Published by The Vantage Markets
If you’ve looked on eBay recently, or if you’ve delved into Facebook’s new Marketplace, you could be forgiven for thinking the entire world has gone bonkers.
The Bank of England’s new polymer five pound note has turned into a huge collecting craze – with some people prepared to bid tens of thousands for rare serial numbers.
Facebook’s marketplace is filled with fivers on sale for four or five times their face value, and eBay is filled with notes being auctioned for up to £249,000.
Doron Cohen, CEO of business payments service Covercy, said, ‘“People love collecting what they believe will be historic items and it is effect a bet on what will gain huge monetary value as the years go by.
‘However, a key consideration is when the time is right to actually sell something, for example the first ever $1 coin from 1794 was sold in 2013 for $10 million, yet I doubt those who got their hands on the new fiver will wait as long to sell their prized notes.’
But could you be sitting on a fortune in your back pocket? Here’s how to tell – and how to avoid paying out extra for a five pound note that is only worth a mere five pounds…