At Tennants we see all manner of coins and banknotes, from ancient Greek coins through to modern age coins and banknotes. This is the first in a series of articles where I will delve into different areas of collecting coins and banknotes and touch on subjects such as ancient coins, grading, collection themes and the evolution of coinage.
Numismatics or the “hobby of kings” has always proved an interesting subject, even amongst the uninitiated, aided by attention-grabbing news reports of metal detectorists unearthing coin hoards and rare coins breaking auction records. Unfortunately, these are joined by myths parading as news; headlines which shout of the value of ‘rare’ modern coins, especially fifty pence coins, which could be found in your change. Discussing the facts behind the headlines, I think, is a good place to start our survey of Numismatics.
So, which coins that can be found in change are worth more than their face value?
Actually very few. There are only four coins which consistently perform well, given that they are still current legal tender. Mint errors can carry premium; however, they are a subject in themselves and deserve their own survey in a different article.
THE 1983 ‘NEW’ TWOPENCE
The earliest and one of the best performers is the 1983 ‘new’ twopence. In 1982 the reverse inscription changed from NEW PENCE to TWO PENCE, but in 1983 a small number of coins were struck with the old and incorrect NEW PENCE reverse die. Depending on condition, these typically sell for £300 to £500 (all figures are auction prices unless stated).
THE ‘UNDATED’ 2008 TWENTY PENCE
In 2008 the reverse design of the twenty pence was changed from the Tudor Rose to a portion of the Arms of Great Britain. To facilitate this design change, the date was moved to the obverse of the coin. However, a fair number were struck using the incorrect earlier undated obverse die, meaning they lacked a date. The Royal Mint estimate that 50,000 - 250,000 of these coins are in circulation; depending on condition they can sell for £60 to £150.
THE 2009 KEW GARDENS FIFTY PENCE
The modern coin which receives the most publicity is undoubtedly the 2009 Kew Gardens Fifty Pence. Struck to commemorate the 250th anniversary of Kew Gardens, this coin had a mintage of only 210,000 - a small number compared to the nearly 23,000,000 fifty pence coins issued the previous year. This is a scarce coin which regularly sells for £100 to £200. To complicate matters, however, there was a 2019 issue bearing the same design (dated 2019 on the obverse), released as part of the Fifty Years of the Fifty Pence series.
THE 2011 OLYMPIC SWIMMER FIFTY PENCE
In 2011 the Royal Mint issued a series of coins to celebrate the upcoming 2012 London Olympics, depicting a range of sports. These coins included a fifty pence with a swimmer on its reverse. The original design for the coin had a half-length figure swimming right with water lines extending right across the swimmer. Ahead of the coin’s release, the Royal Mint changed the design to have fewer water lines, removing those that had obscured the face; however, a small amount of the earlier type made it into circulation before the Royal Mint withdrew them and issued the correct, later type. These ‘lines on face’ swimmer fifty pence coins can sell for £300 to £600.
COMMEMORATIVE FIFTY PENCE COINS
In recent years the Royal Mint has introduced several commemorative series of fifty pence coins, for example the Beatrix Potter and Peter Rabbit coins (issued in three series in 2016 and 2018), the 2011 London Olympics series and the 2019 Fifty Years of the Fifty Pence series. Added to these are single issue coins commemorating everything from the foundation of the boy scouts and girl guides to breakthroughs in science.
This is where the myths begin.
With mintages of 10,000,000 - 20,000,000 coins, these commemorative coins can hardly be considered rare, but can certainly be considered collectable. Like all collectables, commemorative coins are worth what someone is prepared to pay. However, with such high mintage figures these sell on eBay for £1 to £10 - a fair enough price to someone wanting to fill an empty space in a collection of modern coins.
What we are increasingly seeing are attention-grabbing tabloid stories of certain coins being worth £600 to £10,000, and how you, too, could have one in your change. Closer inspection nearly always leads to an eBay listing where a coin is listed for sale for £10,000 but has not in fact sold - asking and realising are two very different things. Or an unscrupulous person has effectively marketed a common coin in hope of a novice and/or gullible collector purchasing it. This is not representative of the market and the same coin can usually be found readily available for a fraction of the cost.
If you are new to the hobby and thinking of purchasing a coin that is not from an established auction house or dealer, you should seek advice from someone knowledgeable, either a reputable auction house, dealer or experienced fellow collector.
This article refers exclusively to circulation/business strike coins. Proof and brilliant uncirculated coins along with genuine mint errors have different mint figures, demand and consequently price.
