Why Are Common Coins Priced So High On EBay?

What are your coins worth?

A quick Google search will turn up plenty of results for most coins, including sponsored eBay listings, often with extraordinarily high prices. Is the coin you found in your change really worth £1,000? Or even £10,000?

While there are some very rare coins still in circulation, the answer is likely not.

We've covered bonkers eBay listings in the past, including a 1p coin with a £35,000 price tag. We're also regularly contacted by journalists and members of the public wondering what the truth is about these supposedly rare coins.

So, here's our guide to where these insane prices are coming from, how to avoid them and the best way to accurately value your coins.

Why Are Coin Prices On EBay So High?

Our customers regularly share super expensive eBay listings with us, often for fairly common coins that we sell for a fraction of the price.

Common examples include:

• 1997 50ps - the most common 50p ever struck, with 456,364,100 released into circulation - you likely have one in your wallet right now
• Brass Threepences - while rare dates exist, these early 20th-century coins are found in many old money boxes and are worth pence rather than pounds
• Charles and Diana Crowns - if you've never seen one before, these large coins can appear unusual, but they were made in their millions back in 1981

So why are coins like these listed on eBay for thousands of pounds?

We think there are a few reasons for this.

Some sellers are probably just taking the chance that an inexperienced collector will take the bait. After all, they just need one unwitting buyer, and they have made a mint.

We have also seen speculation that these listings - some of which do end up selling - are a form of money laundering, with the seller arranging the purchase.

We think it's possible that coins with astronomical prices are part of a clever strategy to sell more moderately priced pieces.

Say, for instance, that you see a 50p with a £10,000 price tag. A quick search on eBay turns up similar 'rare' coins for £250.

That's a great deal, right? You're getting the same coin for thousands of pounds less!

Well, it's not a great deal if that coin is really worth less than £5.

Creating the illusion of a good deal relies on making customers think they have uncovered a loophole to get an item for cheaper, with the added pressure that they have to snap it up before someone else cottons on. This plays on the same psychology as sofa retailers who have a seemingly permanent sale, leaving customers feeling like they made a saving, based on an artificial sense of scarcity.

It's hard to say whether this is an intentional tactic used by coin sellers on eBay, but it's definitely not a trap you want to fall into.

Common UK coins are being sold on eBay and Etsy for super high prices.

Mint Error Or Post-Mint Damage

As well as listing ordinary coins for astonishing prices, sellers are also attempting to cash in on coins with seemingly unusual features by describing them as 'error coins'.

In numismatics (the study of coins), an error coin is a coin with a visible mistake or flaw that occurred during the minting process. True mint-made error coins are generally scarce thanks to modern quality control procedures, and may be significantly more valuable than standard coins of the same type. Collectors appreciate their rarity and the insight they provide into the process of coin production.

Examples of mint-made errors include mule coins, off-centre strikes, double strikes, and foreign planchet errors.

Browse the range: Collectable UK Error Coins

The problem is, many error coins listed on eBay are not true error coins.

Many eBay error coins appear to show regular wear and tear or intentional damage. Examples include coins worn down and hard-to-read edge inscriptions described as 'error edge coins', and 50ps that have been battered in a washing machine, called 'rare and valuable'.

A pitted and dented £1 'with minting errors' that could be yours for the low price of £4,086.72 (plus £8.75 postage).

Coins with minor quality issues may also be labelled as 'rare error coins'. While a very slightly off-centre strike is technically a mint-made error, such variations are pretty common and are not particularly sought after by collectors.

Examples of real but not super-valuable errors include:

• So-called 'fried egg error', seen on £2s and new bimetallic £1s - while dramatic examples may be valuable, minor misalignments of the design are common 
• Rotation errors - such misaligned coins, often 50ps, are appreciated by some collectors but generally sell for under £50, not thousands

Rare Coins In The Newspapers

The Daily Mail, The Mirror and The Sun are always publishing stories about rare coins selling for lots of money.

Some of these stories are about coins that we have sold, or coins that have gone under the hammer with our friends at RWB Auctions. This includes a rare 2p coin made from the wrong metal, a Lord Kitchener mule £2 and an experimental 25p trial coin.

We are regularly asked to comment on stories about coins listed for high prices on eBay. In these, we try to provide a balanced answer to why something might be advertised for so much and what the realistic price is.

While these articles can be great promotion for us, there are two problems with them.

First, the journalists conflate real market value with the unscrupulous eBay seller's prices for a shocking headline, even if the listing has been without bids for weeks and is far above the price that similar coins are actually selling for.

Second, plenty of people don't actually read the article. They see the headline which says 'Rare 2p Sells For £700' and start looking for coins with the words 'NEW PENCE' on them, never mind that its just 1983 2ps with this inscription that are rare and sought-after.

How To Accurately Value Your Coins

So, how can you work out the real value of your coins amid all the noise?

Here are three different routes for working out the market price for your coins.

1. EBay Sold Listings

EBay can be a great resource for researching the value of your coins and other collectables. You just have to use it wisely.

Start by searching your items using relevant keywords, including the denomination, design, date, and finish if they are BU or proof coins.

Then, filter the results by 'Sold Items' under the 'Show only' section on the search sidebar. You can also find sold prices by using eBay's advanced search.

While there may be a few outliers, the average sold prices of coins similar to yours should provide a good indication of their true market value.

A search for 'Benjamin Bunny 50p' on eBay turns up ordinary-looking coins with big price tags (left). Filtering that search by 'Sold Items' displays more realistic prices (right).

2. The Coin Yearbook

Every year, Token Publishing produces a new edition of The Coin Yearbook.

This is a detailed guide to British coinage, packed with information on designs, mintage figures and pricing.

Up-to-date editions of the Coin Yearbook are a great resource for collectors, especially if you are expanding your collection and want to avoid overpaying for a new coin.

According to the publishers, the prices included in the Coin Yearbook are a combination of auction result data, information from dealers lists, and advice from experts who are largely coin dealers.

Those interested in silver and gold coins should take into account the fluctuating price of precious metals. This impacts the price of these coins on the secondary market and can quickly make printed books like the Yearbook inaccurate.

Spink also publishes annual guides to UK collectors' coins, and similar publications are available for other countries, including the 'Red Book' and the 'Blue Book'; both yearbooks for United States coinage. Krause standard coin catalogues cover the currency of every country on the planet and are similar in size to the old Yellow Pages.

3. Talk To The Experts

We understand that we're biased, but we do think that speaking to a coin dealer is the fastest way to get your coins valued.

We look at coins all day, every day, and can value large collections quickly and accurately based on our knowledge of the current resale market.

Yes, we are here to make a profit, and yes, you could earn a little more if you list all your coins individually on eBay.

The question is, do you have the time or the expertise to do this?

If the answer is yes, then we wish you the best with what could become a demanding part-time job.

If you want someone else to manage the research, photography, postage, listing fees and accounting, then selling to a coin dealer is the way to go.

Look for dealers with excellent online reviews and a no-obligation valuation process (so you can compare quotes). Remember, it's in their interest to offer you a fair price—no coin dealer wants a reputation for underpaying or deceiving customers.

TOP TIP: Most coin dealers can assist with insurance or probate valuations for your coins, but you must request this up front and you will be asked to pay a small fee. The valuations we provide when you come in to sell your coins are not suitable for HMRC.

Help Us Debunk Bonkers EBay Coin Prices

We want to sort the fact from the fiction when it comes to rare UK coins.

If you’ve found an eBay listing for an ordinary-looking coin with a huge price tag, we want to know about it. Email coins@britanniacoincompany.com with the link, or visit our Sell Your Coins page for details on how to get your coins valued for free.