20p coin sells for ?7,100 on eBay
This is Money
1 July 2009, 8:51am
One of thousands of rare 20p coins minted with a date error has fetched a record ?7,100 on eBay just days after news emerged of their existence.
This is Money reported on Monday that the faulty batch of coins, made without a date mark due to a rare error by the Royal Mint, could be worth ?50 each, according to experts.
Collectors have been scrambling to buy the 20p pieces, which may number in the tens of thousands.
Auction website eBay has been inundated with coins for sale as those who have found them attempt to cash in. Many sellers are offering purchasers the chance to 'buy it now' at prices of up ?6,200.
Several sellers are hoping to fetch more than ?3,000 for their 20p. But the top seller fetched ?7,100 at 2pm on Tuesday - 35,500 times its face value - although it is not clear whether the coin has been paid for.
Bidding started at 99p and it steadily moved up to ?100 by Monday evening. Then yesterday, one eBay user started pitching in at ?600, soon followed by an offer of ?800. It shot up to ?5,000 and kept rising until the price reached the eventual sale price of ?7,100.
An eBay spokesman confirmed the bid but last night added: 'I can't confirm yet whether the actual transaction has been completed yet.'
The sale has drawn out chancers with one seller setting a 'buy now' price of ?920,000 for one of the coins, while another set a starting bid of ?350,000. However, some coins had attracted bids of just 1p by 10am today.
The coins were left dateless when the 20p piece was redesigned. A whole new range was launched last April by the Royal Mint, including new 1p, 2p, 5p, 10p, 20p, 50p and ?1 coins. There is a convention that designs should be changed at least every 40 years.
The Mint is unsure how many undated coins were released into circulation, but estimates range between 50,000 and 200,000.
The mistake means the coins are the first to enter British circulation in more than 300 years - the last time was 1672, during the reign of King Charles II.
It caused excitement among coin collectors because the Royal Mint, in Llantrisant, South Wales, is so meticulous about the creation and release of coins.
This is Money
1 July 2009, 8:51am
One of thousands of rare 20p coins minted with a date error has fetched a record ?7,100 on eBay just days after news emerged of their existence.
This is Money reported on Monday that the faulty batch of coins, made without a date mark due to a rare error by the Royal Mint, could be worth ?50 each, according to experts.
Collectors have been scrambling to buy the 20p pieces, which may number in the tens of thousands.
Auction website eBay has been inundated with coins for sale as those who have found them attempt to cash in. Many sellers are offering purchasers the chance to 'buy it now' at prices of up ?6,200.
Several sellers are hoping to fetch more than ?3,000 for their 20p. But the top seller fetched ?7,100 at 2pm on Tuesday - 35,500 times its face value - although it is not clear whether the coin has been paid for.
Bidding started at 99p and it steadily moved up to ?100 by Monday evening. Then yesterday, one eBay user started pitching in at ?600, soon followed by an offer of ?800. It shot up to ?5,000 and kept rising until the price reached the eventual sale price of ?7,100.
An eBay spokesman confirmed the bid but last night added: 'I can't confirm yet whether the actual transaction has been completed yet.'
The sale has drawn out chancers with one seller setting a 'buy now' price of ?920,000 for one of the coins, while another set a starting bid of ?350,000. However, some coins had attracted bids of just 1p by 10am today.
The coins were left dateless when the 20p piece was redesigned. A whole new range was launched last April by the Royal Mint, including new 1p, 2p, 5p, 10p, 20p, 50p and ?1 coins. There is a convention that designs should be changed at least every 40 years.
The Mint is unsure how many undated coins were released into circulation, but estimates range between 50,000 and 200,000.
The mistake means the coins are the first to enter British circulation in more than 300 years - the last time was 1672, during the reign of King Charles II.
It caused excitement among coin collectors because the Royal Mint, in Llantrisant, South Wales, is so meticulous about the creation and release of coins.
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