Brexit 50p coin sells for more than 20 times its value on eBay
NEW 50p coins marking Brexit are already selling for more than 20 times its original value on eBay.
The commemorative coins were launched on Friday, the same day that the UK left the European Union.
Collectors could buy uncirculated versions of the coins that come in special packaging directly from the Royal Mint from £10, although they sold out within 24 hours.
Three million of the coins were also released into circulation meaning that coin hunters could collect bags of the new coins from the Post Office for face value.
Some of these coins have already surfaced on eBay and sold for a sweet profit.
Two coins from separate sellers sold online for £10.50 each yesterday after receiving 12 and 15 bids respectively.
The coins are uncirculated meaning that they are in a near-mint condition but don't come in the prestige packaging.
The 50p pieces bear the inscription ";Peace, prosperity and friendship with all nations" and the date January 31 2020.
They are even more valuable when they're sold with a commemorative coin minted in 1973 that marks the UK's entry into the European Economic Community.
The Royal Mint sold just 5,000 uncirculated pairs of coins for £30 on its website but they're already selling for up to £113 on eBay.
Is your small change worth a fortune?
IF you think that you might have a rare coin then you might be able to make a real mint.
The most valuable coins are usually those with a low mintage or an error.
These are often deemed the most valuable by collectors.
You should check how much the coin is selling for on eBay.
Search the full name of the coin, select the "sold" listing and then toggle the search to "highest value".
It will give you an idea of the amount of money that the coin is going for.
You can either choose to sell the coin on eBay or through a specialist like ChangeChecker.org.
If you choose the auction website then remember to set a minimum price that is higher or at the very least equal to the face value of the coin.
Even if your coin “sells” on eBay for a high price there’s no guarantee that the buyer will cough up.
It its terms and conditions, the auction website states that bidders enter a “legally binding contract to purchase an item”, but there’s no way to enforce this rule in reality.
The most eBay can do is add a note to their account for the unpaid item or remove their ability to bid and buy.
Circulated versions of the 2020 Brexit coins haven't yet appeared on eBay so it's not clear exactly how much money they will be worth if one turns up in your change.
One expert has estimated that they could be worth thousands of pounds - but only if they have the wrong date on them.
The Brexit coins had initially been due to be released on March 31, and a second batch of coins was then manufactured when Brexit was delayed until October 31, 2019.
While the majority of the March and October batches have since been recycled, a small few are reported to still exist.
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But coin hunters are being warned to watch out for fakes being sold on eBay.
Plans to produce 10,000 special Brexit coins were first announced by former chancellor Philip Hammond in the 2018 Budget.
But this week it sparked fury after being released without the proper punctuation.