Rare British coin worth staggering £127,000 and it doesn't contain any errors
Rare British coin worth staggering £127,000 and it doesn't contain any errors
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One of the 'rarest British coins' is now worth a whopping £127,000 - and it's not because of any defects. Chris Yang, co-founder of Coins Value, explains that minting 'blunders' on old pennies can often be the reason they're so sought-after - like the 'New Pence' 2ps released in 1983 that were supposed to be struck with the words 'Two Pence'.
However, the 1933 King George V pennies have earned their jackpot status for a very different reason: they were never actually used. Back in 1933, the banks possessed such a large stock of pennies that they agreed releasing more wasn't necessary. However, during that period, it was convention to place complete sets of coins of the current year underneath the foundation stones of new buildings. So, three pennies were struck for buildings erected in 1993, and a small number were made to be kept as records by the British Museum and the Royal Mint Museum. It hasn't been confirmed how many pennies were dated during this year, but it's believed to be around six or seven.
The copper alloy coin which features the head of George V on one side, with Britannia seated on a rock with an oval shield decorated with the Union Jack flag on the other, was reportedly sold at an auction in Texas, US, for a staggering £127,000. A "Pattern" version which was presented as a prototype by artist Andre Lavrillier, but never went into production, also sold for £72,000.
"This is one of the rarest British coins because only a few were ever produced as part of a special minting for record-keeping," Chris told the Mirror. "The rarity and historical significance of the coin makes it highly sought-after by collectors. High-end auction houses like Sotheby's or Bonhams would be the best option [to sell] such a rare coin.".
