Posts Tagged ‘£1’
STOP: the five £1 coins you must NOT cash in!
*** 2020 UPDATE ***
Three years since the old round pound coins were demonetised and replaced by the 12 sided £1, it’s been revealed that 122 million of these old coins still have not been returned to The Royal Mint.
Roughly 1.58 billion have found their way back to the Mint, but in addition to this, there have been at least 1.5 billion counterfeit round pounds handed in.
The Royal Mint said these fakes “could not be readily distinguished from the genuine coin, which is why a new coin was introduced”.
But, of the 122 million genuine round pounds still in circulation, which ones should you be looking out for?
In 2017, the Round £1 coins were demonetised and replaced by the new 12 sided coins we see today. The public were encouraged to spend or return their coins to the banks, but did you know that not all of these coins made it back to The Royal Mint?
Whilst these old coins are no longer legal tender, they can still be returned to the bank and deposited into you account, however there’s a few coins you definitely shouldn’t be cashing in if you’re lucky enough to find one (tip: try looking down the back of the sofa, in coat pockets or old supermarket bags for those lost and forgotten coins!).
Here are the ones to look out for:
Scotland: Edinburgh City
The Edinburgh City £1 Coin
The Edinburgh City £1 coin was released in 2011 with a mintage of just 935,000, making it the lowest Round Pound by 680,000!
Taking this into account, there’s no real surprise that this coin sits top of our Scarcity Index with a perfect score of 100.
Such is the rarity, only 17% of Change Checker users list having this coin in their collection.
This coin currently sells for between £7-£12.
Wales: Cardiff City
The Cardiff City £1 Coin
Another of the capital cities series, the Cardiff City £1 coin is definitely one to keep.
Released in 2011, this coin has a mintage of just 1,615,000 and is in 2nd position in our Scarcity Index with a very high score of 88.
This coin depicts the circular Coat of Arms of Cardiff as the principal focus to represent Wales.
This coin is worth between £3-£5.
England: London City
The London City £1 Coin
The 3rd coin from the capital cities series that you should hold on to is the London City £1 coin. Interestingly, the Belfast City coin does not make our list.
Released in 2010, this coin has a mintage of 2,635,000, much higher than Edinburgh and Cardiff but low in comparison to other £1 coins.
London City scores an impressive 77/100 in our Scarcity Index.
This coin can sell for between £3-£6.
Scotland: Thistle and Bluebell
Scotland: Thistle and Bluebell £1 coin
The Thistle and Bluebell £1 coin was released in 2014 as part of the floral emblems series.
It has a mintage figure of 5,185,000 and scores a 55 on our Scarcity Index, coming in 4th place.
This coin features a thistle alongside a bluebell to represent Scotland.
This is worth between £2-£5.
UK: Crowned Shield
UK: Crowned Shield £1 coin
The UK Crowned Shield £1 coin was released way back in 1988, only 5 years after the Round £1 came into circulation.
Although it has a relatively low mintage figure of 7,118,825, this coin makes the list due to some interesting Change Checker App data.
It scores a 51 in our Scarcity Index but less than 1/4 of Change Checker users list having this coin in their collection and swap requests outnumber swap listings by 6 to 1!
This coin will sell for between £3-£7.50.
It’s worth noting that our valuations are based on coins that have recently sold on auction sites. The value of a coin depends on a number of factors including the coin’s condition.
Own the 2017 Round £1 Collecting Pack
Secure your exclusive £1 Collector Pack today which includes Britain’s last round pound as well as an original £1 Banknote. Click here to order yours >>
Or take a look at the old round £1 coins and complete your collection here >>
2017 Quarter 2 Change Checker “Scarcity Index” Released
Following the launch of the Change Checker “Scarcity Index” earlier this year the Quarter 2 Index has just been published.
It takes into account all of the latest ownership and swap information and, most importantly, this Quarter factors in the Royal Mint’s confirmed mintage figures for the 2016 releases.
Jemima Puddle-duck confirmed as most sought-after Beatrix Potter 50p.
For many Change Checkers, the most eagerly anticipated information concerns the Beatrix Potter 50p coins. Following confirmation of the low Jemima Puddle-duck mintage in comparison to the other 3 character designs, we can see the significant effect on the Scarcity Index – with Jemima Puddle-duck holding a scarcity score of over double the next character, Squirrel Nutkin.
For those of you still keen to add Jemima Puddle-duck to your collection, why not enter our Face Value Ballot.
Elsewhere among the 50p coins, it will be of little surprise that Kew Gardens maintains its top spot as the UK’s most sought after circulation coin, whilst Isaac Newton debuts with a score of 23 after its surprise limited release into circulation last month. That will certainly be one to watch over next quarter.
New coin crowned as the UK’s scarcest £2 Coin
Interestingly, the £2 Scarcity Index has seen a new coin top the list. Jumping up 2 places and from an Index score of 81, the England Commonwealth Games £2 coin takes the crown this quarter, benefiting from extra swap interest. However, there are no great surprises when you look at the other top 4 £2 coins, which comprise the other Commonwealth Games coins. Indeed the average Scarcity Index Score for the 4 Commonwealth Games coins has jumped almost 10 points for 85.5 to 94.75.
Elsewhere, we have seen a relaxation in the figures for the 2016 coins as they have made their way into wider circulation and The Royal Mint has confirmed sensible mintages.
How the Scarcity Index works
Generally collectors have had to rely upon mintage figures to identify the scarcest coins. But they only tell part of the story. Trying to find a good quality coin from 15 – 20 years ago, even for a higher mintage issue, is much more challenging than a more recent issue, as coins become damaged over time and are ultimately removed from circulation.
Additionally, some designs are more hoarded than others by people who might not normally collect coins – the recent poignant First World War £2 Coin series being an example. Finally, it can be up to a couple of years before the Royal Mint eventually confirms the actual mintage for an issue.
That’s why we have combined the mintage information with two other key pieces of information.
- How many of each design are listed as “collected” by Change Checkers, indicating the relative ease of finding a particular coin.
- The number of times a design has been requested as a swap over the previous 3 months, showing the current level of collector demand.
Importantly, as new coins are released and popularity rises and falls across different designs the Scarcity Index will be updated quarterly allowing Change Checkers to track the relative performance of the UK’s circulation coins.
How much are my coins worth?
The Scarcity Index does not necessarily equate to value but it is certainly an effective indicator. For example, the Kew Gardens 50p coin commands a premium of up to 160 times face value on eBay.
What about £1 Coins?
The £1 Scarcity Index has already been published for the Round £1 coins and, because they are no longer being issued, this is now set in stone.
Round £1 Coin transition date sooner than expected!
The Royal Mint initially predicted that the number of new 12-sided £1 coins in circulation would overtake the Round £1 Coin by August this year.
12-sided £1 Coins will overtake the Round £1 Coin by July
However, due to the amount of coins that have already been returned, 8 million in total, the date has been revised to as soon as late July. Of the returned coins, most will be re-used to produce new 12-sided £1 coins, with the rest being disposed of.
This is important news for industries that deal in large quantities of £1 coins, such as vending and arcade machines, who’ll need to bring forward their machine conversation date.
Most importantly, for Change Checkers this means it is going to become increasingly challenging to complete The Great One Pound Coin Race. However, we know that you love a challenge and we’re here to help you get across the finishing line.
For all the best Round £1 Coin collecting hints and tips, take a look at our video:
For the brave ones amongst you, you can still sign up to The Great One Pound Coin Race, there’s still over 100 days to go!
Good Luck!