BRITS are being urged to check their change after a rare 50p coin sold for more than 214 times its face value.
The King Charles Atlantic Salmon 50p was nabbed for a whopping £107 following a 22-bid showdown on eBay.
The Royal Mint confirmed that 200,000 Atlantic Salmon coins were distributed to banks and post offices late last year, as part of a commemorative series marking the ascension of King Charles III.
This figure beats the 210,000 Kew Gardens coins minted 15 years ago making the Atlantic Salmon officially the rarest 50p in circulation.
According to the eBay tracker, the Kew Gardens coin is still valued as the most expensive 50p coin at £145 – but demand for the Atlantic Salmon is on the rise at a much quicker rate.
Since June the Salmon coin has increased by almost £70, while the Kew Gardens coin is actually decreasing in value – down £3 since June.
Other valuable coins are also falling in value such as the rarest Olympic 50p and the Commonwealth £2.
Royal Mint also revealed that just one in 335 people in the UK have a likelihood of fishing the coin from their change.
Since the announcement, sales online have skyrocketed as eager collectors rush to secure the coin before prices spiral even higher.
On October 7 one coin sold for £164 with six bidders fighting for the prize.
Another sold for £147 on December 16 with a whopping 37 bids.
Remember that a coin is only worth as much as someone is willing to buy it for.
If you’re ever unsure of how much a coin should be sold for, it helps to look at what prices other people are listing.
You can also run it through Change Checker’s Scarcity Index to get a sense of its value.
Rare coins, especially those with low mintages, can fetch hundreds and even thousands of pounds.
Error coins, produced with manufacturing mistakes, are also highly sought after by collectors.
Some have been known to sell for as much as £1,500 to £2,500.
If you’re looking to sell a rare coin, you can either do this through Facebook, eBay or in an auction.
You should keep in mind that there are some risks attached when using social media platforms like Facebook.
Some people have been victims to scammers who ask you to pay the money upfront to fund a courier – which never turns up.
It’s always better to meet in person when trading valuable items to make sure this doesn’t happen.
Avoid using payment links and make sure you’re meeting in a public and safe spot.
The safest option is to sell at an auction, which you can organise through the Royal Mint Collector’s Service.
Its team of experts can help authenticate and value your coin and advise you on how to sell.
However, this service does come with a fee – so some prefer doing it themselves on eBay.
When using eBay, keep in mind that it’s only worth what people are willing to buy it for.
You can look at what other people are selling the coin for to get a sense of what price you should list it as.
For example, if you have a salmon coin in good condition and other people are selling it for more than £85 – then it’s probably worth hedging your bets too.
It’s easy to check if items in your attic are valuable.
As a first step, go on eBay to check what other similar pieces, if not the same, have sold for recently.
Simply search for your item, filter by “sold listings” and toggle by the highest value.
This will give you an idea of how much others are willing to pay for it.
The method can be used for everything ranging from rare coins and notes to stamps, old toys, books and vinyl records – just to mention a few examples.
For coins, online tools from change experts like Coin Hunter are also helpful to see how much it could be worth.
Plus, you can refer to Change Checker’s latest scarcity index update to see which coins are topping the charts.
For especially valuable items, you may want to enlist the help of experts or auction houses.
Do your research first though and be aware of any fees for evaluating your stuff.
As a rule of thumb, rarity and condition are key factors in determining the value of any item.
You’re never guaranteed to make a mint, however.
