A 1983 two pence coin with the inscription ‘NEW PENCE’ is very rare, but just how much are these coins worth today to collectors?
According to our research, the coin sells for around £1,000 when listed on eBay, and there are very few other places (if any) that offer the coin for sale. Auctions offer the coin in the 1983 brilliant uncirculated coin set for between £800 and £1,200 in recent years.
There is a lot to understand with this coin, so let’s waste no time and get right into it.
What Is The 1983 ‘New’ Two Pence?
When the UK adopted a decimalised currency system in 1971, the new 2 pence coins were marked with ‘NEW PENCE’ on the reverse.
This was implemented to make it easier for the general population to identify the coins. As the pre-existing coins were spent and new coins issued, the need for the inscription became lesser.
It was decided that in 1982, 11 years after the decimalisation, the inscription would be changed simply to ‘TWO PENCE’, as most people were accustomed to the new system by this time.
Despite this change, in 1983 there were a small handful of two pence coins still with the marking of ‘NEW PENCE’ minted. These were produced in the brilliant uncirculated coin set of that year and were not intended for circulation.
This has been officially confirmed by the Royal Mint, but the exact number of these error coins has not been revealed.
The set itself had a mintage of around 637,000, but the number of errors is estimated to be much smaller than this.
Martini And Heinz Sets
This may sound odd at first, but the uncirculated sets issued in 1983 were sponsored by Martini and Heinz.
Heinz was partnered with the Royal Mint at the time, and Martini ran a drinks promotion with the Mint that issued the sets as well.
A lot of people think that the Martini set is the only one which can contain the error coin, but in reality, both sets can contain it.
It’s very unusual for a drink brand to run such an event, but it did happen.
What Should You Do If You Have A 1983 New Two Pence?
If you think that you have a genuine version of the coin, you should get in touch with the Royal Mint to have them verify the coin through their collector service.
Remember that the coin was issued as part of the brilliant uncirculated 1983 coin set, so it is more than likely that you will discover the coin as part of this set rather than by itself.
Once you get it confirmed, you should be able to approach a coin dealer and see what they can offer. You can also use eBay, but this comes with a lot of risks.
Another option is to take the coin to auction, which is where you will probably get the best price. In recent years the price of the coin as part of the entire 1983 brilliant uncirculated set has risen above £1,000 from around £600 10 years ago.
Is A 1971 New Pence Worth Anything?
Many people believe the 1971 two pence coin has collectable value as this was the first year of its production.
According to eBay sold prices, this coin can sell for between 50p and £2 on the secondary market. Still, a decent return on the value of the coin, but not in fact worth the ridiculous prices that some people seem to think they are.
The reason behind this is that during this year 1,454,856,250 2p coins were minted, more than any other year in the history of the two pence.
The lesson to be learnt here is that due diligence is of utmost importance when looking into buying or selling any coin in a secondary marketplace such as eBay. It is perhaps important to consider looking into specialist coin dealerships if you are looking to invest in coins.