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Historical Value: Prices are increasing for rare notes and coins made during the Queen’s long reign
Queen Elizabeth II’s glorious reign has come to an end, but rare coins and banknotes depicting this much-loved monarch remain a lasting legacy whose value is expected to grow.
The first commemorative coins for King Charles III were minted last week by the Royal Mint. While these ‘uncirculated’ 50 cent pieces and £5 crowns make great keepsakes, they are unlikely to represent smart investment.
For example, the new 50 pence King Charles commemorative coin released on October 3rd can be ordered for £11, but still only has a face value of 50 pence (as legal tender) and is unlikely to ever be worth it. will be to buy as an investment.
The same goes for more expensive Royal Mint specials, such as a King Charles III platinum 50p (costs £1,465).
But collectors may be drawn to the £5 coin as it not only features King Charles on the head, but also two images of the late Queen on the reverse. A gold version costs £2,975.
There is even a 1kg gold coin limited to 30 pieces with an image of King Charles on one side and the Queen on the other. It sells for a dazzling £82,950.
Maundy Thursday on April 6 next year will mark the first issuance of King Charles coins with real potential to prove smart investments. Traditionally given to the poor by the monarch on the last Thursday before Easter, these coins are struck in silver with denominations of one stuiver, two, three and four pence.
A set of Maundy Thursday coins donated by Queen Elizabeth from 1953 – the year of her coronation – sold for £1,100 just four days before her death. But experts think they will now fetch a price of more than £1,500 as the value of the rare currency rises with the Queen in the coming months. In 1953 only 1025 Maundy sets were made.
Gregory Edmund, a senior specialist at coin and banknote dealer Spink, says: ‘The Queen’s place in history will only grow in importance over time and this will likely be reflected in the value of rare coins and notes related to her reign. will rise in price in the coming months and years.’
He adds: ‘But it is important to know where to look if you want to buy an investment. Rarity helps make currency valuable. Watch out for anomalies where coins were accidentally issued by Royal Mint or produced in extremely limited numbers – as we can expect values to rise the most at this point.”
Edmund points to a modest 2p piece from 1983 with a picture of Queen Elizabeth on one side and the words New Pence on the other. Samples are now selling for a whopping £1,700 – due to the fact that the ‘head’ image is correct and the words ‘tail’ are wrong: ‘New pence’ instead of ‘Two pence’.
Another Queen Elizabeth coin with mismatched sides – known as a ‘mule’ in coin collecting circles – is a batch of 20p pieces from 2008 when Royal Mint forgot to specify the issue date. These are for sale for €70 each. Errors can also be made in the metals used in production. The Queen Elizabeth £2 coin is usually made of two alloys: a silver-coloured copper-nickel disc surrounded by a gold-coloured nickel-brass ring. In 2017, a batch escaped Royal Mint made only of nickel brass. Pull one out of your pocket and you may have a find worth £1,000.
Edmund says: ‘You could also think of commemorative coins issued during the reign of Queen Elizabeth. But be wary as these are often little more than souvenirs sold at a premium price. What you should look out for are limited editions.’
The coin expert points to the 2009 Kew Gardens 50p which was limited to just 210,000 coins to commemorate the 250th anniversary of the Royal Botanic Gardens. These can be sold for £200 if they are still in pristine condition as new.
King Charles III is expected to be crowned in early June next year – the same month the Queen had her coronation. This is when coins marking his rule are widely circulated. Following the tradition of alternating the profile of successive monarchs, King Charles III is expected to face left. Only Edward VIII broke this tradition by favoring the left after the death of his father George V. This was a result of vanity because he wanted to show his best side where he parted his hair. But Edward VIII was never crowned and abdicated less than a year after his reign so that he could marry American divorcée Wallis Simpson.
It meant that thousands of King Edward farthings to be released at his coronation were melted down. Only a handful survived the kiln. In March of this year, a copy sold for £200,000. It was divided into 4,000 shares, with each ‘ownership member’ paying £50. King Charles will not wear a crown on coin depictions, according to the protocol of recent male monarchs, including George V, Edward VIII and George VI.
The historical significance of Queen Elizabeth as the longest reigning British monarch ever means that coins with her profile are in circulation and the vast majority are never expected to appreciate in value over time.
Still, the twists and turns of the royal family are hard to predict – so the value of King Charles III coins could soar if an unexpected event occurs in the future.
King Charles III banknotes are not expected to be released until 2024, as the new king does not want to waste money crushing newly released, durable polymer notes already in circulation.
While the monarch’s face will change on the new notes, the image on the reverse, like artist JMW Turner on the £20 note, is not expected to change at the same time.
Pam West, of trader British Notes, says: ‘Queen Elizabeth II was the first monarch to appear frequently on banknotes and this increases her appeal to those considering an investment.’
She adds: ‘The first Bank of England note depicting the Queen was the £1 note issued in 1960. a prefix A01 000034 – and you have an investment of £3,400.’ The Queen did not appear on the £5 note until 1963 and on the £10 note a year later. Early examples of these rare survivors can be sold for £150. It was not until 1970 that the £20 note came out – a year before decimalization.
West says: ‘The earliest £20 banknotes depicting William Shakespeare on the reverse, signed by Chief Cashier John Standish Fforde, are extremely rare, worth up to £6,000 if they have a low serial code.’
Fforde was later replaced in 1970 by John Brangwyn Page. Examples of £20 notes with Page’s signature may command a price of £150. The first £50 note depicting the Queen’s portrait was issued in 1981. Early examples change hands for £340. To date a note you must be able to decipher the prefix code – although the head cashier whose signature is on the note can also provide a clue.
Unfortunately it can be a headache to the untrained eye, but websites like britishnotes.co.uk offer guidance.
There are also British Commonwealth countries with images of Queen Elizabeth on their banknotes – with Seychelles banknotes being particularly notorious among collectors. A 50 rupee note (about £2.50) issued between 1968 and 1973 had the word ‘sex’ written secretly in the palm fronds and these can be sold for £700, while a 10 rupee note from the late 1960s (50 pence) describes ‘scum’ in the coral reef can go for £300.
While previous monarchs were rarely on banknotes, there was an exception in 1914 when King George V featured a ten shilling (50p) and £1 note issued by the British Treasury. These were released because World War I placed huge demands on the country’s economy and gold reserves – and Britain desperately needed more money.
Early examples of these notes can change hands for £1,800 and £2,500 respectively.
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