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1/2 New Penny 1971 Price Discrepancy

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New Member

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 Posted 02/22/2023  4:14 pm Show Profile   Bookmark this topic Add Moneytroll to your friends list Get a Link to this Message Number of Subscribers
I discovered some of these in my drawer, then went to check what they sell for on ebay and was shocked that some are selling these for about a thousand pounds. But then I also see the same coins being sold for about a £1. What is going on? I try very hard to look for differences but there aren't any! Can someone knowledgable please explain? Is this some kind of fraud? Thanks
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jbuck's Avatar
United States
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JimmyD's Avatar
Canada
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 Posted 02/22/2023  4:45 pm  Show Profile   Bookmark this reply Add JimmyD to your friends list Get a Link to this Reply
Not a fraud. A seller can ask whatever he wants up to $2500.00 on ebay for a raw coin.
Just because he asks an absurd amount, it doesn't mean that's what he will get,
they are just preying on the uninformed hoping someone will pay the price.
If you want to see what coins are really selling for, see what the coins have been sold for,
this gives a more accurate value.
New Member
United Kingdom
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 Posted 02/22/2023  5:09 pm  Show Profile   Bookmark this reply Add Moneytroll to your friends list Get a Link to this Reply
Thanks. I did check and the majority sell for about £1-2. But if you sort by highest price, there are some very high bids: https://www.ebay.co.uk/itm/284323858016
I tried to decipher the differences between mine and their coin and could t find any. I thought perhaps there are some secret markings. It's rather confusing.
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 Posted 02/22/2023  5:24 pm  Show Profile   Bookmark this reply Add Hogarth to your friends list Get a Link to this Reply

Yes, high asking prices, not selling prices. For some unknown reason people appear to think 1971 decimals are rare and valuable though then fail to ask themselves why they and all the others offering them for sale have so easily found so many. If they'd bothered to spend 60 seconds on Google before listing they would know 1971 is the most plentiful decimal date, the numbers minted being in the billions.
As JimmyD points out, you can ask whatever you like for anything, it doesn't follow someone will pay it.
In front of me as I type this I have a black pen which still works but is missing the cap. Yours for £1,000.
No?
See what I mean?
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United Kingdom
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 Posted 02/22/2023  5:25 pm  Show Profile   Bookmark this reply Add Moneytroll to your friends list Get a Link to this Reply
I posted the link for a sold price. Not just asking price.
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 Posted 02/22/2023  5:33 pm  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply

Quote:
I posted the link for a sold price. Not just asking price.

I'd be very surprised if any money actually changed hands.
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 Posted 02/22/2023  5:43 pm  Show Profile   Bookmark this reply Add Hogarth to your friends list Get a Link to this Reply

Absolutely.
Probably someone messing about.
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 Posted 02/22/2023  5:57 pm  Show Profile   Bookmark this reply Add andyg to your friends list Get a Link to this Reply
Weird auctions like that can be a simple way of money laundering, some overseas buyer buys something worthless then "pays for it" - thus transferring the money from abroad.. for a legitimate reason.
Edited by andyg
02/22/2023 5:57 pm
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 Posted 02/22/2023  6:11 pm  Show Profile   Bookmark this reply Add Moneytroll to your friends list Get a Link to this Reply
So there was probably fraud after all?
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 Posted 02/22/2023  6:42 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply

Quote:
So there was probably fraud after all?

Yes. Any time you see a cheap coin - like a 1971 halfpenny or a 1965 American cent - offered for thousands of dollars, with no explanation for why it might be valuable other than "it's rare", it's almost always because of money laundering. Criminal A "sells" a coin to Criminal B for $20,000. Criminal B then sells a coin back to Criminal A for $20,000. Hey presto, Criminal A now has $20,000 of laundered money. Of course, with ebay, it's entirely possible for A and B to be one and the same person, with different accounts.

Of course, if innocent person C happened to wander into the scene and decide to pay Criminal A $20,000 for their "rare coin" instead, all the better. That way, both A and B get to keep the money. But money-laundering listings aren't really designed to encourage that happening.

Money probably did indeed "change hands" - it has to, for the laundering thing to work. But I doubt any actual coins were mailed anywhere.

It should be pointed out that offering to sell a "raw" coin (i.e. a coin not in a third-part-grader holder) at a price above US$2500 is against ebay policy. So if you see one of these listings, report it.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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 Posted 02/23/2023  05:08 am  Show Profile   Bookmark this reply Add Moneytroll to your friends list Get a Link to this Reply
Is there an independent website that would provide a more accurate estimate of price?
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Tom Goodheart's Avatar
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 Posted 02/23/2023  07:57 am  Show Profile   Bookmark this reply Add Tom Goodheart to your friends list Get a Link to this Reply
Website? Probably not a comprehensive one that'd cover decimal 1/2ps as they have very little value. Nobody is going to auction them in a genuine sale, which is where the reliable sites get their price data.

But something like the British Coins Market Values 2023 book, or Spink's Coins of England would cover those, and more? Though the 'price' would, like common stamps, be more related to how much a dealer would charge to list and post the thing to you than what it's actually 'worth'. If that makes sense?
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Bacchus2's Avatar
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 Posted 02/23/2023  08:09 am  Show Profile   Bookmark this reply Add Bacchus2 to your friends list Get a Link to this Reply
I came across this story yesterday - which seems to be a clear cut example of money laundering
https://www.nottinghampost.com/news...oins-8164603
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 Posted 02/23/2023  12:18 pm  Show Profile   Bookmark this reply Add peterh to your friends list Get a Link to this Reply
This is Buy it Now on ebay currently
1/2-New-Penny-1971-Price-Discrepancy
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United Kingdom
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 Posted 02/23/2023  1:05 pm  Show Profile   Bookmark this reply Add Moneytroll to your friends list Get a Link to this Reply
"I came across this story yesterday - which seems to be a clear cut example of money laundering
https://www.nottinghampost.com/news...ins-8164603"

Yet it doesn't seem to be reported as fraud?
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