Coin News
Have you found a 2020 dated 1p coin? Covid hoarding leads to increased penny demand
For the first time since 2017, 1p coins were back in production last year, with the latest mintage figures revealing that 88,071,910 pennies entered circulation in 2020.
Previously on our blog we’ve posed the question, ‘What is the future for 1p and 2p coins?’ as the Treasury has doubted the validity of the smaller denominations.
However, it seems that during the covid pandemic, and particularly in lockdown, a pattern of cash hoarding has resulted in less loose change being circulated.
In fact, banks have recently been calling on people to donate any unused change to charities, as they have felt the impact of the pandemic on fundraising.
Demand for 1p coins increases
Earlier this week, the latest mintages figures were revealed for 2020 coins and it seems that the demand for 1p coins has now increased, as The Royal Mint have produced over 88 million of them for circulation last year.
Whilst this doesn’t quite reach the heights of 2016 when almost 250,000,000 1p coins were minted for circulation, it is still an improvement on the 2p and £2 coins which did not enter circulation at all last year.
The UK’s very first decimal 1p coin was minted in 1971 and since then more than 28 billion of the coins have been produced by The Royal Mint.
The biggest influx came at the turn of the millennium, when over a billion coins were produced were produced in the year 2000.
Could the rise of contactless payments kill cash?
Overall, it does appear that the general demand for cash may be falling, partly due of the rise of cashless payments and contactless cards.
A spokesperson from The Royal Mint said: “The volume and variety of coins which enter circulation is determined by demand from UK banks and Post Offices. When demand rises The Royal Mint consults with HM Treasury before manufacturing more coins.”
Currently, there are no plans to produce new £2 or 2p coins for circulation over the next 10 years, as The Royal Mint are sitting on 26 times as many £2 coins as it needs to.
But, as we covid affects our use of cash and leads to hoarding, we are already seeing greater demand for smaller denominations, as demonstrated by the production of the 2020 dated 1p coins.
Have you found yourself holding on to more small change during the pandemic and what are your thoughts on the use of cash vs contactless? Let us know in the comments below!
If you’re interested in coin collecting, our Change Checker web app is completely free to use and allows users to:
– Find and identify the coins in their pocket
– Collect and track the coins they have
– Swap their spare coins with other Change Checkers
Sign up today at: www.changechecker.org/app
Is your £1 coin worth £200?
Finding an error coin is like winning the lottery for collectors. And after reading today’s blog, you’ll be adding another rare error to your Change Checker watch list!
As earlier this month, a pub worker discovered a £1 coin that was minted from just ONE metal – not two – which went on to sell for £205 on the secondary market!
You see, normal £1 coins have a gold coloured Nickel-Brass outer ring and a silver coloured Nickel plated interior, but this rarity was completely gold-coloured. Check it out in the image below…
Understandably this lucky find was immediately added to eBay and the uniqueness of the coin meant there were 24 bids from five interested bidders, before it eventually sold on August 8 for the unbelievable price of £205!
Mad, right?
One explanation for the supposed ‘error’ could be that the coin missed the plating stage during production.
Whilst this is the first time we’ve heard of the ‘error’ being found on a £1 coin, similar stories have been reported on £2 coins before…
The Holy Grail of Bi-metallic Errors
The image above shows what has been described as the Holy Grail of bimetallic ‘errors’ and is the result of the nickel-brass £2 blank not having the inner core section punched out before being struck.
This means that the £2 coin is made from one full piece of nickel-brass, just like the £1 error above – completely contrasting the very idea of a bimetallic coin.
A 2007 monometallic £2 was verified by The Royal Mint and in the email confirming the mis-strike it was mentioned that they had only seen 4-5 similar coins before.
This rare striking error is highly sought after and coins have achieved extraordinary prices in private sales and auctions.
So if you don’t consider yourself a Change Checker, it might be time to rethink as these exceptional error coins could be lying unused at the bottom of your bag.
Have you ever discover an error coin? If so comment below as we’d love to hear all about your coin hunting experiences!
If you’re interested in coin collecting, our Change Checker web app is completely free to use and allows users to:
– Find and identify the coins in their pocket
– Collect and track the coins they have
– Swap their spare coins with other Change Checkers
Sign up today at: www.changechecker.org/app
Rare Trial Pieces including Kew Gardens 50p to be Auctioned for the First Time Ever!
Have you heard the news that for the first time in its history, The Royal Mint plan to auction rare sample coins for collectors?
Trial pieces are some of the very first samples of a new coin to be struck. They are used to set the standard for each coin issued and are carefully inspected by coin makers to ensure they meet the correct standards before striking of the new design begins.
Trial Coins Put Up For Auction
Rebecca Morgan, director of collector services at the Royal Mint, said: “This month we are delighted to offer a sample of our trial pieces at auction for the first time. Each of the trial pieces has played an integral role in creating the final coin, and offer collectors the chance to own a part of numismatic history.”
The Royal Mint have announced that collectors will have the chance to get their hands on a number of trail pieces at auction on Sunday 26th September.
Included in the auction are the coveted Kew Gardens 50p (the UK’s rarest circulation coin) and the Three Graces (a collection that sold out in 25 minutes last December).
Rare Kew Gardens 50p
Considered the ‘holy grail’ of change collecting, the Kew Gardens 50p tops the Change Checker Scarcity Index time and again. In fact, this coin is so sought-after that collectors are willing to pay well over face value to get their hands on one, with our latest eBay Tracker revealing the coin currently selling for £157 on the secondary market!
However, we always urge buyer caution when purchasing a Kew Gardens 50p, as there are a number of fakes out there to be aware of. Find out how you can spot the fake Kew Gardens 50ps here.
1994 Mayflower £2 Trail Piece
Rare trial pieces have been seen before, often becoming very sought-after amongst collectors…
In 1994, ahead of the introduction of the UK’s first bi-metallic coin – the £2 – The Royal Mint created a trial piece. This was used by The Royal Mint to test the minting process of the new coin and to help the automatic vending industry re-calibrate their machines in preparation.
The trialled reverse design features a three-masted sailing ship. Although the ship is not named, it is likely to be the Mayflower, which set sail from Plymouth to America to establish the first permanent New-England colony. The outer ring bears the inscription Royal Mint Trial with the date, 1994.
There were just over 4,500 packs of this trial £2 issued and as the coin design was never released into circulation, it has become an incredibly rare example of a bi-metallic £2 coin.
If you own one of these £2 trial pieces you can consider yourself very lucky!
But with the upcoming auction set for the 26th September, we’re sure collectors will be excited at the chance of getting their hands on the trial piece coins offered by The Royal Mint, including that sought-after Kew Gardens 50p which we’re sure will be incredibly popular.
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