Exact mark to spot on ultra rare £1 coin that could be worth 500 times its face value – check if you have one
CHANGE UP Exact mark to spot on ultra rare £1 coin that could be worth 500 times its face value – check if you have one
AN ultra rare £1 coin could be hiding in your spare change worth 500 times its face value.
The rare piece is worth the small fortune due to an engraving error which is almost impossible to spot.
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A rare £1 error coin could be worth £500
Credit: TikTok/@coincollectingwizard
New 12-sided £1 coins were struck and entered into circulation in 2017 but some were made incorrectly during the manufacturing process.
A small number have the date "2016" engraved in tiny markings on the rim of the coin instead of 2017.
It is not known how many of this type of error coin entered circulation, but find one and it could be worth up to £500, according to one coin expert.
In a recent video on TikTok, account Coincollectingwizard said: "These coins usually feature a tiny micro-engraved date on the rim as an added security feature.
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"However, a small number of these coins were mistakenly engraved with the wrong year, showing 2016 instead of 2017.
"This subtle but significant error went unnoticed by many making these coins particularly rare."
It's worth bearing in mind, you might not fetch £500 for this coin if you find it in your spare change.
A rare coin is only worth what a buyer is willing to pay for it on that day, whether that be in auction, on Facebook or eBay.
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It might also be worth getting this type of coin verified and valued through The Royal Mint's Collectors Service.
We reveal more details on that service below.
Is Your 50p Worth More Than You Think
How to spot a rare coin
A coin is usually classed as rare if it meets two criteria - a low mintage figure or it was struck in error.
The mintage figure of a coin relates to how many of it were struck and put into circulation.
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For that reason, the less that have been struck the rarer and potentially valuable it is considered to be.
The Royal Mint has a list of some of the rarest coins you might be able to find in your spare change on its website.
For example, the 2023 Atlantic Salmon 50p is considered the rarest 50p piece, with only 200,000 minted.
In second is the Kew Gardens 2009 50p, of which 210,000 were struck and put into circulation.
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How much you can get for either of these coins depends, but one Kew Gardens 50p recently went for £107 on eBay.
The other type of rare coin is an "error" coin, made when an issue occurs during the manufacturing process, like the rare £1 coin mentioned above.
Usually, there's just a handful of these types of coins in circulation because they were made incorrectly.
One rare £2 error coin has been known to sell for £1,000 previously while another 2p coin is also worth over £1,000.
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How to sell a rare coin
You've got three main options: in auction, on eBay or on Facebook Marketplace.
The safest way to sell a rare coin is more than likely at auction. You can organise this with The Royal Mint's Collectors Service.
It has a team of experts who can help you authenticate and value your coin.
You can get in touch via email and a member of the valuation team will get back to you.
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You will be charged for the service though - the cost varies depending on the size of your collection.
If you are selling on eBay, make sure you list the coin's price accurately.
You can do this by checking how much other sellers have sold the same piece for.
It's pointless listing a rare 50p for £100 if people have only been willing to pay £50 for it previously, for example.
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Finally, you can sell on Facebook Marketplace, but be wary of scammers trying to get you to transfer money to dodgy accounts.
It can be easier to meet buyers in person and get cash for your coin, but only in daylight and in a public place.
In any case, if you're selling on eBay or Facebook, decent pictures will help the coin sell for the best price.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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