People selling plastic £5 notes online are making a BIG mistake
The “longer lasting” and “harder to forge” new polymer banknote from the Bank of England has been making headlines across Britain.
After it launched in September, the new plastic £5 banknote has been met with widespread approval from British consumers.
Special editions have fetched eye-watering sums of money on online auction sites.
Typically, the notes with the lowest serial numbers attract the highest bids, but quirky prefixes have also fetched a healthy sum.
To some, they’re worth much more than the value they represent.
People have taken to eBay to sell the cash – but not everyone is doing it right, it has emerged.
Some have been forgetting to add a reserve price.
Scouring eBay, it’s apparent that there are a few listings without one, which means that bidders could just wait for auctions to end and then just offer less than five pounds.
One note that didn’t live up to its value was advertised with a starting price of just 99p and sold for £3.20.
It had the AK47 serial number – not as popular as AA01, but one that has seen big sales.
Another, which had an AK47 serial number, went for £3.
And look at this one – there’s no reserve, and at the time of writing only £4.90 has been offered.
MoneySavingExpert.com’s Jenny Keefe has also seen a couple of fivers with no reserve price set.
“If you’re selling a rare plastic fiver, always start the auction at least £5 – you’d be surprised how many have closed for less than that sum,” she said.
“Add in eBay fees and the loss is even bigger. There are so many fivers up for grabs on eBay that I wouldn’t set a reserve price, as it might put people off.
“Just start the auction at the lowest price you’re willing to accept. You can list 50 items for free each month, so starting at £5 rather than 0.99p won’t change the price you pay.”
Sadly, a representative at a Birmingham auctioning company Joseph Cottrial told us many of these eBay sellers are not likely to make the profit they are hoping for.
Mr Cottrial, who works for Warwick & Warwick Ltd, said: “People can put anything on eBay but I suspect the users are trying their luck and being speculative…these prices are just too high.
“I even think in the future we’ll see a massive drop in the value.
“In 2017, I reckon, the most you can sell these fivers would be £100. Now, I would say you should sell for about £200.”