IT’S worth digging around your spare change as you might land upon a rare £1 worth over £200.
A coin with a minting error could be worth multiple times its face value because there are so few of them in circulation.
The rare £1 coin has been known to sell for £205 in the past
The rarities are highly sought after by collectors who are willing to pay over the odds for them.
One of the more peculiar rare £1 coins doesn’t even have a designated name.
But it should be easy to spot, according to coin expert from Change Checker, Kate Morgan.
What makes it worth so much more is that a 12-sided £1 coin die has been struck on an old round £1 coin base.
So, in essence, the coin has been printed on the wrong template.
Change Checker has seen at least three examples of the “error” coin selling on eBay.
Kate said one person found the coin in their spare change and sold it for a whopping £205 after receiving 22 bids.
So it’s worth digging around to see if you have one of these error coins in your spare change.
Error coins are still legal tender, so while they may look a little odd there’s still a chance they could turn up in your change.
And even the simplest mistakes could be worth a mint – so keep an eye out.
Remember though, the price of a coin varies based on demand and how common it is.
You also aren’t guaranteed to fetch huge amounts for one.
Anyone can list a coin on eBay and charge whatever they want, but it’s only ever worth what the highest bidder is willing to pay.
One way to know if you are being offered a reasonable price is by checking what other similar coins have recently sold for.
How to check if a coin is rare
In most cases, a coin is rare if it has a low mintage figure – which is set by The Royal Mint.
The mintage figure relates to how many of the coins were made, so the fewer there are of them, the rarer they are.
You can find out what coins are rare and how they look on The Royal Mint’s website.
Your next step after this is seeing if the same coin is still available to buy in superior Brilliant Uncirculated quality from an official Royal Mint distributor, according to Change Checker.
These coins have been specially made to a superior quality which differentiates them from other coins you might find in your pocket.
How to sell a rare coin
If, after checking, you realise you’ve come across a rare coin, there’s a number of ways you can sell it.
You can sell it on eBay, through Facebook, or in an auction.
But be wary of the risks.
For example, there are a number of scams targeting sellers on Facebook.
Crooks will say they’re planning to buy the item, and ask for money upfront for a courier they’ll be sending around.
But it’s all a ruse to get you to send free cash to them – and they never have any intention of picking your item up.
It’s always best to meet in person when buying or selling on Facebook Marketplace.
Ensure it’s a public meeting spot that’s in a well-lit area.
Avoid payment links and log in directly through the payment method’s website.
Most sellers prefer to deal with cash directly when meeting to ensure it’s legitimate.
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 contact get back to you.
You will be charged for the service though – the cost varies depending on the size of your collection.
Meanwhile, you can sell rare coins on eBay.
But take into account that if you manage to sell your item then eBay will charge you 10% of the money you made – this includes postage and packaging.
Always keep proof of postage to protect yourself from dodgy buyers who may claim they never received their item.
Send the parcel by tracked delivery if you can.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.
