A surge of interest in the Royal Mint‘s Brexit fifty-pence-piece has resulted in several exchanging hands for hundreds of pounds online – despite experts warning it’s not actually ‘rare’.
The “Peace Prosperity And Friendship With All Nations” 50p, entered circulation in January 2020 to mark the UK’s exit from the European Union.
Around 4.5million were released after the government triggered the transition period last year – with more than 9million now in people’s pockets, the Royal Mint said.
The coins each feature the words “Peace Prosperity And Friendship With All Nations” in italics.
However a year on, the coins are being listed for well above face value on marketplace eBay.
On February 21, one coin traded hands for £400, despite rival listings selling for around £20.
The sale left even coin experts baffled because of its 9million mintage number.
ChangeChecker rare coins expert Alexandra Fiddons said the coin isn’t particularly “rare”.
“Whilst the Brexit 50p isn’t particularly rare, there’s no denying the popularity of this coin’s theme,” she said.
“The 50p was teased for a long while before the UK’s official exit from the European Union and when it was officially released into circulation, people were eager to snap them up for their own collections.
“This coin marks an incredibly significant moment in British history and it’s possible that people who aren’t usually interested in the hobby, may have been tempted to secure this 50p to commemorate the event forever.”
Speaking on the Brexit coin’s £400 value, she said: “It’s important to remember that just because a coin is listed at a high price, it doesn’t always mean the sale will actually go through.”
Asked what makes a coin ‘rare’, Siddons added: “Sometimes we see coins listed for prices well above their face value on the secondary market.
“Sometimes this is driven by low mintage figures, meaning there are fewer coins for people to collect, but it can also be driven by the popularity of the theme.”
A Royal Mint spokesman told The Mirror demand may have been triggered by the one-year anniversary of the transition period.
“Coin collecting remains a popular hobby in Britain and people take a lot of enjoyment from finding special designs in their change.
“Due to the historical significance of the UK’s decision to leave the EU, we expect many people who encounter a Brexit 50p in their change will add it to their collection, or retain it as a keepsake in their family.”
The Mint said there are several factors that can affect a coin’s worth on the secondary market.
“A coin is ultimately worth what the collector is willing to pay for it, but there are factors you should consider before committing to a price on the secondary market.
“This can include the condition of the coin, its design, mintage figure and what it’s made of.
“If you are buying a coin on the secondary market we would recommend doing some research first, and there are a lot of useful resources on The Royal Mint’s website to help ensure collectors pay a fair price.”
News Source: Daily Mirror