In any branch of collecting, the arrival of a new “collectable” creates a flurry of excitement.
While the addition of a new 12-sided pound coin to the UK’s suite of everyday currency has been know for more than a year, this week’s announcement of the design this new coin will carry served to heighten the anticipation for the arrival of the new pound coin in 2017.
This week the Treasury announced that the competition to design the new 12-sided pound coin had been won by 15-year-old David Pearce of Queen Mary’s Grammar School at Walsall in the West Midlands. His design features a rose, a shamrock, a thistle and a leek to represent the four main countries of the United Kingdom. These are shown emerging from a Royal coronet.
David’s design was chosen from more than 6,000 others where entrants suggested the illustration of acclaimed writers, cups of tea, seaside piers and even the lolling tongue of the Rolling Stones to celebrate the UK.
Of course every coin collector around the world will be eager to get a pristine example of the new UK pound coin for their collection as soon as possible and, as with all new arrivals on the market, immediate prices will soar until most collectors have an example they are happy with.
The same is seen when the Scottish or Northern Irish banks issue a new banknote design and in the past those in the know make a healthy profit from this predictable feature of the currency market as long as they can get their hands on a supply of the new currency before this initial peak in prices settles to a more mature price.
So all who seek to get a slice of the inflated initial market price for the new 12-sided coins will need to start today to investigate how they can get a supply of these ahead of their entry to the wider market. My thinking cap is on and I will share whatever solution to this need I uncover.
However, before this, we already have the imminent arrival of another new collectable to the market. While the arrival of a new coin creates an initial surge in demand, the scramble to acquire the final example of an older design also leads to inflated demand.
Close watchers will already have spotted that coins released this year will be the last to feature the current “innovation” design used on standard £2 coins and will already be ready to accumulate a supply of these for future trading.
A future post will look at how I have been able to benefit from the inflated prices paid for the final smaller issue of coins of an older design released in 2008 as the country awaited the arrival of the new Royal Shield suite of coins.
But before this I plan to look at the urgent reason behind the redesign of our pound coins.