eBay has become the place to go for those looking for rare coins. Week after week, sellers upload their coins with the phrase “rare” often found in the description. One such coin is this Paddington Bear at the Tower 2019 50p coin, which is currently listed for a shocking £5,000 on the auction site, but is it really worthy of such a high price?
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The seller has listed the coin for an outstanding £5,000, however, does generously offer the buyer free postage and delivery once the item is purchased.
The piece was uploaded by eBay seller “winklebear”, who has been a member of the site since 2016, however, currently only lists one item.
The seller described the coin as the “rarest 50p coin” and mentioned that it is a “collector’s item”.
But, is it the “rarest 50p coin”?
The coin in question is the 2019, uncirculated coin of Paddington at the Tower.
Following the popularity of last year’s coins, Paddington Bear has returned for two more 50p coins in 2019.
This is the first coin in the series, designed by David Knapton to show Paddington outside the Tower of London holding his favourite snack, a marmalade sandwich.
The design is based on the modern CGI-live action movie, but fans of the films and books alike are sure to love this coin.
The Royal Mint described the coin: “With a finer finish than the coins you’ll find in your change, this Brilliant Uncirculated 50p coin is the great way to start collecting (or encourage a loved one to do so).
“Featuring one of Britain’s best-loved characters, the coin is a great way to capture a little piece of childhood nostalgia.”
On the face of the coin, there is the recognisable illustration of Paddington Bear holding a marmalade sandwich in front of the Tower of London.
The eBay user “winklebear”, uploaded the commemorative coin to the website along with several pictures of it.
However, no further explanation or description is offered to the buyer.
Although the mintage of the coin is not yet known, it is not necessarily rare or worth as much as the selling price would suggest.
David Ronalson, coin enthusiast and expert warned coin collectors to beware of the auction site.
He said: “Yes, eBay is a great place to get worthy deals and yes, rarely you can come across a great find.
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“However, what most don’t realise is that some of the coins listed on the auction site aren’t even that rare. Beware of this.”
He explained that before buying a coin one should always do some research before paying an eye-watering amount.
“It’s easy to check if the [price of the] coin is worth it. One of the first places you can check is The Royal Mint, as often they will have the coin you are looking for listed for a fraction of the cost,” he suggested.
The expert warned that coin enthusiasts should always check the mintage before purchasing a commemorative coin through the auction site, as frequently coins are uploaded to the auction website as “Rare” but carry little to no added value.
According to the Royal Mint, the Paddington Bear at the Tower of London commemorative coin can be purchased through their website for only £10!
Which is 500-times cheaper than what “winklebear” is selling the coin for.
So, why is the commemorative coins expensive despite its worth?
Sellers are well within their right to list items at whatever price they choose, therefore it’s down to the seller to take note when purchasing goods online.
In the coin publication Spend It? Save It? What Should You Do?, the experts explained that sellers are well within their right to list coins at whatever price they choose.
The experts found that high price tags can make more affordable listings seem much more appealing, which could explain why some coins sell for as high as £6,000.
More often than not, the coins aren’t even worth that, so the buyer still ends up paying more than it is worth.
Nevertheless, they warned buyers, saying: “So remember – just because a coin is listed at a certain price that doesn’t mean it is worth it and just because something seems to have sold for a certain amount that doesn’t mean it actually did.”
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