NEW 50p coins featuring Peter Pan and Tinkerbell are already selling on eBay for twice their value just days after they went on sale.
The commemorative coins have been produced by Westminster Collection and were launched on Tuesday when collectors scrabbled to buy a set of six.
Each coin features a different character from J.M. Barrie’s 1904 novel alongside quotes from Peter Pan.
Even though they’re only legal tender in the Isle of Man, thousands of collectors joined the virtual queue to buy a set for £6.25, plus a £2.99 delivery charge.
But eBay sellers have been quick to cash in and are already flogging them for inflated prices online – even though they haven’t received them from the supplier yet.
A single Peter Pan coin with the quote “All children except one, grow up” has already sold for £13.50 after attracting 13 bids online.
Another featuring an illustration of Captain Hook next to the quote “Avast belay, yo ho heave to, a-pirating we go” went for £13 after getting 12 bids.
A complete set costs £37.50 from the Westminster Collection or £30 if you buy it directly from the Post Office in the Isle of Man.
Despite this, a complete set of six has sold for £50 after receiving six bids. That’s almost twice their original value.
The seller from Kidderminster wrote: “Brand new and sealed full Peter Pan 50p set, will be sent via a tracked delivery once I receive them. No returns.”
Brits’ obsession with coins kicked off in 2016 when a Peter Rabbit coin sold for £60 by the Royal Mint raised £600 at auction.
Colin Bellamy from Coin Hunter puts the inflated eBay prices down to sellers who are hoping to make a “quick buck”.
He told The Sun: “The majority of people selling them on eBay is down to hysteria. They want to make a quick buck.
“Many people assume that there will be a limited supply of them and that they’ll be able to make a profit by selling them on, only to regret it in a month’s time when the price drops.
“Because that’s what happens you see. More often than not, they end up deflating in price.”
Collectors are often left frustrated when coins are snapped up in bulk purely for the resell.
Is your small change worth a fortune?
IF you think that you might have a rare coin then you might be able to make a real mint.
The most valuable coins are usually those with a low mintage or an error.
These are often deemed the most valuable by collectors.
You should check how much the coin is selling for on eBay.
Search the full name of the coin, select the “sold” listing and then toggle the search to “highest value”.
It will give you an idea of the amount of money that the coin is going for.
You can either choose to sell the coin on eBay or through a specialist like ChangeChecker.org.
If you choose the auction website then remember to set a minimum price that is higher or at the very least equal to the face value of the coin.
Even if your coin “sells” on eBay for a high price there’s no guarantee that the buyer will cough up.
It its terms and conditions, the auction website states that bidders enter a “legally binding contract to purchase an item”, but there’s no way to enforce this rule in reality.
The most eBay can do is add a note to their account for the unpaid item or remove their ability to bid and buy.
Someone commented on the Change Checker site: “My partner collects first day coin covers and looks daily for new issues, unable to buy Stephen Hawking and now Peter Pan. Why is it that these are now being sold on eBay sometimes several by the same seller.”
The coins have been created in partnership with Great Ormond Street Hospital Children’s Charity to celebrate 90 years since the author of Peter Pan, J.M. Barrie, gifted all future rights in Peter Pan to them.
And some people have pointed out that buying coins through secondary sellers means that nothing of the sale goes to the charity.
Colin recommends holding off for a few months before buying your coins to make sure that you don’t make a loss.
He advised: “If you want to buy a particular coin you should always try and buy it from the official supplier before looking on eBay.
“You should also wait a few months because 99 out of 100 times the value will drop.
“Always look for the issue number too. Typically, around 30,000 of each design is minted so if it’s less than that then it may be more valuable in the future.”
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