Almost sold money for less than its face value!

Lord Kitchener "Your Country Needs You" 2014 World War I Outbreak £2 Coin
Lord Kitchener “Your Country Needs You” 2014 World War I Outbreak £2 Coin

Phew, that was close. Earlier this month it looked like I was going to sell a coin for less than its face value for the first time.
Of course there have been times when I was disappointed a coin I was selling hadn’t reached a higher price and that a buyer had left with a better bargain than I’d planned but I was reassured by the maxim that currency has a floor price below which it should never sell.
But why had I forgotten those times when I have been able to buy cash for less than its face value on eBay until it looked like I was going to be at the wrong end of such a deal for the first time.
I had already sold each one contained in a pack of five new £2 coins issued this year to commemorate the centenary of the start of the First World War in 1914, when I tried to repeat this feat after these coins had been released into general circulation.
As I received the first batch of five coins even before they were released into circulation by the Royal Mint, I was among the first to offer these on eBay so the first three coins sold for £6.27, £6 and £4.50 but prices begin to fall very quickly after an initial rush when collectors bid against each other to be the first to get the new coin.
Luckily, the fourth coin was snapped up for £6 on a second chance offer to the bidder who had narrowly missed out on the coin that sold for £6.27.
Then an Italian bidder was able to win the fifth coin for £4.21.
My success in selling the five £2 coins for £26.92, more than double their face value, meant I was still very interested when the Westminster Mint contacted me soon after to ask if I would like another five for face value (if this was paid in other commemorative £2 coins). So I sent off two 2001 Marconi Wireless Transmission and three 1999 Rugby World Cup £2 coins that I’ve had kicking around for ages and waited for my next batch of shiny new Lord Kitchener “Your Country Needs You” WWI -anniversary £2 coins.
My earlier success with the first five coins meant I was confident to open bidding for £1.80, less than face value, for the sixth coin I offered but I’d forgotten to factor in the fact that these coins had already begun to hit the streets and eBay was no longer the only place to find these.
It was immediately obvious that interest was no longer so hot. I watched with concern as few people visited my listing to see what I was offering but finally, at 1.15pm on the Sunday afternoon the sale was due to finish, it attracted its first bid.
I watched as few others took a look and thought I was about to find out how it felt to sell something for less than its face value until at four minutes to five, three seconds before the auction was due to end, mercifully someone else decided to bid.
That offer was only for a measly £2.01 but it was enough to raise the original bid from the opening price of £1.80 to the full £2.05 maximum offered by the opening bidder.
Phew – not a massive profit (and actually a small loss once I’d paid seller fees) but I’d dodged the psychological trauma of selling money for less than its actual face value.
It is a fate I’ve inflicted upon others before but that is something I’ll discuss in another post.


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