eBay has become the place to go for those looking for rare coins. Week after week, sellers upload their coins with the phrase “rare” often found in the description. One such coin is this Paddington Bear 50p, which recently sold for £1000 on the auction site. The piece was uploaded by eBay seller “big-collectables’, who has been a member of the site since 2006 and also sells vintage comic books. The description read: “Paddington at the Station 2018 50p MIS-STRIKE – ERROR COIN” Explaining how they’d found the coin, the seller added that they’d received it in change from the Post Office.
Rare Paddington Bear 50p coin sold for £1000 – why is it so expensive? Is it worth it?
So how rare is it?
The Paddington Bear 50p coin was part of a selection of fifty pence pieces released to commemorate 60-years since the bear’s first adventure. It features a drawing of the character sitting on a suitcase at Paddington Station in London.
Although there is little information on the scarcity of the coin, it’s low valuation suggests it may not be very rare.
The coin publication, Spent It? Save It? What Should You Do?, have estimated the coin to be worth just £5.
What’s more, the coin was available to buy on the Royal Mint website for £10, although it is now sold out.
The coin may be desirable for many coin collectors, but shopping around could ensure collectors get the best deal.
When looking to buy a coin on eBay, shoppers should beware of coins selling for more than face value.
Is it worth it?
Phil Mussell and the production team at Coin News Magazine issued a warning in their guide Spend it? Save it? What should you do?, which was released in association with the Royal Mint.
They advise that it’s up to the seller as to how much they put the item up for sale for, however, high price tags can make more affordable listings seem much more appealing.
Since their release, Paddington Bear 50 coins have been listed for as much as £3500. One eBay seller recently uploaded the coin for £3,5000.
The user uploaded two pictures of the coin on offer as they uploaded it to the bidding site.
They labelled the coin as “extremely rare 50p coin UK” and revealed it was issued in 2018.
What affects the value of a coin?
Many factors can affect the value of a coin, such as:
- Mintage – The lower the mintage figure, the less likely it is for the coin to pop up in your spare change, making it harder for collectors to find. This means collectors may be willing to pau more to get their hands on it.
- Age – Older coins are often seen as more valuable.
- Condition – Most collectors are looking to buy coins in ‘mint condition’ meaning with no wear or tear.
- Scarcity – Change Checker’s Scarcity Index can help give an indication of what a coin’s value is. It takes into account, how many coins were designed and how in demand they are.
Source: Read Full Article