As popularity grows, the prices reached for the most expensive plates are always increasing. As of 2008, the record price for a number plate is £397,500 paid at auction in September by an anonymous buyer for the plate S 1. This was originally owned by Sir John H A MacDonald, the Lord Kingsburgh and was Edinburgh's first ever number plate. Car design entrepreneur Afzal Kahn paid £375,000 on 25 January 2008 for F 1 previously owned and sold by Essex County Council and affixed originally in 1904 to the Panhard et Levassor of the then County Surveyor. £330,000 was spent on M 1, sold at auction in Goodwood on 7 June 2006.

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Even in the early days, people recognised the significance and enjoyment brought by owning a prestigious or personalised number plate and often kept them within the family for many years. Their significance is often highly personalised to their owners. Some like to have a registration that originated in their local area, some are attracted to owning their own initials and others enjoy the fun of a word based registration mark.

It had been expected to sell for between £15,000 and £25,000 but the first Manx vehicle registration plate ever to be issued was eventually sold last week for £100,000. It is, says auctioneer Murray Keefe, a valuable piece of Manx history.

“It was the first Isle of Man number plate and people do like to have number 1. At the auction we had 4 telephone lines wanting to bid on the number plate and quite a few bidding in the room so I was not surprised it made so much money knowing that some of the plates in the United Kingdom make substantially more than that.

The Motor Car Act 1903, which came into force on 1 January 1904, required all motor vehicles to be entered on an official vehicle register, and to carry number plates. The Act was passed in order that vehicles could be easily traced in the event of an accident or contravention of the law. Vehicle registration number plates in the UK are rectangular or square in shape, with the exact permitted dimensions of the plate and its lettering set down in law.