Rare 20p error coin sells for over 350 times its face value after bidding war – do you have one in your change?
A RARE 20p error coin has sold for more than 350 times its face value after igniting a week long bidding war.
The coin is one of the rarest of its kind as it has no date at all.
Collectors have been known to search far and wide for a valuable 20p ever since they entered circulation in 2008.
A lucky coin expert managed to find two of these rare error coins.
They opted to sell one of them on eBay and keep the other to hand down to their children as a collectable.
After listing the rare piece the seller ignited a bidding war between budding collectors and managed to make a hefty profit.
The coin received a total of 23 bids from eight buyers, upping the bid each day for over a week until finally it sold for a whopping £70 on October 7.
These 20ps have been known to sell for as much for £150 in the past.
The error occurred back in 2008 when The Royal Mint decided to change the positioning of the date on every 20p piece, moving it from the back to the front.
But in an accidental error, a batch of between 50,000 and 250,000 coins was released without any date at all.
The undated 20p became the first coin in 300 years to enter circulation without a date.
The Royal Mint’s website says the undated 20p coin remains legal tender, so you can use it in shops.
That means one could very easily wind up in your spare change.
Some of us may have rare coins hidden in wallets or down sofas and they could be worth a bit of dosh.
Coins with a minting error like this could be worth a small fortune because very few actually make it into circulation.
You can make money from these rare coins by selling them at auction, either online or in person, or through a dealer.
The price of a coin varies based on things like demand at the time and how common it is.
It’s important to remember that you aren’t guaranteed to fetch huge amounts if you do choose to sell your change.
Anyone can list a coin on eBay and charge whatever amount they wish, but it’s only ever worth what someone is willing to pay.
By checking the recently sold items you will get a more accurate indication of what people are willing to pay for a specific coin.
How to sell a rare coin
Once you’ve deciphered whether a coin is rare or not, you can sell it in a number of ways, including through Facebook, eBay or in auction.
If you’re selling through Facebook, be wary of the risks attached.
There have been instances where fraudsters have contacted sellers saying they want to buy a rare coin and ask for money upfront for a courier to collect it.
But the items were never picked up and sellers have been left out of pocket.
To avoid this happening it’s always worth meeting a potential buyer in person when using Facebook Marketplace.
Of course, make sure it’s in a public meeting spot that’s well-lit.
If you’re selling through eBay, you’ll have to start by registering for an account – you just have to enter your email address and come up with a password.
Once you’ve done this you can list a product – but make sure you’ve got good pictures and detail the condition of the coin to avoid disappointing buyers.
In most cases, the safest way to sell a rare coin will more than likely be at auction.
You can organise doing this via The Royal Mint’s Collectors Service, which has a team of experts who can authenticate and value a coin.
You can get in touch via email and a member of the valuation team will get back to you.
Do bear in mind you will be charged for the service though. How much depends on the size of your collection.
Meanwhile, a rare error 50p coin has sold for more than 400 times its face value after garnering dozens of bids.
Plus, coin experts have revealed how you could make £1,400 by spotting four exact dates and errors in rare 20ps in your spare change.
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