Posts Tagged ‘Error Coin’
Why this “error” is the hardest to find yet. Plus what it might be worth…
In 2017, following reports by Change Checker and in the national press that a die mix up at The Royal Mint resulted in a number of 12 sided £1 coins being struck with dual-dates, The Royal Mint officially confirmed the error.
However, this is one of the hardest errors to spot. That’s because even with 20/20 eyesight you will struggle to see the incorrect date on the coin’s reverse because it’s micro-engraved as part of the coin’s ultra-secure finish.
What do I need to look for?
Firstly, although both 2016 and 2017 obverse-dated £1 coins entered circulation in April 2017, the die-error mix up appears to have only occurred on a limited number of coins with a 2016 date on the Queen’s head side.
So it’s worth checking any 2016 coins. You’ll need to look just inside the rim of the design-side of the coin, where you will see some tiny writing. You’ll almost certainly need a microscope to properly see the writing, which should reveal the date.
You’re looking for a 2016 obverse-dated coin with 2017 micro-engraving on the reverse.
What if I can’t read the micro-engraving?
With over 1.75 billion 12-sided £1 coins being struck between 2016 and 2022, not all coins are finished perfectly. Unfortunately, a poorly struck example where you cannot read the micro-engraving is not of great interest to collectors.
What about other £1 mis-strikes and errors?
We believe this is the only known £1 error. Due to the huge number of coins that have entered circulation, there are a number of interesting mis-strikes, which, although numismatically interesting, have relatively limited collectability or value.
More worryingly, there are a number of altered £1 coins for sale, claiming to have misaligned heads or similar unusual errors. However, both these are likely to have transgressed the Coinage Act by tampering with the coin and are clear minting impossibilities. STEER WELL CLEAR is our advice. Similarly, beware of photographs that purport to show a genuine Dual-dated £1 coin – you need to be confident you’re not simply looking at two different coins.
So how much is a Dual-dated £1 Coin worth?
This remains the most difficult question to answer, but let’s take a look at the available information.
- How many were struck?
The Royal Mint has given no indication of how many Dual-dated £1 Coins ever went into circulation – and it’s quite likely they do not even know. We’ve not seen any examples amongst our stock. Equally, 1,500,000,000 2016 £1 coins were struck and rates of 1,800 coins per minute were achieved at the height of production.
The key number seems to be how many coins The Royal Mint strike before they replace a die. Given the nature of the “error” it seems likely that it was only corrected when the die was replaced. Understandably, the number of coins The Royal Mint strikes with each blank is not something the Mint chooses to share for commercial reasons.
- What are the comparables?
The key to any valuation is what comparable coins sell for. The most obvious comparable is the 2008 undated 20p, which was caused by a similar die mix up. That sells online for up to £64.
Other interesting UK errors include “Silver” 2p coins, which have sold in recent years for as much as £1,400, but these are considerably rarer, relying on a few old 10p blanks being left over when a blank barrel has been filled with new 2p blanks. Another 2 pence error, when some 2p pieces were struck using the old decimalisation dies with the word “NEW” in front of “PENCE”, have sold for around £60.
- So what is a Dual-dated £1 Coin worth?
We understand that at least one example was sold for £2,500 to a buyer in Spain in 2017, which probably marks the likely ceiling for value.
Probably more Dual-dated £1 coins have been struck than the 2p coins. However, the error is particularly difficult to spot due to the size of the micro-engraving. Bearing all that in mind, our best value estimate for a Dual-dated £1 Coin in excellent condition is currently £300 – £500.
Finding the coin in your change
We’ve heard from two Change Checkers lucky enough to find a dual dated error, one in October 2018 and one in April 2019.
I’m sure that the challenge of finding a dual dated £1 coin has sparked many Change Checker’s interest in collecting coins and I’m sure will encourage more collectors out there to look more closely at their £1 coins.
If you’ve come across an interesting coin in your change, be sure to get in touch with us. We’d love to hear about the rare coins you’ve found!
Find out more about your coins
If you’re interested in coin collecting, our Change Checker web app is completely free to use!
The story of the undated 20p
It’s regarded by many as the Holy Grail of change collecting, and back in 2008, the undated 20p saga encouraged an entire country to start carefully checking their coins. In fact plenty of collectors are still doing just that in the hope of finding one.
Online sellers have set prices sky high, with one seller asking for an astonishing £10m for the the coin! However, although these chancers are unlikely to see their coin actually selling for that price, some people have been willing to pay in the thousands for the chance to own one of these rare coins.
The story of the coin
If you’re not familiar with the story of the undated 20p, this is it:
In 2008, the reverse of each denomination from 1p to £1 was redesigned by Matthew Dent to feature a different part of the Royal Arms Shield. The 20p had previously included the date on the reverse, but with the entire face of the coin now devoted to the new design, the Royal Mint produced a new die with the date on the obverse (Queen’s head) side.
However, when the new Royal Shield 20p coins were struck for circulation, the old die was accidentally used, meaning a batch was issued with no date on either side of the coin.
Coins with mismatched sides like these are known in the collecting world as ‘mules’ – the name deriving from the hybrid offspring of a horse and a donkey. Mule coins are always highly coveted, but they rarely receive the kind of mainstream media attention afforded to the undated 20p.
The undated 20p was the first coin issued for circulation in over 300 years without a date on either side
The first for 300 years
The undated 20p became the first coin in over 300 years to enter circulation without a date, and when the story broke in the press, it caused a frenzy not just in the collecting world but amongst the general public who realised they stood just as good a chance as anyone of pulling one out of their change.
Estimates have varied over the years but The Royal Mint confirmed in a statement that no more than 250,000 coins made it into circulation.
Various stories in the media helped to fuel wild estimates of the value of an undated 20p
Stories from numerous media outlets fuelled rumours about the coin’s value. Experts suggest that the faulty 20ps could be worth £50 each, however sellers on eBay listed the coins for thousands, with one lucky seller fetching a colossal £7,100 (35,500 times face value).
Of course, a coin with such a high mintage could never really be worth that sort of figure, and in recent years the average selling price for an undated 20p has levelled off. Nowadays they normally sell for around the £50 mark which I’m sure you’ll agree is still not a bad return for a 20p coin!
In terms of rarity, you are approximately twice as likely to find an undated 20p as you are the famous Kew Gardens 50p. However, ordinarily an undated 20p will sell for more. But why?
The reason quite simply is that everyone loves a good story.
The fact that the coin only exists by way of a freak accident really adds to its appeal, and makes it a collector’s item in every sense of the term. So remember to have a good look at your 20p next time you’ve got one in your hand. A flip of your coin could be worth a lot more than you thought.
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
Always ‘Pemember’ the facts about rare £2 coins
Every keen collector knows that it is worthwhile paying close attention to the small details of your coins – it’s the only way you can ever hope to spot an error. However, it’s also important to know when you have a genuine rarity. There are a few stories which crop up more often than others, and hopefully this post will help dispel some of the myths about the £2 coins you can find in your change.
2005 ‘Pemember, Pemember’ Gunpowder Plot £2
The edge inscription of the Gunpowder Plot £2 appears to be spelt incorrectly
The 2005 Gunpowder Plot £2 commemorates the 400th anniversary of Guy Fawkes’ failed assassination attempt on King James I, but the coin is more familiar to collectors for having a spelling mistake in the edge inscription. The timeless quote “Remember, remember the fifth of November” has been found with various combinations of Pemember, Pemembep, Novemebep and so on. The common factor here is the ‘R’ which appears as a ‘P’.
Sadly for collectors this is apparently not a striking error. The explanation from the Royal Mint is that the down-stroke of the R coincides with the milling around the edge, and as the coin has worn over time, the letter has become less defined. This categorical statement from the Mint means that any mark-up in price for a supposed ‘error’ is completely unjustified, and although it makes the coin more interesting, it is not the mistake which it is often perceived to be.
2007 Abolition of Slavery £2
There is a misconception that there were two types of the Abolition of Slavery £2 coin struck for circulation. It is true that two versions of the coins exist – one has a textured finish whereas the other has a smooth finish and features the artist, David Gentleman’s initials (circled). The key difference is that only the textured version was struck for circulation, and if you find one of the smoother types in your change, you have actually found a coin which has been taken out of a presentation pack. This makes it considerably rarer than the circulating version, so it is worth keeping rather than spending!
1997 Maklouf ‘Queen with a Necklace’ £2
The Maklouf ‘Necklace’ £2 was only issued in 1997
The ‘Queen with a Necklace’ £2 has an enduring legacy in the collecting world. The very first bi-metallic £2 coins were issued in 1997, just prior to the Queen’s portrait change in 1998. This meant that the older portrait by Raphael Maklouf was only used for one year: 1997. His version featured Queen Elizabeth II wearing a necklace, which is how the nickname was derived.
When the portrait change was announced, the new £2 coins were snapped up by collectors believing them to be a future rarity. As it turned out, a mintage of nearly 14 million means the ‘Queen with a Necklace’ £2 is not one of the rarest coins in circulation. Nevertheless, with only one year of issue, it still holds an undeniable interest for collectors.
It’s the little details like these that make collecting so interesting – and hopefully we’ve shed a bit more light on some of the most popular myths. Do you have any of these coins in your collection?
Own the UK 2007 Royal Mint Brilliant Uncirculated Pack
This Brilliant Uncirculated collection features nine coins which were released in 2007, including the Abolition of Slavery £2 coin.
Each coin in the pack is struck to the Royal Mint’s Brilliant Uncirculated quality, ensuring they are in superior condition compared to the coins you find in your change
Click here to buy yours today.