A series of Brexit 50p coins have exchanged hands for hundreds of pounds on eBay, despite not being considered particularly 'rare'.
Coin experts have been left puzzled by the sales, which last month saw one coin sell for £650 and this month another for £1,500.
Rare coins are usually given that title because they are just a few million of them in circulation – such as the Kew Gardens 50p – making them a ‘collectable’.
In other cases they may contain an error – such as being one of a few that were minted incorrectly or simply misshapen.
However, in this case, there are 10million in people's pockets – meaning the Brexit 50p is not very rare at all.
The "Peace Prosperity And Friendship With All Nations" 50p, entered circulation in January 2020 to mark the UK's withdrawl from the European Union.
The coins each feature the words "Peace Prosperity And Friendship With All Nations" in italics.
ChangeChecker rare coins expert Alexandra Fiddons told The Mirror the sales could be fake listings or proxy sales.
She also warned that there are no errors on it – and therefore its value is relatively limited.
“This looks like a genuine Brexit 50p – there are no known errors for this coin and from the image listed, there is nothing to indicate this is an error coin itself.
“It’s important to remember, anyone can list anything on eBay, for any price. In this instance, the coin has had 1 bid – which would indicate it’s a proxy sale. This can occur on secondary market sites.”
A proxy sale is when a seller lists a coin and then they themselves, or a friend, place a high bid for their item. They then close the sale, and the final ‘sale’ price is listed as that bid.
This can also build a hype, giving a false impression that the coin in question is 'rare'.
Siddons added: “To a genuine buyer looking to get this coin for their collection, it makes the perceived value of this item seem higher, increasing their probability to spend more when they buy from another seller.
“It could be a genuine sale, but we would definitely not advise spending far from face value for the 2020 Brexit 50p.”
A Royal Mint spokesman told The Mirror that demand in recent weeks may have been triggered by the two-year anniversary of Brexit.
However it warned buyers to check the coin's scarcity figure before parting with huge sums online.
“The Withdrawal from the European Union 2020 UK 50p Coin (also known as the Brexit 50p) has proved incredibly popular with collectors since its release in 2020.
“The Royal Mint released 10,001,000 of the 50p into circulation as well as minting a range of collectible versions.
“Coin collecting remains a very 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 find a ‘Brexit’ 50p will add it to their coin collection, or retain it as a keepsake.
“If people choose to purchase a coin on the secondary market from auction sites, we would encourage them to take a number of factors into consideration including the mintage, condition and design.
“Before committing to a large sum, we’d urge collectors to check the resources on our website to ensure they pay a fair price – in this instance a brilliant uncirculated edition of the coin is still available for £10.”
Think you may be sitting on a fortune? See our guide on rare 50p coins and valuable money, here.
I have one of these coins - will it sell for a fortune?
Not necessarily. Even if one of these coins turns up in your change and you decide to list it online, it's not guaranteed to sell for the same price.
If you think you have a valuable coin, the best thing to do is ask the Royal Mint to check that it's genuine.
While it won't be able to tell you how valuable it is, it can provide you with a letter to confirm its authenticity.
