The Royal Mint is considering giving out coin valuations as part of its future plans to grow in the collecting market, the Royal Mint confirmed.
Presently, The Royal Mint, a government-owned coin maker is not able to value a coin but can confirm whether it is fake or real. What it will usually do is give the coin owner a letter to confirm or deny its legitimacy, and the owner can then start selling coins through a coin merchant, at auction events, or even online.
Nevertheless, a spokesperson for The Royal Mint confirmed to the Telegraph that as well as creating coins, it is taking into account offering the valuation service in the future because of growing interest from customers.
The service will most appeal to coin collectors or those who have been granted large collections that they want to be assessed and sold. With so much noise around “error” coins fetching thousands of pounds at auctions, it will also be popular with many of those who have been given a cracked, warped or misshapen new 12-sided £1 coin.
The Royal Mint would not reveal any additional information about the service, or whether clients would have to pay to use it.
Yesterday it was announced that the Royal Mint had made an equity investment in a coin dealership in London’s Mayfair, in an attempt to capitalise on the increasing interest in coin collecting.
The Royal Mint acquired a stake in Sovereign Rarities Limited for an undisclosed amount, as part of a five-year strategy to grow in the collector services market.
The purchase will enable it to offer a range of historic coins, which includes some coins that are thousands of years old.
What to Do if You Believe You Have a Rare Coin in Your Collection
Now that the Royal Mint remains tight-lipped about when its valuation service could begin, anyone who believes they have a rare coin should first check whether it is real or fake by sending it off by post to the Royal Mint.
If it is real, you have the choice of selling it to a coin dealer, at a coin auction house, on eBay, or to anyone you know.
The British Numismatic Association embodies more than 80 coin specialist firms and collectors based across the UK, and although the association itself cannot classify coins or give an opinion as to their authenticity or value, the members can.
Now go ahead and check your old wallets, your vault, your collections and you can be a millionaire in no time.