IF you have a stash of old £1 coins lying down the back of the sofa – you could be sitting on a small fortune.
There were 24 different round £1 coin designs in circulation before they ceased to become legal tender on October 15, 2017.
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The old style £1 coin had been in circulation since 1983 with over 1.5billion £1 coins still in circulation around the UK, according to The Royal Mint.
In general, the rarer the coin the more valuable it is but experts at Changechecker.org say that a rise in interest for £1 coins could be driving up the value of some coins.
It has combined two crucial measures to draw up its £1 Scarcity Index – the actual number of coins in circulation and collector demand. The higher the score the more valuable a coin is likely to be.
The rarest coin on the index, known as the Edinburgh City 2011 £1 coin, is selling for as much as £34 – more than thirty times its value.
The 2011 Cardiff City £1 coin has sold for £20 and the London City 2010 coin is selling for £10.
Test versions, known as “proof coins” are even more valuable with collectors. These are made by The Royal Mint and are struck at a lower speed with a higher finish.
A spokesperson from ChangeChecker.org said: “Since October 2017, round £1 coins have even more value to collectors – especially if you own a particularly scarce £1 coin.”
How to sell rare and valuable coins
There are two main ways you can sell rare coins – through eBay or at auction.
If you want to sell the coin you’ve found in your spare change on eBay then you need to know the risks.
Remember to set a minimum price that is higher or at the very least equal to the face value of the coin.
Even if your coin “sells” on eBay for a high price there’s no guarantee that the buyer will cough up.
In its terms and conditions, the auction website states that bidders enter a “legally binding contract to purchase an item”, but there’s no way to enforce this rule in reality.
The most eBay can do is add a note to their account of the unpaid item or remove their ability to bid and buy.
This is because in order to sign up to the website users do not need to put in valid bank or PayPal details before making a bid.
If a bidder refuses to pay, then the only option for sellers is to give “second chance offers” to other bidders or re-list the item.
For items of a high value, eBay recommends that sellers put a limit on their listing to approve bidders.
It means bidders must email you before placing a bid but not that they must pay out the cash if they win.
If you’ve got a coin that you would like to sell at auction then you can contact a member of the British Numismatic Trade Association.
They usually deal in very old coins but they may be able to help you assess whether it’s worth selling your coin at auction or whether it would be valuable to a collector.
They’ll usually charge you a fee for the service or take a percentage of the sale money.
You’ll often have to visit them in person with the coin in order for them to assess it. Helpfully you can sort the members according to the county where they are based.
We’ve searched through the top ten rare coins you might have in your change that could sell for plenty on eBay.
