How can this old penny be worth almost £1k?

[ajsilman2013]

How on Earth can this old penny be worth almost £1k - there is no product information with it defining why it is rare and worth so much. At best it can only be worth pennies.

[tobiasd4]

Some sellers think their items are worth a lot.

They are only worth what someone actually pays, coin may sell,  but not necessarily get paid for.

Some buyers are willing to pay over the odds, I don't know why.

[tommystrezures]

ITs not rare, i suspect because of the date 1966 the seller thinks otherwise (eg England won the World cup) there were 165,739,200 pennies minted in 1966......

[ajsilman2013]

Yes I considered that but it doesn't make it so rare its worth c£1k. Similarly the Seiler has two other coins for sale at astronomic values claiming they also are rare. 
Adverts like this substantially demean Ebays Credentials. On this basis my collection of c 200 similar but multiple alternative dates makes me a paper millionaire!!
But come - on - morally can we defend Ebay in this instance by simply stating 'something is only worth what someone will pay for it' backed by 'Buyer Beware!'. Not in my world!!

[tommystrezures]

I know where you are coming from there are many other collectable fields where sellers have no clue. In Ebays defence they never see the item and don't have any idea of the value per se. As @tobiasd4  alluded too, its not until someone pays for it then we scratch our heads in disbelief. 

As a buyer, you will know what you are looking for and the chancers that are on here (and any other of these types of platforms for that matter). There are some dangerous listings I noticed when looking at your example, which eg the £20,000K+ coin with a penny and pound coin stuck together, or other fake coins which stand out like a sore thumb as they have the wrong monarchs head for the age of the coin etc.

[john1297576]

Seller obviously does not think it is worth much, judging by cost of postage.

I have heard it suggested that sellers do this to get potential buyers looking at their other item, but in this case does not apply as the other coin is worth very little.