The Bank Job bag

[Petrolhead]

Greetings all,

I apologise if I have broken convention by posting this but I have just listed a bag of one thousand 1967 one penny coins on ebay.  I cannot post in the 'for sale' part of this forum so just wanted to make people with a genuine interest in coins aware as I think this is quite an unusual item (I could be wrong).  I know very little about coins but I have made some observations in the listing that may be of help and taken a few good quality photos.

I have started the listing at (what I believe to be) a very low price with no reserve but if anyone can tell me anything about the history of bags like this I would be very interested to know.

http://www.ebay.co.uk/itm/Bank-Job-bag-of-uncirculated-1-penny-coins-1967-1000-amazing-coins-/182379238883?hash=item2a76a655e3:g:HEQAAOSwj85YRpiC

Regards

Matt

[copper123]

 5 X  240 is not as you have worked out 1000 but a larger sum 1200

Edited December 6, 2016 by copper123

[Paulus]

4 minutes ago, copper123 said:

 5 X  240 is not as you have worked out 1000 but a larger sum 1040

1,200 in fact!

[Chris Perkins]

Hardly a week goes by when I don't get offered one of those RM canvass sealed bags of 1967 pennies or halfpennies Matt. I wish I could sell more than about 10 of the coins for a £1 or so annually, but there are just so many of them. The rest I scrap as 95% copper. The start price is probably not far out for 15kg, but I'm not sure exactly what the value of copper is at the moment.

[copper123]

darn it maths was never my fav subect

By the way valueing this stash at  £1.50 each is to say the least a bit overoptimistic , probably about one in 100 sell at that price so it might take many years and lots of effot  to sell them all individually

[1949threepence]

There were 654,564,000 minted - by many orders of magnitude, the highest pre decimal penny mintage ever for a single year - and just 4 years before decimalisation.

No wonder they're so common. Makes you wonder why they minted this volume, so close to decimalisation.   

 

Edited December 6, 2016 by 1949threepence

[copper123]

26 minutes ago, 1949threepence said:

There were 654,564,000 minted - by many orders of magnitude, the highest pre decimal penny mintage ever for a single year - and just 4 years before decimalisation.

No wonder they're so common. Makes you wonder why they minted this volume, so close to decimalisation.   

Still a low mintage compared to many dates of usa cent

Remember it was only around 12 for every person in the country at the time  = I think you might find penny 1p  coins are more common.

Any estimates as to how long it might take to sell the lots at £1.50 a pop?

 

 

[copper123]

The 2000 penny coin is in fact more common with a billion minted

[1949threepence]

1 hour ago, copper123 said:

The 2000 penny coin is in fact more common with a billion minted

Oh, I know the decimal mintages were phenomenal in many cases, which is why I said highest pre-decimal mintage.