggest there are probably somewhere between 600,000 – 800,000 Edinburgh City coins still in circulation but as we near the withdrawal date this number is decreasing rapidly. In other words, it is of similar rarity to the recently issued 2015 First World War Navy £2 but far less scarce than the rarest current circulation coin – Kew Gardens 50p, which had a mintage of just 210,000.
On average, it means that you will have to examine roughly 3,000 mixed £1 coins to find the Edinburgh City £1 Coin. But with over 6,000 Change Collectors already listing the Edinburgh City £1 Coin in their collection, it is certainly an achievable goal.
The Great One Pound Coin Race Collector’s Kit
The Great One Pound Coin Race Collector’s Kit gives you everything you need to collect, house and protect your collection of £1 coins as you find them.
Each collecting kit includes:
– 24 x One Pound Coin Collector Cards
– 3 x Change Checker Collector pages
– A special collector card for the new 12-sided £1 coin so you can add one to your collection
– A title page detailing all 24 coins to collect from your change
– An opportunity to own the 2016 Last Round Pound that never entered circulation.
Plus you’ll receive The Great One Pound Coin Race Participant’s Medal (worth £5.00) absolutely FREE.
There’s no better way to house your collection of £1 coins – get yours today!
Order yours today for just £25 (a current saving of £5.00 on the normal price).
Britain’s favourite £1 coin – Vote now
As part of the Great One Pound Coin Race, we want to find out Britain’s favourite £1 coin.
Over the next few weeks we’ll be asking you to vote for your favourite £1 designs from each design category – UK, Scotland, Wales, Northern Ireland and England.
Let us know your favourite UK £1 coin design by voting in our poll below:
[polldaddy poll=”9651682″]
More information about the UK £1 coin designs
The UK Royal Arms £1 was issued in 1983, 1993, 2003, and 2008
The £1 Coin was first issued in 1983 as a replacement for the less robust £1 note – a note lasted for just 9 months on average, while a £1 coin can survive in excess of 40 years. The first £1 coin design features the Royal Coat of Arms designed by Eric Sewell, chief engraver at the Royal Mint.
The UK Crowned Shield £1 was issued in 1988
In 1988 a Crowned Royal Shield of Arms design was introduced. This design features the Royal Arms of Her Majesty The Queen, surmounted by the Crown of St Edward. All coins dated 1988 feature this design as this was the only year it was issued.
The UK Royal Arms Shield was issued in 2008, 2009, 2010, 2011, 2012, 2013, 2014 and 2015.
In 2008 a new reverse design for the £1 was issued featuring the Royal Shield of Arms – designed by Timothy Noad. The edge inscription in Latin reads DECUS ET TUTAMEN which translates as; An Ornament and a Safeguard. This dates back to the first machine struck coins minted in 1662 and refers to the inscription itself which was intended to prevent people scraping valuable metal off the edge of the coin – a process known as ‘clipping’.
The UK Royal Coat of Arms was issued in 2015
In 2015 The Royal Mint revealed a new £1 Coin design. Timothy Noad’s contemporary adaptation of the traditional Royal Arms design is one of the last commemorative designs to feature on the round pound coin, with the newly shaped coin due to enter circulation in 2017.
The UK Last Round Pound was issued in 2016
This 2016 £1 coin is the final ‘round pound’ issued by the Royal Mint, calling time on a coin which was first issued more than thirty years ago. The reverse design features the animals that represent each of the four constituent UK countries and was designed by Gregory Cameron. This coin will not enter general circulation and is only available to buy in a Brilliant Uncirculated quality.
Next week- Part 2: What’s your favourite Scottish £1 coin design?
This could be your last chance to secure Britain’s last ’round pound’.
If you want to get your hands on the last ‘round pound’ they are available here protectively encapsulated and certified as superior Brilliant Uncirculated quality.