General info
How much is my coin worth? – A four point guide.
I receive queries on a daily basis from collectors who are keen to know about the origin of their coins and their design. This is in essence what Change Checker is all about – finding a distinctive coin in your loose change and having the intrigue to find out more about its design and history.
But the most common question is how much is my coin worth? Coins are no different to any other kind of collectible in many ways; there are certain criteria which you should always look out for, and which can help you to determine how collectible or valuable your coin is. Often It’s a very difficult question to answer, but I have put together my top four points which are the most important factors to consider.
1. Condition
The stark difference in quality between a circulated and uncirculated £1 coin.
Circulating coins as you would expect are subject to a lot more wear and tear than the coins you find in presentation packs. This is detrimental to the coin’s value because the design begins to lose its shape and definition. Of course, some older coins can maintain desirability because of their history, but on a like-for-like basis, a coin with clear definition in the design will certainly be more valuable than the one which has worn down over time. The sooner you can take your coin out of circulation and add it to your collection, the better.
Whilst collectors do favour coins which are in a good condition, I should also emphasise the importance of not cleaning your coin to try and improve its appearance. This can irreversibly damage the coin and in fact lower its value. General dirt can be removed with a damp, non-abrasive cloth but you should always try and avoid using any chemical-based product.
2. Scarcity
The Kew Gardens 50p hit the headlines in February 2014 for being the rarest circulating coin
Scarcity is possibly the most important factor to consider when trying to determine a coin’s value. Generally speaking, a scarce coin will sell for considerably more than a common one. The Kew Gardens 50p for example is the scarcest of all UK circulating coins; there are just 210,000 in circulation out of approximately 1 billion fifty pence pieces. In February 2014 the British press broke this story and speculation over the coin’s value escalated the price to the point where some were being offered for hundreds of pounds.
Coins are no different to other kinds of commodities in that respect – price is determined by the basic laws of supply and demand. Higher demand is created by a low mintage, which drives the market price of the coin upwards. In the case of the Kew Gardens 50p, this price was artificially high given that the coin is one which you can find in your normal change. But since then the coin has achieved an almost legendary status, meaning finding one today is extremely difficult – most have been squirreled away into private collections.
3. A story
Approximately 100,000 undated 20ps entered circulation in November 2008. It is a rare example of a ‘mule’ coin.
This can often tie-in with rarity, as the coins with a good story behind them tend to be the ones which are difficult to get your hands on! The “undated 20p” is a recent example of a such a coin. It is known as a ‘mule’ – a coin with a mismatched obverse and reverse (heads and tails). The name derives from a mule being the hybrid offspring of a horse and donkey.
In 2008 when the reverse of the 20p coin changed to the new Royal Shield design, approximately 100,000 coins were accidentally struck with the previous obverse die and therefore there was no date on the coin. In a similar way to the Kew Gardens story, some of the prices being quoted as a result of media coverage were extraordinary. Mules are highly sought after by collectors, and an undated 20p will certainly be worth more than its face value in years to come.
The undated 20p is not the first coin to capture the imagination of collectors. In 1933, there were already enough pennies in circulation so only around six or seven were produced with that year date. With no precise record of the number struck, it seemed perfectly feasible for one to turn up in everyday use, prompting an entire generation to begin checking their change. One of these elusive 1933 pennies would be worth around £50,000 in today’s market.
The original Aquatics Olympic 50p design was withdrawn quickly, and not many made it into circulation
Do you recognise these Olympic 50p designs? If you’ve got the one on the left, it could be worth a great deal more than 50p. The Royal Mint initially struck the Aquatics Olympic 50p with the waves flowing over the swimmer’s face before changing the design to make the face more visible. None have recorded an officially catalogued selling price to date, but this ‘error’ coin is exactly the sort of thing which collectors look for, and a three-figure sum for this particular 50p is not unlikely.
4. Striking
The coins we find in our everyday change are finished in a completely different way to the coins in specialist packs and sets.
As a collector you may already be familiar with the various striking methods, but the two main types of finish are as follows:
- Uncirculated
Uncirculated coins are exactly what they say they are – coins which have never entered circulation. They are struck in the same way and from the same metal as circulating coins. Ordinary uncirculated coins can have scuffs and minor imperfections whereas brilliant uncirculated ‘specimen’ coins are issued specially for collectors and have a higher value attached as they have been handled and produced with more care.
- Proof
Proof coins are produced with a much higher standard of finish than the coins in circulation as they are collected purely for their numismatic value. Proof coins will often have an edition limit and specific theme or appearance which collectors look for. They are struck using special dies which are used fewer times and polished between each strike. They have a far more detailed appearance and are produced in much smaller quantities, making them inherently more valuable.
Remember…
The truth is that most coins are worth only their face value. They have been produced extensively for centuries, and far outweigh the number of coin collectors. Therefore the chances that you’ve got something that nobody else has seen before are very slim indeed, but that chance does still exist…
The quick answer to any Change Checker who is curious about the value of their coin, is that if it is legal tender, it will always be worth at least its face value.
Beyond that, they key question is how desirable is it to a collector?
A coin is worth as much as someone is willing to pay for it, and there is no black and white guide for this. Just remember, you should never underestimate the importance of checking your change. It’s often the little details which make the big difference to a coin’s value.
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2014 Year of the “Mule”: the Royal Mint confirms Lunar Year and Britannia striking errors
The UK 2014 Year of the Horse 1oz Silver ‘Mule’
If you own the 2014 Year of the Horse Lunar Silver Coin or the 2014 Britannia coin, I suggest you go and dig them out before you read any more. That’s because it’s just possible that you are sitting on something rather unusual – a Royal Mint “mule”.
A “mule” is a coin where the one of the sides has been struck with the wrong die. And that’s what happened with some of the Royal Mint’s 2014 Year of the Horse and Britannia coins.
Officially confirmed by the Royal Mint
Year of the ‘Mule’
It seems attention was first drawn to the matter when a US dealer noticed that some of their Britannia coins had a different obverse (heads) side to the rest of the stock, lacking the denticle design around the edge, normally seen with Britannia coins.
The Royal Mint has now acknowledged the error, which has resulted in approximately 17,000 Britannia coins being struck with the non-denticled Year of the Horse obverse and 38,000 Year of the Horse coins having the denticled Britannia version as their obverse.
Selling for 250 times its original value
Perhaps the best recent example of a UK mule in recent years was the undated 20p coin, which was uncovered in 2008. Approximately 250,000 20p coins were struck using an old obverse design, which left them undated. The news was followed by a media frenzy with many millions of people searching their change in the hope finding what was to prove to be a valuable error. Indeed an undated 20p currently changes hands on ebay for around £50 – 250 times its original value.
So what of these latest Royal Mint errors? Unlike the 20p these are not general circulation coins but as bullion coin they will have been sold around the world to coin dealers and investors. That means that they will be much harder for the British general public to track down. Plus, of course, in terms of pure numbers struck, they are considerably scarcer than the undated 20p.
Early listings on ebay have been as high as £500 and above, so if you are lucky enough to own either the 2014 Britannia or Year of the Horse coins, I would definitely dig them out and take a look – it might be your lucky day.
IMPORTANT NOTICE
The Westminster Collection has managed to acquire a small number of the 1oz Silver Year of the Horse ‘Mule’ error coins – if you are interested in owning one please click here for more details.
3d to a £1 – the rebirth of Britain’s most popular coin design
This month our current £1 coin will be scrapped in favour of a newer design, which will be far more difficult to counterfeit.
George Osborne tweeted this photo of the brand new £1 coin
The new design
Back in 2014, George Osborne tweeted an image of himself holding one of these new and improved £1 coins.
But it wasn’t the supposed high-tech security features and new bi-metallic design that caught my eye, it was the 12-sided shape, which has so clearly been reprised from the famous quarter shilling or thrupenny bit.
Mind you, the pronunciation of “thruppeny” depended very much on which part of the country you were from. It varied from “throop-ence” to “thrupp-ence,” or as the Queen probably said, “threpp-ence.” Likewise in conversation, people referred to it as a “throop-nee”, “thrupp-nee” or “threpp-nee” bit.
“Suitably British,” is how Royal Mint’s Director of Circulation describes the new £1 coin, and no wonder with a pedigree like that.
Divided Opinion
The new 12-sided design found popularity during World War II
Initial reaction to the new £1 has been mixed, but history has shown that a bit of early scepticism is inevitable.
When the thrupenny was first introduced in a 12-sided design in 1937, its radical shape courted a lot of hostility, particularly from men who feared the numerous edges would wear down their trouser pocket linings.
This nickel-brass version was an upgrade of the old silver threepence or “Joey” which was very small and easily lost.
This was the coin traditionally used in Christmas puddings. The silver threepence continued to be minted for a while, perhaps because the Mint was unsure whether the new coin would be accepted.
Rise in popularity
During Edward VIII’s brief era 12 coins in the new design were struck for experimental purposes and sent to a slot machine manufacturing company for testing. The whereabouts of six of those 12 are known. However, the other six are still out there somewhere and their rarity commands very high prices. An example was sold at auction in 2013 for £30,000. The mystery surrounding them remains a well-told coin collector’s story.
The 12-sided coin design grew on the British public. It found popularity during the Second World War when its distinctive size and shape made it the easiest coin to recognise during blackouts. In 1943, 103,000 were minted. When Queen Elizabeth II came to the throne, the threepenny was the very first coin to bear her portrait, and by the time of decimalisation, 1.2 billion had been issued for circulation.
Critics argue that the £1 design is merely the Chancellor’s attempt to appeal to the patriotism and nostalgia of a key section of the electorate. Regardless of his intentions, this new-look retro £1 could yet find its way into the hearts of the British public.