A few weeks ago we wrote about the new commemorative coins that Spain issued into circulation this 2018: One coin is dedicated to the 50th birthday of King Philip VI and the other coin is part of the series dedicated to commemorate the Unesco heritage. In this case is dedicated to the Old Town of Santiago de Compostela. This week we talk again about these coins and the madness around them.
The coins was issued into circulation on February 8th, and it was possible to get them at face value (2 Euros) in all the Bank of Spain offices.
That's exactly what the collectors did, the same day, and the following days... there were long lines at the doors of all the bank of Spain offices. The collectors want these coins really bad.
This event made that the majority of bank offices were out of coins. The bank of Spain set a rule where a person can take 50 coins or 100 euros per day, but this rule wasn’t followed by all the offices, creating controversies and associated problems.
It is not the first time that this phenomenon is observed, lines of people at the entrance of the Bank of Spain. In January of 2017 something similar happened with the Euro coins of Andorra.
The first series of Euros from Andorra was minted by the Spanish mint house (FNMT) and because that, there were collectors that could acquire the coins in the Spanish bank offices. The addition of Andorra to the Euro (this country never minted euros before), plus the weird distribution of 2 euros coins between the 2 commons euro coins, made more difficult to get them.
The surprises don’t end here, the 1 and 2 cents coins weren’t available in the Spanish bank. That increased the difficulty to acquire them and complete the collection, and for that the price also raised up.
The new Spanish commemorative ones have a pretty design, but this isn’t the reason the collectors are going crazy, the real reason is the low number of coins that the FNMT has decided to mint. Here we have other low mintage coins:
This time the reduction has been much more drastic.
This has been the cause to increase the interest in them, and consequently, the increased market price. This situation has happened already with other commemorative coins with low mintage.
Finally, it should be said that the coin of Santiago de Compostela can be very attractive because is related to the Camino de Santiago. In the design of the coin appears a pilgrim, making this coin a great memory of “El Camino”.
What do you think of these new coins? Do you think the reaction of collectors was expected due to the low mintage? Do you think it is just a passing fever? We are waiting for your opinions!