While the Royal Mint is scratching its head over the recent minting error wherein Queen Elizabeth II’s head was printed upside down on £2 coins, collectors are scrambling to get a hold of one of these rare coins.
The 150-degree misalignment was ‘almost certainly the result of one of the dies working loose and rotating during the striking process,’ the Royal Mint stated. There are only a few thousand in circulation and those that slipped past quality control can be worth as much as £350.
There have been countless times when a minting error made coins more valuable than their face value. In 1983, for example, instead of ‘Two Pence’, the Royal Mint accidentally printed the old inscription ‘New Pence’ on a small number of 2p and they can now be worth up to £650.
These coins can turn up just about anywhere, so you better check your piggy bank from time to time; it could be a secret treasure chest all along.
Like selling gold and silver coins, rare coins caused by a minting error can get more valuable with time. There is a small difference, however. With silver and gold coins, you are actually engaging in a two-pronged investment approach. You invest in the base value of the gold or silver content in the coin as well as its collector’s value.
With mint-made error coins, collectors take little into account the base value of the coin when determining its collector’s value. In 2016, a 1933 Lavrillier Patter Penny coin sold for £72,000, breaking the world record for the most valuable copper or bronze coin sold at an auction.
Spotting funny mistakes on our money can make us shake our head with amusement, wondering how did it slip past the Royal Mint’s inspection. You might want to pick up your jaw from the floor once you find out how the error made your coin way more valuable than its face value.