The £1 coin that could be worth over £25.00 and why you need to be checking your £1 coins before you spend them.
With barely 5 weeks to go, the awareness campaign for the modern £1 coin has stepped up a pass over the last few days, with the compress warn that you need to spend all your old round £1 coins before they cease being legal tender on 15 October ( although you will still be able to exchange them at banks ) .
But Change Checker is urging the british public to check their £1 coins before they spend them. That’s because as the Round £1 Coin disappears from our change forever, collectors are desperate to complete a collection of all 24 designs. And that includes some really quite rare £1 coins still in circulation.
Launch of the NEW Change Checker £1 Scarcity Index
That ’ randomness why Change Checker has launched its NEW £1 Scarcity Index to help collectors identify which coins are the rare .
Up to now, change collectors have relied upon mintage figures for their reading as to which coins in circulation are the rare. But the report is not that simple…
The £1 mint has been in circulation since 1983. During that time a sum of 2.2 billion £1 have been struck for circulation. But they are not all silent in habit .
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 early words, 650 million of the coins struck no longer circulate, presumably recall over the years as wear or damaged .
The majority of those 650 million coins are from the early issue years, meaning that although some of those years may have gamey 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 collectible circumstance .
Scarcity breeds scarcity
But even that is only separate 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 presentation of the new 12-sided £1 mint. And the demand is constantly 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 the benefit of the new £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 barter data – to create a unique Scarcity Index for the £1 Coin.
Read more: Dahlonega Mint – Wikipedia
Scaled from 100 to 1, the scores represent the relative scarcity of each coin, with 100 being the most scarce.
Scarcity vs Value
then what does a coin ’ second Scarcity Index Score think of for its rate ? broadly speaking the higher the score, the more valuable a coin is likely to be. So to take the model of the highest grade coin – the Edinburgh City £1 – it is already achieving prices of between £10.00 and £15.00 on eBay .
however, things can very quickly go huffy. For exercise, since the Royal Mint confirmed the 2009 Kew Gardens 50p as the smallest coin mintage in circulation, online prices have regularly achieved £100 (200 times its face-value) .
sol with an estimated 600,000 – 800,000 coins distillery in circulation, the Edinburgh City £1 is somewhere in the area of 25 % vitamin a scarce as the Kew Gardens 50p but with collectors clamouring to complete their £1 collection, it seems likely that a good quality example could soon be fetching between £25.00 and £50.00 .
As for the other £1 coins, they will all be getting rarer by the day as they start to be removed from circulation once the newfangled 12-sided £1 coin is released on 28 March. And, come 15 October, one thing is for certain, any collector looking to own a £1 coin will be paying a premium.
So don’t just spend your £1 coins. Check them. Rather than being worthless come 15 October, they may have even more value to collectors – especially if you own a particularly scarce £1 coin.
It’s not too late to join the Great One Pound Coin Race.
Almost 20,000 collectors have already joined the Great One Pound Coin Race for FREE.
Simply click here to enter today and you excessively could own a complete solicitation of £1 coins direct from your change before they ’ re gone for ever .
Leave a Comment