The Royal Mint urged coin collectors to avoid paying huge sums for common coins based on “ wacky ” reports after a 2016 50p Hastings battle that was reportedly sold over £ 63,000 online .
The 50p was said to have been sold in mid-June after a 41-day 10-day auction on eBay, and would have changed hands for around 126,000 times its face value – although it is extremely unlikely to happen.
It’s not a rare coin, with 6.7 million minted in 2016 to commemorate the 950th anniversary of the Battle of Hastings and others recently sold for just £ 1.49.
However, despite no evidence of this money changing hands – we have already reported this type of auction on an eBay auction – a number of news items suggest otherwise, and now the Mint has decided to intervene to prevent people to be ripped off.
A 2016 Hastings 50p battle (not this one) would have been sold for £ 63,100 after an auction of 41 auctions in mid-June. And this despite the fact that the piece is not particularly sought after
It happens that in recent years, more and more Britons have decided to embark on coin collecting, made popular with special sets, such as the Beatrix Potter 50p and A to Z 10ps models.
Many eBay sellers have tried the same tactic to try to get lucky, describing the piece as rare when it is nothing of the sort.
There are recent listings on eBay for up to £ 30,000 now, but there is no indication that anyone is interested in buying them.
Sellers are likely to raise prices by making false offers to try to increase its future value – people who see the same coin listed for £ 10 say soon after, will think they get a good deal after saw that £ 63,000 version.
The coin experts seemed puzzled by the news it had sold so much, and the Mint told This is Money that novice collectors should do their homework.
Its collection services manager, Rebecca Morgan, said: “ There are sometimes reports that coins sell for large quantities on the secondary market, some of which seem a bit far-fetched, so we want to make sure that collectors have the right information and pay a fair price. .
“ A piece is ultimately worth what the collector is willing to pay, but there are factors to consider before committing to a price.
“ This may include the condition of the piece, its design, its print figure and its composition. ”
The sale seems particularly disconcerting given that the Battle of Hastings 50p was never considered a particularly popular piece.
He got a low “ 2 ” on the latest rarity index from the Change Checker coin collection website in February, the second lowest on the table.
On the other hand, the Kew Gardens 50p, the rarest seven-sided coin that exists with a circulation of 210,000 copies, scored 100 and was considered to be the rarest and most requested coin.
According to the latest rarity index from the Change Checker website, the Battle of Hastings 50p ranked second last in search terms
This is Money recently reported that it was worth 2,733% compared to ten years ago, and one sold £ 145 recently, 290 times its face value.
An expert, Philip Mussell of Coin News magazine, poured cold water on the idea that the Hastings 50p is selling for more than £ 63,000.
He said: “ The very high prices of common parts that you occasionally see on auction sites are very unlikely to have been actually paid for.
“Most of the time, they are inflated just to make the room expensive. There is hardly any chance that the amount of money has actually changed hands.
“What happens is that the” seller “seems to be selling a piece for a huge sum, then he lists the same piece at a much lower price, but still way beyond what it is worth, and those who saw the first “sell” think they are getting a good deal.
‘They are not.’
It was Money who asked eBay if the sale was successful.
The Mint said that potential buyers should always know the circulation of a coin, if they buy a distributed version, before parting with their money.
The Mint provides circulation figures on its website, usually a year or two after the coin is released.
Weaker coins tend to sell more, which is why the 2012 Olympics 50p football offside rule is the second most valuable 50p in the Change Checker index.
It is the second rarest 50p after Kew Gardens, and has been hit 1.125 million times.
The coin depicting the Great Pagoda in Kew Gardens was struck in 2009 to commemorate the 250th anniversary of the gardens. There are only 210,000, and it is often touted as the most valuable 50p
Pieces that are part of sets or that have certain designs can be popular with collectors, either because they aim to complete a set, or simply because they think a certain piece looks beautiful .
And news may be another reason why a coin can become popular, with This is Money reporting earlier this year that coins marking Britain’s relationship with the EU have risen in price ahead of Brexit. January 31.
“ If you have a coin and are unsure of its history, rarity or authenticity, ” added Morgan, “ we offer a range of services at the Royal Mint to help establish its likely value. and help our customers build a custom collection.
“We also have a wide range of resources on our website to help people learn more about the coins in their pockets and the coins they might inherit from family members.”
Some links in this article may be affiliate links. If you click on it, we can earn a small commission. This helps us fund This Is Money and keep it free. We do not write articles to promote the products. We do not allow any commercial relationship to affect our editorial independence.