Diamond Jubilee 2012: Double your money as Scots banknotes sell on eBay

SCOTS are cashing in on the Queen’s Jubilee by selling commemorative £10 banknotes on an online auction site for up to twice their face value.

The RBS-issue note is available only in Scotland, resulting in a lucrative international market.

Banknote collectors, known as notaphilists, from around the globe are now snapping up the offers on the website eBay.

Interest stretches from China to the United States, but also in England, where collectors cannot reach an RBS branch.

One seller, who lives in the Highlands, but did not wish to be named, said: “It is easy money. The only effort is walking around the various branches and withdrawing the notes.

“Branches have been instructed to issue only £200 worth of the commemorative tenners to each customer, so it takes a while visiting a number of branches.

“But it is certainly worth it. Single notes are selling well, on average £18-£20, but sometimes more.

“I have had customers from all over the world, but particularly Asia and America,” the seller went on. “When you add on a fee for postage and packing, and insurance, your profit margin can be quite high.

“I have just had an order from a customer in China, who bought some notes and now wants £500 worth more. I have agreed to do a deal on that for £650. He is probably a collector who sells these onward, because the market in Asia for the monarchy is massive.”

Worldwide, collectors seem unaware of an offer from RBS to buy the notes at face value, with £5.90 postage.

Barry Boswell, a banknote expert from Daventry, Northamptonshire, said: “There are always opportunists on eBay who will buy and sell anything.

“Commemorative banknotes are a good seller, particularly with a royal connection as the Queen has a high standing around the world.

“The fact they are only available from the RBS makes them desirable, as most collectors around the world won’t have access to an RBS branch.

“Buying from eBay is the easiest way for a collector to get their hands on the note. It is very simple to do, and the mark-up is relatively low, given what they are purchasing.

“The guys on eBay are taking advantage of the time,” Mr Boswell said. “They are filling a need, and I have no problem with that.”

The Jubilee note, approved by the Queen, is RBS’s first-ever £10 commemorative note and the print run is being limited to two million.

It is the third in the bank’s royal commemorative note series, which includes a £20 note for the Queen Mother’s 100th birthday in 2000 and a £5 note for the Golden Jubilee in 2002.