New 12 sided £1 coin dated 2016 worth hundreds

Covered End

This is what newspaper reports are saying.

"More than 200,000 of the brand new coins were sent out to retailers last year for "testing". They were classed as "trial coins" only - and are not legitimate tender, however, they're being flogged for hundreds of pounds on eBay .

Owner "Glanvog" sold his edition for £200 last month, after bidders ramped up the war for the sought after coin. Experts are now predicting their value to spike even further after launch".

However, I've just looked on e-bay and it seems £4 is what they are going for.

I've acquired one today.

Any comments ?

Leuth

Don't spend it on a pack of Refreshers?

palarsehater

http://www.manchestereveningnews.co.uk/news/uk-news/new-1-coins-dated-2016-12808138 weve just got

Karim_myBagheri

Who collects these kind of things? I mean i get why people collect money but to pay hundreds for something that's only worth a quid makes no sense.

cantersaddick

Karim_myBagheri said:

Who collects these kind of things? I mean i get why people collect money but to pay hundreds for something that's only worth a quid makes no sense.

Fundamental economics. Money isn't 'worth' anything in itself except as an accepted means of exchange. And a coin is only worth what someone is willing to exchange for it. If that is £100 then that is exactly what it's worth

stackitsteve

The real coin to look for is the undated 20p
They regularly sell for around £40 if you have one.

Rare...If I remember right, they minted something like 100million in 2008 and only 250 thousand went undated.

letthegoodtimesroll

cantersaddick said:

Karim_myBagheri said:

Who collects these kind of things? I mean i get why people collect money but to pay hundreds for something that's only worth a quid makes no sense.

Fundamental economics. Money isn't 'worth' anything in itself except as an accepted means of exchange. And a coin is only worth what someone is willing to exchange for it. If that is £100 then that is exactly what it's worth

That's what it's worth to the person paying the £100 at the time of purchase. It's not the worth of the coin

Covered End

letthegoodtimesroll said:

cantersaddick said:

Karim_myBagheri said:

Who collects these kind of things? I mean i get why people collect money but to pay hundreds for something that's only worth a quid makes no sense.

Fundamental economics. Money isn't 'worth' anything in itself except as an accepted means of exchange. And a coin is only worth what someone is willing to exchange for it. If that is £100 then that is exactly what it's worth

That's what it's worth to the person paying the £100 at the time of purchase. It's not the worth of the coin

As Canters has already said, the value of a coin is as a means of exchange/barter. It rarely if ever has the same intrinsic value.

From a 2006 article, "It is rare that a coin's intrinsic value outstrips its face value. The £1 coin has a scrap value of roughly 5p, the £2 coin around 8p. The 50p at 4p is worth less than the 20p, at 5p."

SuedeAdidas

How do I post not as a thumbnail?

cafcdave123

I've got five of them dated 2016, means feck all, they are still worth £1 each

RedChaser

Don't spend it by mistake!

Vinnie V.

A bit like wine collecting. A forty year old bottle of wine is most likely a 40 year old bottle of vinegar.