Posts Tagged ‘Change Checker’
These are the Top 10 tips to complete your £1 Coin Collection…
The Great One Pound Coin Race is well underway and lots of you have already managed to complete a full collection of £1 coins.
For those of you that haven’t don’t worry, there’s still time… but it is getting harder!
You’ve only got until 15 October to find all 24 circulating £1 coin designs so here are the Top 10 tips to complete your collection.
Since the release of the new 12-sided £1 coin last month, the new £1 has been turning up everywhere, and that means the round pounds will start to slowly disappear. That’s because the banks will stop issuing the round pounds and will start to take them out of circulation.
Lots of you have also come forward with your own tips and tricks for finding £1 coins…
How to enter the Great One Pound Coin Race
If you haven’t started your Great One Pound Coin Race yet, it’s not too late. Simply click here to enter today and you too could own a complete collection of £1 coins direct from your change before they’re gone for ever.
The Pound Coin and the rejected bird designs
25 years ago The Royal Mint decided to explore the possibility of creating a new series of reverse designs on the £1 coins to represent the four constituent parts of the United Kingdom .
Selected artists were invited to submit designs that should have a common theme and a unified style, but they were allowed a free hand in the choice of subject matter.
In a 1992 edition of ‘The Medal’ magazine, Marina Warner – a writer and member of the Royal Mint Advisory Committee – revealed that there were two finalists in the competition and wrote “Designer 9 produced an elegant series of sketches that were in positive danger of producing pleasure“.
The designs, by Mary Milner Dickens, featured the avocet for England, the osprey for Scotland, the red kite for Wales, and the roseate tern for Northern Ireland. Each had been close to extinction earlier in the century but had made a successful breeding return. Designer 8, meanwhile, “submitted a series of ploddingly traditional heraldic schemes“.
The first sketches show each national bird perched on a crown. The bird representing England appears to be a crow, but this was changed to an avocet in subsequent sketches.
Later sketches show each bird sitting on a national plant (oak branch, thistle, leek and flax respectively) and another variation shows the same designs but with a crown separating the words “ONE POUND”.
In later designs Mary Milner Dickens showed the birds in flight. One version shows each bird above a map of a pertinent national river, while the other variation shows essentially the same design but with the rivers replaced by flowers. Both versions depict a relevant national crown for each design, rather than simply portraying St Edward’s crown in each case.
However, there was a conflict of interest.
In 1993, Norman Lamont (Chancellor of the Exchequer and ex-official Master of The Royal Mint) caused dissent amongst The Royal Mint Advisory committee by overriding a decision usually made by them. In a statement by Mr Anthony Nelson (Economic Secretary at the Treasury) he told members that Mr. Lamont “just does not like birds” and was consequently opting for the heraldic design.
This decision sparked outrage leading to the resignation of Marina Warner, a member of the Committee at the time, who accused the Chancellor and his officials of rejecting the designs because of the idea of innovation itself in the iconography of the coinage.
The Royal Mint documents do not reveal the details of the discussions, stating only that there was a “full and frank” discussion.
So instead of the 1994-1997 heraldic £1 coins designed by Norman Sillman (designer 8) that we are so familiar with today, we could have had four completely different £1 designs in our change.

The heraldic £1 coin designs from 1994-1997 that represent the four constituent parts of the UK designed by Norman Sillman
At the time Mary Milner Dickens had already designed the 1992 EC 50p and she later went on to create the reverse designs of the Libraries 50p in 2000 and the Queen Victoria £5 in 2001.

Mary Milner Dickens also designed the 1992 UK EC Presidency, 2000 Public Libraries 50p and the 2014 Queen Anne £5
As the 1990’s progressed, the designs of commemorative 50p and £2 coins became more boldly innovative. The national bridges that featured on £1 coins between 2004 and 2007 were distinctly non-heraldic – and no-one objected.
Credit: First published in Coin News – this article was written by Philip McLoughlin and researched by Dutch numismatist Niels van Schendel.
The £1 Scarcity Index reveals which £1 coins are the rarest
Can’t wait – click here to reveal the UK’s “scarcest” £1 coin
With the Great One Pound Coin Race nearing the finishing line, collectors across the UK are desperate to complete their Round Pound collections.
Historically, change collectors have relied upon mintage figures for their indication as to which coins in circulation are the rarest. But the story is not that simple.
650 million coins lost from circulation
The £1 coin has been in circulation since 1983. During that time a total of 2.2 billion £1 have been struck for circulation. But they are not all still in use.
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 other words, 650 million of the coins struck no longer circulate, presumably withdrawn over the years as worn or damaged.
The majority of those 650 million coins are from the early issuing years, meaning that although some of those years may have high 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 collectable condition.
Scarcity breeds scarcity
But even that is only part 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 introduction of the new 12-sided £1 coin. And the demand is always 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 why Change Checker launched the £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 swap data – to create a unique Scarcity Index for the £1 Coin.
Scaled from 100 to 1, the scores represent the relative scarcity of each coin, with 100 being the most scarce.
So will I ever find the Edinburgh City £1 Coin in my change?
With the Edinburgh City £1 Coin topping the Scarcity Index, will you ever actually find one in your change?
Well certainly it won’t be easy – but it’s definitely possible. Our calculations suggest there are probably somewhere between 600,000 – 800,000 Edinburgh City coins still in circulation but as we near the withdrawal date this number is decreasing rapidly. In other words, it is of similar rarity to the recently issued 2015 First World War Navy £2 but far less scarce than the rarest current circulation coin – Kew Gardens 50p, which had a mintage of just 210,000.
On average, it means that you will have to examine roughly 3,000 mixed £1 coins to find the Edinburgh City £1 Coin. But with over 6,000 Change Collectors already listing the Edinburgh City £1 Coin in their collection, it is certainly an achievable goal.