The first King Charles £1 coins have entered circulation with almost three million set to make their way to your wallet.
The latest design features two bees and is part of a collection of new coins designed by the Royal Mint last year and overseen by the King to reflect the nature found across the countries of the United Kingdom.
The release may excite numismatists, especially after rare King Charles banknotes have already attracted close to £1m at auction.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Get 6 issues free
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
There is no sign that collectors are hoarding the King Charles £1 yet though, especially with three million issued, but there are plenty of rare and valuable coins that can fetch thousands of pounds.
What makes a coin collectable?
As with any collectable, rarity and demand are the main drivers of value when searching for UK coins.
The condition of the coin and what it is made of are also factors.
“If people are looking to sell a coin on the secondary market, and the coin has an unusually low mintage, then it might sell for higher than its face value,” says Rebecca Morgan, director of commemorative coins at The Royal Mint.
Rare coins revealed
The market for rare coins in the UK typically revolves around 10p, 50p and £2 but there is demand for the old-style £1 coins that are now out of circulation.
ChangeChecker’s Scarcity Index, which measures the number of coins in circulation and real collector demand, shows the most valuable 10p is a World Wide Web version.
The World Wide Web coin was launched by the Royal Mint in 2018 as part of an A to Z of Britain theme, with this one representing the invention of the internet by British scientist Tim Berners Lee.
Only 283,000 of these coins are in circulation and they are being listed for around £25 on eBay, more than two hundred times their value.
The Kew Gardens 50p, closely followed by the Olympic Football 50p, perhaps inspired with the recent Paris games, are the most valuable of this denomination, according to ChangeChecker.
Launched in 2009 to mark the 250th anniversary of the Royal Botanic Gardens, The Kew Gardens 50p has a low mintage of 210,000 and has sold for as much as £7,000, putting it in high demand.
The Olympic Football 50p was one of 29 coins launched by the Royal Mint in 2011 for the 2012 London Olympics.
It depicts the offside rule and around 1.1 million are in circulation. One sold for almost £15 earlier this year, 29 times its actual value.
Other Olympic-themed UK 50p coins are also attracting more demand, says ChangeChecker, with the Boccia 50p climbing 37 places, the Shooting 50p up 20 places and the Sailing 50p up 15 places.
Round £1 coins were replaced in October 2017 by the new 12-edged shape that people will be familiar with today.
This has created a collector’s market for the old £1 coins.
You can’t spend a round £1 coin but you can put it in your bank account if you find one.
However, it is worth checking what is on the coin before making the deposit.
The most valuable round £1 coin is currently the Edinburgh City version, according to ChangeChecker.
While more than 2 billion £1 coins have been struck in total, according to the Royal Mint, just 935,000 of the Edinburgh City version, which includes an image of the Scottish capital’s castle, were minted.
ChangeChecker suggests between 600,000 – 800,000 Edinburgh City coins are still in circulation and says it won’t be easy to find one, “but it’s still possible.”
Sporting themes also dominate when it comes to £2 coins.
The Northern Ireland, Scotland and England Commonwealth Games coins take the top three spots of ChangeChecker's Scarcity Index.
The most rare and sought after is the Northern Ireland Commonwealth Games £2, which features the country's flag and recently sold for £30, 15 times its value.
How to sell a rare coin
If you find a rare coin, check online how valuable it is or you could consult an auction house, the Royal Mint or a local pawnbroker.
"It is possible to learn the trade however it takes years of research to know what you’re doing meaning an expert is usually the best point of call," says James Constantinou, chief executive of Prestige Pawnbrokers and star of channel 4 show Posh Pawn.
"We regularly get clients bringing in coins and are always happy to help. For those who want a quick turnaround, we offer instant payment upon valuation for coins, and while many are only worth scrap, occasionally we do get some good ones coming in that have retail value."
Constantinou says the best way to sell your coins will be selling them yourself through eBay or at auction but you may not get the best price without expert support.
"Depending on the day and who sees the coin this can be risky or timely. Independent sellers don’t necessarily have the breadth of eyes on their goods or even the right eyes to realise the best price for their items or indeed the timing can be wrong."
£150 off energy bills: millions more to get discount this winter
Akio Toyoda takes back control of Toyota
