MAKE sure you’re keeping an eye out for rare £1 coins in your spare change – one could be worth over £200.
Coins with minting errors can sell for hundreds of times their face value because there are so few of them in circulation.
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These types of pieces are highly sought after by collectors willing to pay over the odds for them.
One £1 error coin in particular could be worth over £200 too.
Kate Morgan, coin expert at Change Checker, explained how the vast majority of £1 coins are made with gold-coloured Nickel-Brass on the outer ring and a silver Nickel plated interior.
However, one person discovered a £1 piece which was purely gold-coloured, selling it for £205 on eBay.
Kate said: “One explanation for the supposed ‘error’ could be that the coin missed the plating stage during production.”
The same issue has been discovered on £2 coins as well, with The Royal Mint, which makes British coins, confirming there are only four or five in circulation.
Change checker said the rare striking error is highly sought after and coins have sold for “extraordinary prices” in private sales and auctions.
That does mean we don’t know how much they’ve sold for though.
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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.
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