Nigerian DG Regina Elizabeth Coin: What’s Its Worth and What Should You Do?

Introduction

Grandma’s old coins or rare finds from the attic can often spark a conversation, especially when they happen to be from the fascinating world of international coinage. A recent query from a friend from the IMO state of Nigeria, who possesses a unique DG Regina Elizabeth coin, has us diving into the details of this coin: its value, potential, and what steps should be taken if you come across a similar find.

Background on the DG Regina Elizabeth Coin

The DG Regina Elizabeth coin, minted in Nigeria, is a distinct piece of coin history. The coin was issued by the Central Bank of Nigeria in the 1950s and features a young Queen Elizabeth on the front, while the back showcases a scaled-down version of the current governor (DG). This coin is not just a piece of currency but a historical artifact, providing insight into the economic and royal history of Nigeria during a significant transitional period.

Value and Rarity of the Coin

Collecting and Appreciation

The coin’s value significantly depends on its state of preservation (grade, or 'mint condition'), its rarity, and global interest in Nigerian coinage. Generally, such coins can be highly valued by collectors because of their historical significance and the unique iconography present on the coin. The young queen on the front and the governor on the back make this coin a collector’s gem.

Market and Resale Potential

The resale potential for such a coin is contingent on its condition and rarity. In excellent condition, it could bring a significant premium. However, due to the value being around $2 and considering the costs of shipping and insurance, it’s crucial to assess whether the hassle and associated expenses outweigh the potential gains.

What to Do with Your DG Regina Elizabeth Coin

Options for Selling

Given the market potential, several options exist for selling or trading your DG Regina Elizabeth coin:

Online Auctions: Sites like eBay or specialized coin selling platforms can be a great place to sell your coin. These platforms have a large audience of coin collectors and enthusiasts, increasing your chances of a successful transaction. Direct Contact: Engage with local coin dealers or regional coin collectors through forums or social media groups. You can often receive a higher price from a direct sale due to the lack of additional transaction fees. Research Local Markets: Check local coin shows, events, and auctions. These can provide a unique platform to display and sell your coin, often without the high transaction fees of online platforms.

Alternative Routes

Consider these more creative solutions for handling your coin:

Gift: Donate the coin to a local museum or historical society. Often, institutions are thrilled to receive historical artifacts, especially those with ties to their region. Educational Purpose: Utilize the coin as an educational tool in schools or within educational institutions to teach about the history and significance of currency in Nigeria. Philanthropy: Sell the coin to fund a local charity project or community event, achieving a dual benefit of serving both the community and honoring history.

Conclusion

Whether you choose to sell, donate, or keep this unique DG Regina Elizabeth coin, the key is understanding its value and potential. Regardless of the choice, it’s essential to tread cautiously, assessing all factors and exploring the best possible route to honor the historical significance of the coin and possibly benefit those around you.

For more information on Nigerian coins, contact coin collectors associations, or explore online forums dedicated to currency and coin collecting. Understanding the market and community around coin collecting can provide valuable insights and opportunities for those with unique pieces like the DG Regina Elizabeth coin.