You could even have treasures within the pockets of your coins change. There is the extraordinary case of a rare penny of 1937 to sell for an unprecedented auction of £140,000-if it has some form of detail that separates it from all other regular pennies.
This is the rare King Edward VIII portrait penny of which only 50 were minted before production stopped. In fact, the coins never had a chance to be placed into circulation as the king had to abdicate history to marry Wallis Simpson.
The defining characteristic? On the obverse side, King Edward VIII’s portrait faces left-a deviation from the traditional right-facing orientation of British monarchs on coinage. That subtle yet significant detail makes this penny one of the most coveted pieces in British numismatic history.
The Fascinating History Behind the 1937 Penny Coin:
The 1937 penny reflects one of Britain’s most iconic changes in royalty. King Edward VIII became king in January 1936, initiating a reign that would be extremely short indeed. The Royal Mint had begun to prepare new coins bearing his image, as is normal during the time of a monarch.
A Rupture with Tradition :Traditions were broken in the designs of the 1937 pennies. Edward VIII insists that his portrait be opposite to the way the future successive monarchs would take turn facing. His predecessor faced left, and Edward could have faced right.
A Surprising Twist:
The minting process came to an abrupt halt when Edward VIII abdicated in December 1936 to marry American divorcee Wallis Simpson. Only around 50 pennies were produced before the production came to a halt, which makes it one of the rarest coins in Britain.
The few remaining coins show incredible detail, and Edward’s unique features clearly show in the portrait.
These pennies never entered circulation so are, therefore, in remarkably good condition. Each of the remaining coins is a story of a king who preferred love to duty and once again altered British history for ever.
Understanding Coin Rarity and Value:
Rarity is determined in numismatics on a complex scale that takes into account several key factors:
- Mintage Numbers: The total quantity of coins produced.
- Survival Rate: How many coins survived until today
- Condition: Maintaining the status quo of the original sample
- Historical Background: Events that affected the striking or circulation of the coin
- Ancient coins, like the Roman denarius, may have high mintage numbers but are scarce because of their age and survival rate.
Medieval coins are valuable because of the history they represent, like the Black Death or Crusades.
A good example would be the 1804 Silver Dollar, worth millions of dollars, though it is one of the least rare among U.S. coins. It is so sought-after because of its mysterious creation history and association with the gift sets.
The system of grading plays a role in giving value. Professionals grade on a 70-point scale. Even trivial conditions can lead to dramatically different prices for otherwise comparable coins.
Where to Search for Ultra-Rare Pennies: Practical Strategies:
Hidden treasures often lurk in unexpected places. Here are some proven locations that can start your search for rare pennies:
1. Estate Sales and Auctions
Sort through estate coin collections
Examine old money boxes and piggy banks
Ruminate through old furniture drawers and secret compartments
2. Local Banks:
Request to sort through penny rolls
Request information about unclaimed safe deposit boxes
Examine coin-counting machine rejects
3. Antique Shops:
Examine mixed coin lots
Ruminate through old jewelry boxes
Examine old cash registers
Conclusion: Starting Your Journey into the World of Rare Coins
It’s thrilling to find a rare penny such as the 1937 Edward VIII coin, but it’s not only that it could be worth £140,000. Collecting coins can also take you through interesting historical tales, introduce you to enthusiastic collectors, and bring you unforgettable experiences.
Every veteran collector used to have a single coin. Who knows? The next penny you pick up might be that first step into an incredible journey in the rare-coin world.
FAQs:
An extremely rare coin what’s so special about it and why so much value on it?
Its coin details that give it value; an example is the case of ultra-rare coin, known as the penny coin issued in 1937 selling at £140,000. The reasons for giving a certain valuation to rare coins are provided on what makes their minting and design scarce.
What was the origin of the history associated with this 1937 coin?
This was minted in 1937, during the brief reign of King Edward VIII, who abdicated that year. That contributes to the historical context surrounding this coin and adds to its value because of the unique design features it presents.