Last week a shocking incident happen in United Kingdom. Royal mint which have a strict quality check made an error when producing tens of thousands of 20 pence pieces earlier this year. Many seller in eBay selling them with a buy now option as high as £20,000. Source from BBC said that this is the first time since 300 years, British coin without date come into circulation. The highest bidder so far won an auction for £7,100. I browse eBay today for 20 pence error coin and nothing much happen with the highest bidding so far is just around £410.
Soaring demand pushed the price of a rare 20 pence piece up to £20,000 on eBay today. Experts had predicted that the coin minted without a date mark, could be worth £50 each. But collectors have been scrambling to buy the currency after it emerged that the Royal Mint made an error when producing tens of thousands of 20 pence pieces earlier this year.
Collector's piece: Coins were minted missing their date
eBay has been inundated with coins for sale as those who have found them attempt to cash in. Many sellers are offering purchasers the chance to 'buy it now' at prices of up £20,000. Several are hoping to get more than £10,000 for their 20 pence rare coin. One seller appeared to have fetched £7,100 at 2pm yesterday - 35,500 times its face value - although it is not clear whether the coin has been paid for.
Bidding on the auction site started at 99p and it gradually crept up to £100 by Monday evening. Yesterday one potential buyer started bidding off at £600, soon followed by a bid of £800. Then it shot up to £5,000 and kept rising until the price reached £7,100. A spokesman for eBay said: 'The winning bid was definitely £7,100, but I can't confirm yet whether the actual transaction has been completed yet.'One cheeky seller is asking for £20,000 for an undated 20p piece. Unsurprisingly, there were no bids.
The coins were left dateless when the 20 pence error coin was redesigned. The Mint does not know how many undated coins were released into circulation, but estimates range between 50,000 and 200,000. This is the first undated British coin to enter circulation in more than 300 years - the last occasion was 1672, when Charles II was on the throne.
The 20 pence error coin has caused a great deal of excitement among coin collectors because the Royal Mint, in Llantrisant, South Wales, is normally so careful about the manufacture and release of coins into circulation. The problem occurred after all the coins from the 1p through to the £1 were redesigned last year. The designs for the 5p and 10p had been unchanged for four decades.
There is an unwritten convention that designs should be changed at least every 40 years to keep the coinage fresh. The Royal Mint's usually impeccable quality control somehow slipped up and the so-called 'mule' escaped into circulation. A 'mule' is a coin that has mismatched sides - a reference to the mule being a mismatch of a horse and donkey.
Picture by alasdair from predecimal.com