This rare silver 2p coin sold for £485 on eBay – here’s why it’s so valuable

This rare silver 2p coin sold for £485 on eBay – here’s why it’s so valuable
(Photos: eBay/lukas-coins-pl)

A rare two pence coin has been priced at over 24,000 times its face value on auction site eBay.

The silver coin was minted in error in 1989, when it was accidentally struck onto the cupro-nickel base of a 10p, and sold for a staggering £485 in February.

When errors such as these occur at The Royal Mint – which can manufacture up to 4 million pennies a day – they result in ‘error coins’ known as ‘mules’.

These mules are extremely rare, as most are spotted by the Royal Mint’s strict quality controls and never released into the world.

That makes them valuable, especially to collectors, who are willing to pay far more than the coin’s face value to add them to their collections.

This particular 2p was first listed on eBay for £1, but sold for nearly £500 after just 19 bids – each new bid increased the price by an average of over £25.

It appears as that original buyer didn’t pay up, however, and the coin was relisted, selling for £90 on 9 March. That’s still 4,500 times its face value.

‘An anomaly’

It’s not the first coin of its kind to fetch a pretty penny at auction.

In 2016, a similar silver 2p coin that was almost discarded as a fake after it was discovered in a charity collection tin sold at auction for £1,350 – almost 70,000 times more than the actual value of the coin.

It was found in a Poppy Appeal tin by Charles Vernon, treasurer of the Royal British Legion in Malmesbury, who noticed the abnormal coin while he and his wife were counting the day’s collection.

Assuming it to be a fake, Mr Vernon took it to the bank to be destroyed.

“When we tried to put it in the 10p pile it didn’t fit – it was an anomaly and stood out,” he told the BBC.

This article originally appeared on our sister site, inews