You might have read the news that one old coin sold in millions. Yes, that news is true. The person who is old currently does not know the worth of them. In the market, some buyers are ready to give millions for old coins and old banknotes. The old coin and old bank notes have more value than their actual value.
One person in South Africa sold his rare old coin for a price of R20 million. How the value of an old coin is decided. Here several factors come into play like the contain of the coin, the metal of the coin, the rarity of the coin, etc. The value also depends on the factor that the coin has any historical significance.
R20 Million for an Old Coin
Visualize you find randomly a coin in your drawer and encounter that the coin has its worth in millions. This is a real situation in South Africa when a person finds an 1898 Single 9 Pond coin in his house. The person sold that coin in the amount of R20 million. That coin was South Africa’s most desired coin. The sale of a coin with values in millions has caught attention all over the world and the person becomes a millionaire in a day.
The 1898 Single 9 Pond coin has historical significance, the Anglo-Boer War, these coins were used at that time of war. These kinds of coins with specific historical concerns always have keen attention from the collector and the collectors are ready to pay high values to remember those historical moments. This is one example of when a coin sold for such a high price, many coins are kept for auctions and have mindblowing bids.
Now, you might be thinking of how a coin that does not have its value in the present can be sold in millions, Yes, when the coin is associated with some events, the value of the coin adds the value of emotions and historical remembrance. Here the person who buys the coin, considers the importance of the coin in the past and he buys the coin for the emotions of that time in history, Some time govt also buys these coins or banknotes to keep them in museums to teach generations about history.
Factors That Make a Coin Valuable
We have discussed the basic factors that raise the value of a coin into millions below.
Condition
The coin which is well preserved or in good condition will be sold for high value. Usually, the metal coins have a longer life as compared to the bank notes.
- Uncirculated Notes: The banknotes that have no folds, tears, or wear are the first preference of the collector. Especially, the notes that are not circulated will be in good condition.
- Coins in Good Condition: If a coin has all the details on it like year name, amount, and other details, that can go for higher bids.
Metal Content
The material of the coin matters, like the coins that are of gold or silver, will be preferred.
| Coin Type | Metal Name | Value-based on metal prices |
|---|---|---|
| ZAR Pond | Gold | The current value of gold and it is usually high |
| Half Pond | Gold | The value depends on the gold market trends |
| Krugerrand | Gold | This coin is the most stable coin to have |
| Silver ZAR Coins | Silver | The coin has a value that corresponds to the current silver rates of the market. |
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Rarity
The rarity of a coin is the actual factor that decides the value of a coin.
- 1898 Single 9 Pond: This coin is sold for R20 million.
- 1965 Afrikaans R1 Coin: This is a coin that has great historical significance and is very rare.
- 1926 Quarter Penny: The Coins that are stamped between 1932 and 1936 are an especially scarce type and lead to high values.
- The banknotes that have a Limited edition or are in early series have high prizes.
- The first South African Republic banknotes from 1961 are high in demand.
- For example, a Bassani note which has a value of a 100-pound is sold for a value of R500,000. The note is from 1933.
How to Check if Your Coins or Notes Are Valuable
If you also have a coin or banknote and are curious to know the value of your coin/banknote, follow the steps below.
- Evaluate the Condition: The coin or banknote which is in good condition with no tear or wear will be the first preference for the collector.
- Determine the Metal Content: The coins that are made with precious metals like gold or silver usually have the value of the current price of those metals.
- Check for Rarity: You can check the rarity of the coin with the help of numismatic guides or online auction records. You can also consult the specialized coin dealers. You should know the year of minting, unique features, or the limited production runs for that coin in history.
- Consult a Numismatic Expert: The numismatic expert or auction house will give you an idea of the actual price of the coin. We guide you to consult more people before the sale of the coin as the price of the coin may be higher than expected.
Famous Examples of Valuable South African Coins
You can check the list of coins that are sold in millions in South Africa.
| Name of Coin | Year of Mint | Approximate Value on Present Day |
|---|---|---|
| Single 9 Pond | 1898 | R20 million |
| 6 Pence | 1928 | More than R3 million |
| Full Brockage Pond | 1898 | Error coin, higher than expected |
| Afrikaans R1 Coin | 1965 | Collectors first choice |
| 50 Cent English | 1965 | Rare coin with a high price |