Posts Tagged ‘UK Coins’
The £1 Scarcity Index reveals which £1 coins are the rarest
Can’t wait – click here to reveal the UK’s “scarcest” £1 coin
With the Great One Pound Coin Race nearing the finishing line, collectors across the UK are desperate to complete their Round Pound collections.
Historically, change collectors have relied upon mintage figures for their indication as to which coins in circulation are the rarest. But the story is not that simple.
650 million coins lost from circulation
The £1 coin has been in circulation since 1983. During that time a total of 2.2 billion £1 have been struck for circulation. But they are not all still in use.
The last available figures for coins in circulation, published by The Royal Mint for 2014, suggest that 1,553,000,000 £1 coins are in circulation.
In other words, 650 million of the coins struck no longer circulate, presumably withdrawn over the years as worn or damaged.
The majority of those 650 million coins are from the early issuing years, meaning that although some of those years may have high mintages, the actual number of coins available to collect from your change is far lower. In fact our research suggests that only a little more than half of the early years’ £1 coins are still in circulation. Far fewer if you’re trying to secure one in good collectable condition.
Scarcity breeds scarcity
But even that is only part of the story. Of course, scarcity breads scarcity.
Even before the launch of the Great One Pound Coin Race, we noticed a rise in collector interest for £1 coins on the back of the introduction of the new 12-sided £1 coin. And the demand is always disproportionately high for the more difficult coins. The result is a continued ratcheting up in demand for the rarer coins.
The Change Checker £1 Scarcity Index
That’s why Change Checker launched the £1 Scarcity Index. Rather just relying on mintage figures, we have combined them with the two critical points above – the actual numbers of coins in circulation and real collector demand, measured by Change Checker swap data – to create a unique Scarcity Index for the £1 Coin.
Scaled from 100 to 1, the scores represent the relative scarcity of each coin, with 100 being the most scarce.
So will I ever find the Edinburgh City £1 Coin in my change?
With the Edinburgh City £1 Coin topping the Scarcity Index, will you ever actually find one in your change?
Well certainly it won’t be easy – but it’s definitely possible. Our calculations suggest there are probably somewhere between 600,000 – 800,000 Edinburgh City coins still in circulation but as we near the withdrawal date this number is decreasing rapidly. In other words, it is of similar rarity to the recently issued 2015 First World War Navy £2 but far less scarce than the rarest current circulation coin – Kew Gardens 50p, which had a mintage of just 210,000.
On average, it means that you will have to examine roughly 3,000 mixed £1 coins to find the Edinburgh City £1 Coin. But with over 6,000 Change Collectors already listing the Edinburgh City £1 Coin in their collection, it is certainly an achievable goal.
Poll: Which 2016 Coin design is your favourite?
I’m sure you’ll agree that 2016 is shaping up to be a great year for coin collectors with so many significant anniversaries being commemorated and some fantastic designs.
So which coins are you most looking forward to finding in your change?

The Battle of Hastings 50p
2016 marks the 950th Anniversary of The Battle of Hastings. The reverse of the coin depicts the fate of King Harold at the hands of William The Conqueror, along with the date 1066 – when the battle took place. The obverse features the fifth portrait of Queen Elizabeth II by Jody Clark.

The Great Fire of London £2
The Great Fire is one of the most well-known disasters to hit London, when an accidental spark from a baker’s oven on Pudding Lane led to the destruction of a third of the city. This £2 coin marks the 350th anniversary of this iconic moment from which modern London emerged. The reverse depicts the city of London burning in flames from a distance and was designed by Aaron West.

The World War One £2

The Shakespeare Tragedies, Comedies and Histories £2 Coins
Continuing the 4 year commemoration of the Centenary of the First World War, the third in the series of £2 coins commemorates the ‘Pals Battalions’ and their tragic debut at the Battle of the Somme 100 years ago. The design features a modern interpretation of three ‘Pals’ side by side, inspired by the works of British WWI artist C.R.W. Nevinson.
2016 marks 400 years since the death of William Shakespeare. In honour of one of our greatest literary figures, The Royal Mint have issued three brand new £2 coins that honour an aspect of Shakespeare’s famous work including tragedies, comedies and histories.

The Beatrix Potter 50p Series: Beatrix Potter, Peter Rabbit, Jemima Puddle-Duck, Mrs Tiggy-Winkle and Squirrel Nutkin
To celebrate the 150th anniversary of the birth of Beatrix Potter, the Royal Mint have released a series of 50p coins to celebrate the artist behind some of the best-loved characters in children’s literature. The coins celebrate Beatrix herself as well as some of the animals from her children’s tales.

The ‘Team GB’ 50p
To wish Team GB success in Rio de Janeiro this summer, The Royal Mint issued this Team GB 50p coin just last month. The reverse features a swimmer with the Team GB logo, the Olympic rings and the inscription “TEAM GB”.
Here at Change Checker we can’t wait for these coins to enter into circulation, but with so many great designs to choose from, which of these designs is your favourite?
Vote in our poll here;
22nd June 1816… The day Britain’s coins changed forever
Just over 200 years ago, Britain’s coins changed forever.
The change was as big as Decimalisation, if not bigger. In fact, there were barely any further changes to Britain’s coinage until Decimalisation in 1971.
It’s known as the ‘Great Recoinage’
The ‘Great Recoinage’ was the British government’s attempt to re-stabilise the currency of Great Britain following economic difficulties caused by both the French Revolutionary and Napoleonic Wars.
On the 22nd June 1816, the Coinage Act was passed and was given Royal Assent. Silver coins were reintroduced into circulation, the Guinea was scrapped and the Gold Sovereign returned to become the symbol of Britishness across the Empire.

An original George III Gold Sovereign
The time when money was really worth something
What’s the money in your pocket really worth? Some paper. A few pieces of steel and copper…
At the time of the ‘Great Recoinage’, coins were worth their weight in gold and silver. The Royal Mint struck nearly 40 million shillings between 1816 and 1820, fixing standards for the coins and their silver content and weight.

Some of the first Silver Coins to enter circulation in 1816 – the Sixpence, Shilling and Half Crown.
There was also a change in the gold coinage from the guinea valued at 21 shillings to the slightly lighter sovereign worth 20 shillings. However, the value of the shilling remained unchanged at twelve pence.
Britain’s Last Silver Circulating Coins
That all stopped in 1946 when the very last British circulation coins were struck in silver. The British Government completely banned precious metal from circulating coinage in 1947 .

The George VI Silver Shilling is one of Britain’s Last circulating Silver Coins
Britain as we know today, is one of the worlds strongest economies, but this wouldn’t have been possible had it not been for the ‘Great Recoinage’. The event didn’t just stabilise currency, it also stimulated the British economy.