EBay traders make a mint as Peter Pan coins that went on sale 48 hours ago fetch twice their face value on eBay – even though they can still be bought from the issuer
- Six designs went on sale on Tuesday, sold by the Westminster Collection
- Initial buyers are not set to receive the coins until the end of June
- eBay traders have sold more than 40 for as much as twice their sale price
Collectors looking to get their hands on the newly released Peter Pan 50p are already turning to eBay for the coins, which are unlikely to have been received by the sellers and are still available from the issuer.
Six 50p coins featuring characters from J.M. Barrie’s iconic children’s novel went on sale on Tuesday, with thousands waiting in the virtual queue to try and get hold of them. They won’t go into circulation in the UK, but 25,000 of each design will be legal tender in the Isle of Man.
The Peter Pan coin is available for £6.25 (plus £2.99 P&P) and the full set of seven coins for £37.50. However, bidding has already begun on eBay.
Despite being released Tuesday and not having even been shipped yet, some Peter Pan 50p coins are already fetching a pretty penny online. 38 have been sold for between £11 and £12.95
One user of the auction site had bought two coins featuring the boy who never grew up and listed them, and has sold one for £13.99 – making a cool profit of £7.74.
Another seller, ‘british-coins’, has already sold 38 of them for between £11.95 and £12.95.
One of the 50p coins featuring Tinkerbell the fairy went on auction for 1p, and in less than 24 hours has already seen its price climb to £5.10, with nine days of auction remaining.
It is unlikely the sellers have the coin in their possession as the range went on sale on Tuesday and the Westminster Collection warned orders could take several days or longer to ship.
This Tinkerbell 50p is only otherwise available to buy as part of set so collectors may have to turn to eBay if they want it on its own
It started its listing at 1p but has reached £5.10 in less than a day with a flurry of bids
One reason for this example of what some might regard as eBay madness, is that only the Peter Pan 50p is for sale as an individual coin.
You will have to turn to the internet if you want just a single coin featuring Tinkerbell, Hook or Tick-Tock the Croc without buying the whole set.
Few coins can yet have been shipped by the Westminster Collection. On the website of the private coin seller, it says buyers of individual Brilliant Uncirculated 50p coins can expect to have their orders despatched by June 18, while sets of all six will be sent by June 24.
The coins have not even been despatched by the Westminster Collection yet, meaning those buying them online will likely have to wait until July to receive theirs
It means that eBay buyers are not expected to receive their coins until July. In fact, many of the listings feature disclaimers that these coin sales are pre-orders, which will be despatched as soon as the seller receives them.
Even the fact that the full set of six are available in unlimited numbers hasn’t stopped people paying over the odds for them online. The set is for sale for £37.50 from the Westminster Collection, yet there have already been sales of the set for £57.50 and £62.99 on eBay, almost double their retail price.
Many of the coins and sets of six have not even sold out on the Westminster Collection website, so some eBay buyers seem to be paying over the odds for no great reason
That some coins are already selling for vastly inflated prices online has gone down quite badly with some wannabe collectors. One commenter on website Change Checker said: ‘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?
‘How do these people manage to secure several for profiteering before the rest of us even know that they are going to be released. Very disappointed’.
Another wrote: ‘Why not limit the coins to just five per household, then more people would have a chance of getting them. I tried to get them but I was wasting my time when it said I was 8,544 in a queue!’
Other users reported problems when trying to pay for coins they were buying, with the Westminster Collection website seemingly straining under the weight of all the traffic.