Posts Tagged ‘Rare coin’
New Pence Two Pence – how much is the 1983 2p worth?
When the UK switched to decimal coinage in 1971, it was decided that the word ‘new’ would be included in the denomination on some of our coins to avoid confusion between the new decimal coinage and the old currency.
By 1982 the coins were no longer new so the word was dropped, and the 2p design changed from ‘New Pence’ to ‘Two Pence’.
A common misconception is that all ‘New Pence’ coins are rare, but in fact almost 1.5 billion of these coins were initially issued in 1971 and circulating mintage figures from decimalisation to 1981 (after which the design changed) are actually all in the hundreds of millions:
As you can see from the chart above, no 2p coins were issued for circulation between 1972 and 1974, so if you find one of these in your change it will actually be taken out of a Proof set, not intended for circulation.
1983 ‘New Pence’ Error 2p
After the design changed from ‘New Pence’ to ‘Two Pence’ in 1982, a mistake was made during production of a small number of 1983 coins…
These coins were actually struck with the old inscription – ‘New Pence’.
Whilst it’s not known exactly how many of these error coins were struck, in 1983 2p coins were only struck for commemorative sets and not issued for circulation. Evidence seems to suggest that affected coins were issued as part of special souvenir sets that also did not enter general circulation – although if these sets were broken open and spent then you could be in with the chance of finding one in your change…
How much is it worth?
If you’re lucky enough to find a 1983 ‘New Pence’ 2p in your change, not only does the rarity of this coin make it more collectable, but the coin was also struck in uncirculated quality – meaning it won’t have the scratches and blemishes of circulation coins.
This means a collector would most likely be willing to pay a little more to get hold of one on the secondary market.
The individual 1983 2p coin has been known to sell for £500 – £700, however the 1983 coin sets have been known to sell for over £1,000 on the secondary market!
If you do decide to look for this coin on the eBay and other secondary market sites, beware of fraudsters looking to pass off a ‘New Pence’ 2p from any other date as a rare coin.
The image below shows a 1971 2p coin listed for £2,000! Although this coin might be considered more collectable as it was the first UK 2p ever issued, this also means that nearly 1.5 billion 1971 2p coins were struck, making it the most common 2p coin issued.
Remember that it’s the 1983 version of the coin which was struck in error and this is the one you should be looking out for.
Have you ever come across a 1983 ‘New Pence’ 2p coin? 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
August 2019 Scarcity Index update!
Discover how sought-after your coins are with the latest Scarcity Index update!
This information has been compiled using data from the Change Checker Swap Centre (find out how it works here) and presented in the easy to use indexes below, with arrows to signify how many places up or down a coin has moved since the last Scarcity Index.
A-Z 10p Scarcity Index
There has been quite a bit of movement on the A-Z 10p Scarcity Index since the last update, which is to be expected as more of these coins start turning up in people’s change and duplicates are swapped.
Moving up 7 places to take the top spot on the index is Z for Zebra Crossing, which is now the most sought-after A-Z 10p.
Amongst the top 4 scarcest coins on the index is the N for NHS 10p, which has also jumped up 7 places, although the biggest upward movement actually goes to A for Angel of the North. This coin has managed to move up the index by 12 places and now sits in the middle of the pack.
Conversely, the biggest downward movement goes to K for King Arthur (previously at the top of the index) which has now dropped by 21 places to sit amongst the bottom 5 coins.
It’s important to note that the A-Z 10p Scarcity Index is currently based on estimated mintage figures, assuming each coin has been struck in equal quantities. This includes the extra 2.1 million coins released in 2019. It will certainly be interesting to see what happens to the index once the official mintage figures are confirmed.
50p Scarcity Index
There’s no surprises at the top end of the 50p Scarcity Index, with the Kew Gardens remaining on top and the next top 5 coins remaining unchanged.
Whilst there has been some small movement amongst the Olympic 50ps, aside from the Kew Gardens, these coins dominate the top 17 places on the index.
In fact, the only non-Olympic 50ps to feature on the first half of the index are the Kew Gardens, Jemima Puddle-Duck, Sir Isaac Newton and Suffragettes 50ps, which remain in the same position as the last update.
The biggest upwards movement for the 50p index actually goes to Canoeing and the Battle of Hastings, both of which have moved up by 6 places.
The Battle of Hastings 50p was re-issued this year as part of the 50th Anniversary of the 50p Military Set, which might have increased demand for the circulation coin.
Both Fencing and Ironside 50ps have actually moved 8 places down the index since the last update, although it’s worth noting that Ironside moved up 9 places on the last index, so is mostly likely just settling back into place following increased popularity last quarter.
We’re eagerly waiting for when the mintage figures for 2018 coins will be released so that we can update the Scarcity Index and add some new coins into the mix!
£2 Scarcity Index
There’s been quite a shuffle on the £2 index this quarter and whilst the Commonwealth Games Northern Ireland £2 remains on top, the other Commonwealth Games coins have had a move around.
In fact, the Commonwealth Games Wales £2 has now been overtaken by Olympic Centenary and King James Bible which have managed to break up the Commonwealth Games coins by pushing Wales down to 6th place on the index.
The biggest increase goes to the Gunpowder Plot £2, which has moved up the index by 7 places to now sit nearer the middle of the pack.
Rugby World Cup has taken a big hit this quarter and has actually moved down 10 places to second from the bottom.
This has effectively bumped up the bottom few coins by one or two places each.
It will be really interesting to see how the £2 index will change in future if more £2 coins enter circulation and mix up the rankings.
How your 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 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 200 times face value on eBay.
You can use the 6 point guide to help you determine a more realistic value for your coins.
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.
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
The story of the 1885 Trade Dollar worth millions!
A few years ago, we were asked to identify an unusual coin, which on first glance appeared to be a US Trade Dollar from 1885. However, once we started researching this coin, it became obvious that it must have been a fake.
Here’s why a genuine 1885 Trade Dollar would be impossible to find…
One of the rarest coins on the planet
In 2019, the finest known 1885 Trade Dollar was sold for an eye watering $3.9 million at Heritage Auctions! Whilst this US coin may not be familiar to UK Change Checkers, it is incredibly rare – perhaps one of the rarest coins on the planet.
The US Trade Dollar was designed by William Barber and features Lady Liberty seated on a pedestal of merchandise, facing across the sea and holding an olive branch. On the reverse, an eagle holds branches laden with berries within its talons – an iconic American image. This design remained unchanged besides minor modifications up until the last coin of the series was struck.
Creation of the Trade Dollar
Made from .900 Silver, these coins were struck primarily for trade with Asia and were competing against the other large silver trade coins which had already become popular in the East.
The 1873 Coinage Act made these coins legal tender for payments up to five dollars and many made their way into American commercial channels, despite the majority being sent to Asia.
As their distribution across America became more widespread and the price of silver fell, the coins were demonetised, although many 1873 – 1883 Trade Dollars can still be found on the secondary market today and are often sought-after by US collectors.
The greatest numismatic mystery…
In 1878, production of circulation strikes officially stopped. The Philadelphia Mint continued to strike Trade Dollars after this, however the coins were only issued in proof quality for numismatic purposes.
Credit: Moses King, Public domain, via Wikimedia Commons
It was initially believed that the final year of production was 1883, however over two decades later, 1884 and 1885 dated Trade Dollars created a sensation when they appeared on the secondary market.
Incredibly, just 10 1884 proof quality Trade Dollars were struck and more astonishing still is that only 5 of these coins were struck in 1885!
Imagine how exciting it would have been to first find out about these secret coins, and how desperate American collectors must have been to get their hands on one!
Lack of documentation means the origins behind their creation still remains one of the greatest numismatic mysteries… It’s actually thought that employees from the Philadelphia Mint secretively struck the coins after production was halted.
Sold for $3.9 million!
All 5 coins from 1885 are now accounted for and are owned in private collections, meaning the public rarely get the chance to see these coins exhibited.
A few of the 1885 Trade Dollars have sold at private auction, reaching phenomenal prices. One of the finest specimens from the Eliasberg Collection appeared at Heritage Auctions in 2019 and sold for $3.9 million!
President of Heritage Auctions, Greg Rohan said, “Owning the finest-known [1885 Trade Dollar] specimen is to own an enduring symbol of numismatic and American history.”
So, whilst the 1885 Trade Dollar would be an exceptional coin for any collector to come across, as all 5 1885 Trade Dollars are accounted for, the only explanation for the coin we were asked to look at is that unfortunately it must have been a fake.
It really would be amazing to be able to own a coin as rare as this though! What would you do if you came across such a unique coin in your change?
There are so many fascinating stories about different coins from all around the world and if you have a story about a rare or unusual coin, we’d love to hear it!
If you’re interested in coin collecting, our Change Checker web app is completely free to use!
