When does a defective product become more valuable than the standard product?

There are some products that are more valuable when they do not conform to the standard expected.  This applies to postage stamps, and also units of currency.  I was reminded of this when this story  broke in the news.  It appears the Royal Mint has allowed some defective newly designed £1 coins to go into circulation.  Given that they are striking 1.5 million new coins every day, and are planning to circulate 1.5 billion of the new £1 coins, it is perhaps not surprising that some defective coins can slip through their quality control processes.  The irony of this is that there is no point in the Mint trying to recall the coins that have slipped through the net, because to collectors they are worth more than their face value already.

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This entry was posted in Chap 09 Quality, Sector: Financial Services, Sector: Manufacturing and tagged , . Bookmark the permalink.

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