Recent £2 coin issues ranked amongst the most sought after by new Scarcity Index
Change Checker has released the first-ever scarcity index for £2 circulating coins. Following the recently published indexes for the Round £1 Coin and 50p Coin, the Scarcity Index tracks which £2 coins are the most scarce and collectable, using a unique combination of mintage, collecting and swap data to give the most up-to-date picture of today’s £2 collecting market.
Recent Issues are a hit with collectors
Recent releases have proved a hit with collectors
Whilst all the mintage information is still not available for these issues, intense swap demand and limited numbers of collectors who list the coins in their collections, suggest they may number amongst some of the more sought after issues for years to come– surely a reflection of the UK public’s ever increasing interest in new coin issues.
Commonwealth Games tops the charts
The four Commonwealth Games £2 coins top the Scarcity index
However, it’s the 2002 Commonwealth Games £2 Coin that tops the new Scarcity Index. Whilst almost 2,500,000 £2 coins were issued for the Games, it is only the most eagle-eyed collectors who fully understand the reason for their scarcity.
That’s because there is not just one Commonwealth Games £2 coin but in fact four different designs – only identified by a hardly distinguishable cameo design represented each of the UK’s constituent nations, Northern Ireland, Scotland, Wales and England.
The result is that rather than 2,500,000 coins being issued, the mintages range between 485,500 and 771,500, helping to cement the coins’ position at the top of £2 Scarcity Index.
How the Scarcity Index works
Generally collectors have had to rely upon mintage figures to identify the scarcest coins. But they only tell part of the story. Trying to find a good quality coin from 15 – 20 years ago, even for a higher mintage issue, is much more challenging than a more recent issue, as coins become damaged over time and are ultimately removed from circulation.
Additionally, some designs are more hoarded than others by people who might not normally collect coins – the recent poignant First World War £2 Coin series being an example. Finally, it can be up to a couple of years before the Royal Mint eventually confirms the actual mintage for an issue.
That’s why we have combined the mintage information with two other key pieces of information.
- How many of each design are listed as “collected” by Change Checkers, indicating the relative ease of finding a particular coin.
- The number of times a design has been requested as a swap over the previous 3 months, showing the current level of collector demand.
Importantly, as new coins are released and popularity rises and falls across different designs the Scarcity Index will be updated quarterly allowing Change Checkers to track the relative performance of the UK’s circulation coins.
How much are my coins worth?
The Scarcity Index does not necessarily equate to value but it is certainly an effective indicator. For example, the Commonwealth Games Northern Ireland £2 coin commands a premium of 15 to 20 times face value of eBay.
As for the more recent issues that have made the top 10, it is perhaps too early to tell. But what is clear, is that more and more of the British public are checking their change in the hope of finding interesting or rare coins in their pocket – perhaps even the Commonwealth Games Northern Ireland £2 coin – you just have to be sharp-eyed.
What about £1 and 50p Coins?
The £1 Scarcity Index has already been published for the Round £1 coins and, because they are no longer being issued, this is now set in stone. You can also visit the Change Checker 50p Scarcity Index, which will continue to be updated quarterly.
£1 mis-strikes make headline news
Since it’s introduction in 2017, the 12 sided £1 coin has made front page news time and again from members of the public spotting mis-struck £1 coins in their change.
However, it’s important to be aware that these headlines can vastly overstate the scale of the problem.
In 2017, 1.5 billion £1 coins were struck – that’s 30 coins a second – so it’s inevitable that some variances have occurred during the striking process, affecting a small number of coins.
But remember, mis-strikes and variances are not the same as genuine errors. Here are some of the £1 mis-strikes that have been reported…
The ‘Melt in the middle’ £1
This £1 coin, found in Birmingham by Sarah O’Donoghue, was thought to have melted in the middle, causing the Bi-Metallic parts of the coin to bleed into one another. However, this isn’t actually the case and is in fact likely to be because of a ‘bad’ or misaligned blank being used leading to this particular mis-strike.
This particular mis-struck £1 coin, and a few others that have been found recently, are undoubtedly numismatic curiosities. Whilst they make for interesting collection, it’s likely that these coins will fetch little more than face value if put up for sale. However, the minting process is never completely exempt from human error, so it is worth checking your change carefully.
“It is very unlikely that there is a serious problem with the new £1 coins. With the large amount of coins that were struck ready for the launch in 2017, it is inevitable that there will be some variances among a small number of the £1 coins. With the coins causing excitement in the press and more people than ever checking their change, these mis-strikes are cropping up more than usual.” – Ian Glen (Change Checker Managing Director)
The ‘polo’ pound
There have also been reports of 12-sided £1 coins missing the middle section of the coin – BUT, collectors should beware...
As a word of warning to those wanting to get hold of one of these coins, don’t be fooled into spending more than you need to.
It’s relatively easy to prize the two parts of metal apart by freezing the coin and using a chisel to knock the middle section out.
Ultimately these mis-strikes are unlikely to make anyone rich, but they are undoubtedly very interesting and would make an exciting addition to any coin collection.
Find out about all the the differences that have been spotted in the 12 sided £1 here.
As we mentioned earlier, mis-strikes are not the same as genuine errors. BUT there are some errors to be aware of, such as the dual dated £1.
Find out more about your coins
If you’re interested in coin collecting, our Change Checker web app is completely free to use!
How Gordon Brown saved the UK from a “Finnish Coin Disaster”
In 2017, The Mint of Finland proposed a set of five €5 coins paying tribute to the nation’s independence. Each coin was intended to honour 1 of 5 periods of time during the 100 years since independence in 1917, however, the designs quickly hit the headlines, and not for a good reason…
The first coin in the series represented the period 1917-1939 and featured a depiction of a Finnish Civil War execution scene with the inscription ‘Civil War’. Within just 24 hours of the design’s reveal, the Mint of Finland announced that they would be scrapping the collection due to uproar about the gruesome scene on this coin and another in the series.
Image credit: Coin World
The coins were due to be put on sale on 4th May 2017, but the Communications Director for the Mint of Finland confirmed that no coins had been struck.
Minister of Finance, Petteri Orpo said: “I did not give sufficient attention to the visual designs and relied instead on the proposals put forward by the Collector Coin Committee. I would like to express my sincere regret over what has occurred. The decree will be overturned and we will start again from the beginning.”
The Mint of Finland said that it “deeply regrets all the bad feeling caused by the images in the collector coin series.”
History repeated
The Finnish Centennial disaster wasn’t the first time that a coin design had caused a commotion…
Back in 2005, two 50p coin designs were put forward to represent 150 years of the Victoria Cross medal, which is the highest honour for gallantry which can be given to British and Commonwealth forces. However, one of the designs was quickly rejected by Gordon Brown (Chancellor of the Exchequer at the time).
The Victoria Cross Heroic Acts 50p was originally reported to feature a British soldier being shot in the back, but Mr Brown ordered it to be redesigned. A letter from Brown’s aides to The Royal Mint read “He (Mr. Brown) appreciates the designer’s attempt to portray the courage and selflessness of the British soldier carrying a wounded comrade while under fire. But he feels that the particular image of a British soldier apparently about to be shot in the back will not seem appropriate to many people.”
The final design on the 2006 Victoria Cross Heroic Acts 50p by sculptor Clive Duncan features a soldier carrying a wounded comrade, in front of the Victoria Cross medal outline. It has a circulating mintage of 10,000,500, making it one of the more common commemorative 50p designs in circulation.
