Coin collectors with their stocks of old UK coins hold an important historical record.
We've probably been using since the 8th century BCE.
And now the world of money is going digital. It’s relatively rare to reach into a pocket full of coins to pay for something these days.
Few of us have a pocket full of change these days.
We could be returning to the world before physical money.
Even in my own lifetime I’ve seen coins pass from daily use to historic relics. I could buy a sweet with a ½ pence piece as a child, they were phased out in 1984.
But, because there’s something inherently difficult about throwing away money, even obsolete money, many of us have old UK coins in our possession.
Are they worth keeping?
And coin collecting is an excellent hobby.
One of the oldest there is, certainly dating back to the Roman Empire.
So, if you have a drawer full of change, or you’re building a collection, or have inherited one, this quick guide will get you started on determining the value of your old UK coins.
Many old UK coins are valuable for a variety of reasons.
Some have the raw value of precious metals, usually gold, of which sovereigns are the most well-known and frequently traded examples. They may have rarity and value as coins, but they are commonly sold as a store of relatively pure gold - most are 22 karat.
Others are rare and collectible:
These include modern limited editions, like a 2019 Royal Shield 50p coin listed for sale for £5,000.
This limited edition 50p could be worth thousands of pounds.
And historic coins that survive in small numbers or are desirable for their significance or beauty.
A silver “petition” crown from the reign of Charles II just sold for nearly $1 million, far beyond its precious metal value.
Its value comes from its beauty (it’s the masterpiece of master medaller Thomas Simon), its rarity (Simon made fewer than 20 in order to “petition” for his designs to be used by the crown, and its significance - the designs were for the first completely machine-made British coins.
What makes a coin valuable
Value in collectibles is always a function of demand and scarcity.
Something may be rare without being valuable.
It is less likely for an item to be valuable without being rare.
Though coins, like stamps, are everyday items produced in enormous numbers and designed to be uniform and universally available.
Unlike stamps they are built to last. To a degree.
So survival is less of an issue for a coin.
Here, we won’t look in detail at bullion coins, those that are made specifically to store and transmit the value of precious metals. We’re interested in why valuable collectible coins become valuable.
What are some of the reasons why a UK coin might be of value?
First, let’s look at limited supply.
This Queen Anne half crown is very rare.
1 - Limited editions
Modern mints are businesses.
They know collectors crave rarity. So they supply it - in limited quantities. Coins issued in small runs can be sold as collectibles by the issuing authority for far more than their face value.
You can also buy first day presentation packs and other special presentations and special issues.
While these may, in time, become extremely valuable, most will not. They are excellent additions to a collection, and they’re particularly aimed at youngsters, but because they are designed and sold in order to be preserved most of them are.
2 - General issue limited editions
More likely to be valuable are limited runs of coins that are put into general circulation.
While coins last much better than stamps they’re handled just as roughly and quickly.
In order for a limited edition general circulation coin to realise its value it has to be seen and removed from general circulation to come into the collector’s market.
From 1969, the Royal Mint put out short runs of special reverse designs on 50p coins. These went out into general circulation. Some are worth a few pounds, but the odd one rises above that, famously the 2009 Kew Gardens coin that can make several hundred pounds in good condition.This, despite the fact that the “limited edition” is around 210,000, so there must be many more out there undiscovered.
3 - High value coins
We live in hierarchical and pyramidic societies and economies.
The stuff at the top is always limited.
So,high-value coins are always issued in smaller numbers, and may become valuable collectibles as a result.
Of course, they’re also more likely to be made of precious materials.
And be fancier.
For example, a George II crown was worth 5 shillings, or quarter of a pound, which is around £50 today.
A George II silver crown.
It was a substantial chunk of change.
And that was reflected in its physically imposing appearance.
Beautiful.
4 - Errors
Collectors love errors: stamps with no perforations? Perfect! A first edition book with a misprint? Yes please!
And so it is with coins.
A coin that gets damaged in its journey through the economy is of little interest to a coin collector. But errors in the mint are highly valued.
They are classified into 3 types:
Planchet errors - the planchet is the blank on which the coin is stamped
Die errors - the die is the model of a coin that presses the design into the planchet
Strike errors - and sometimes they miss, or otherwise mess up the strike
Errors are almost always collectible. But not all are valuable. Visually striking errors are a good bet.
For example, in 2008 a change in the placing of the date on 20p coins led to maybe as many as 250,000 leaving the mint with no date at all.
You might get around £200 if you find one, and there must be many undiscovered out there.
Modern, mechanised processes have made coin production much more uniform and errors are few and far between on modern coins.
5 - Beautiful, significant coins
Coins that are rare, and usually old, may be more valuable simply because of their aesthetic appeal.
A Petition Crown by the engraver Thomas Simon is famous for the quality of this portrait.
They also may attract higher prices if they represent a significant landmark in coin history: firsts are always good news for collectors.
And modern coins are often commemoratives with special designs and attached to occasions or institutions with their own appeal. The first UK commemorative was issued in 1935 for the silver jubilee of George V.
We’ve already mentioned Thomas Simon’s “petition” crown, and Simon’s work as an engraver is acknowledged as being historically good.
So too is the work of Victorian engraver William Wyon, whose portraits of Queen Victoria travelled from coinage to stamps. His Una and the Lion £5 coin is considered a great classic, and has extra value as a result.
Valuing your own coins
Numismatics, as coin collecting has also been known since the early 19th century, is a rewarding and engaging hobby.
You can get involved with it at many different levels to suit your time and budget.
Once you get serious though you might find yourself with a valuable collection of your own.
You should absolutely get into the habit of checking your change. You never know right?
There are apps that can scan coins for you. But a bit of research will furnish you with good lists of rare errors and limited edition mass-circulation coins to look out for.
Once you start to get serious about your coin collection though you should look for expert valuation with documentation to confirm authenticity too.
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