Listen, I thought I'd seen everything when it comes to people spending ridiculous money on random stuff online.
Then last week, I'm scrolling through eBay (don't judge me, it was 2 AM and I couldn't sleep), and I stumble across this auction that made me question everything I know about money. Some collector just paid £124.48 for a 20p coin that looks like it got run over by a truck. That's 622 times what the thing is actually worth.
The coin apparently has what experts call a "weak strike error" - basically, the machine that makes these things was having a bad day back at the Royal Mint. Instead of properly stamping the design, it only managed to hit the raised bits, leaving the rest looking like a shiny mess.
Why This Particular Disaster is Worth More Than My Lunch Budget
Here's where it gets interesting (and slightly infuriating for those of us who've been throwing these things into tip jars for years). The seller - who clearly knows way more about coins than I do - explained that this happened because the striking machine was either badly set up or this was some kind of test piece.
"Only the higher raised detail of the dies connected," they wrote, which sounds like something my mechanic would say right before handing me a massive bill.
The result? A coin that shows what 20p pieces look like before they get properly stamped - all dull and marked from the polishing process. Thirteen people thought this was worth bidding on. Thirteen!
My mate Dave's response when I told him: "I've got a drawer full of wonky-looking coins. Does that make me rich?"
The 50p Piece That Started This Madness
This whole thing came on the heels of another ridiculous sale - a Peter Rabbit 50p that went for over 5,000 times its face value. At this point, I'm convinced there's a secret society of coin collectors out there with way too much disposable income.
The 50p has become Britain's most collected coin, apparently. Its heptagonal shape (fancy word for seven-sided) gives it a 27.5mm diameter - the biggest of any British coin. That extra space means room for decorative pictures celebrating 50 years of British history.
Which is lovely and all, but I still can't wrap my head around paying mortgage-level money for pocket change.
What Makes These Things Worth More Than My Car Payment?
Turns out there's actually a method to this madness. Three main factors drive up coin values:
First, rarity. The fewer coins made with a particular design (called "mintage" in collector speak), the more people want them. Basic supply and demand, I suppose.
Second, condition matters. A pristine coin will always beat one that's been rattling around in someone's pocket for years.
Third - and this is the kicker - errors make coins more valuable, not less. That 20p coin that sold for £125? Its "defects" are exactly what made collectors go wild for it.
Selling Your Treasure (Without Getting Scammed)
So let's say you've just discovered a potential goldmine in your change jar. Now what?
eBay and Facebook Marketplace are obvious choices, but they come with risks. Scammers love targeting coin sellers with the old "courier fee" trick - they'll claim they want to buy your item, then ask for money upfront to pay for collection. Spoiler alert: they're not collecting anything except your cash.
If you're going the Facebook route, meet in person somewhere safe. Cash only. No payment links, no digital transfers, just good old-fashioned notes changing hands.
For the ultra-cautious (or those sitting on something genuinely valuable), auction houses are your safest bet. The Royal Mint's Collectors Service has experts who can authenticate and value your finds properly.
Though honestly? After spending the last three days examining every 20p coin I can find and coming up empty-handed, I'm starting to think my change jar is just... change.
Still going to keep looking though. You never know when you might find someone's £125 mistake hiding in your couch cushions.
Frequently Asked Questions
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A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
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Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
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Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
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Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.
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Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
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Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
Statistics
- As of 2021, the median household income in the U.S. was approximately $67,521, according to the U.S. Census Bureau.
- According to the Bureau of Labor Statistics, the average American spends about $1,500 per year on coffee.
- According to a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
- The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
- A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
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Improving your credit score is a gradual process that requires consistent effort. Start by obtaining a copy of your credit report from the major credit bureaus to identify any inaccuracies or negative entries. Pay your bills on time, as payment history accounts for a significant portion of your credit score. Reduce your credit card balances to maintain a low credit utilization ratio, ideally below 30%. Avoid opening new credit accounts frequently, as this can negatively impact your score. Lastly, consider becoming an authorized user on a responsible person's credit card to benefit from their good credit habits. Regularly monitor your credit report to track your progress.
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