New £1 coin error could be worth thousands, TikTok user @coincollectingwizard explains

The £1 piece has been spotted by online coin enthusiasts after they entered circulation in August. Three million of the “bee” £1 coins have made their way into tills and into our pockets since then. However, a version with an error was also entered into circulation, and experts think it could be worth thousands.

A new £1 coin error has been spotted by TikTok users, and experts think it could be worth thousands.

The £1 piece has been spotted by online coin enthusiasts after they entered circulation in August.

Three million of the “bee” £1 coins have made their way into tills and into our pockets since then.

However, a version with an error was also entered into circulation.

TikTok user @coincollectingwizard highlighted the error in a video.

They explained: “All new £1 coins are made with two metal rings.

“The outside is made from nickel brass while the inside is nickel-played brass alloy.

“But the rare £1 coin that has been found recently is all one colour.”

The coin enthusiast showed viewers how to spot the error by placing the coin on a flat surface and spinning it.

If the coin is two colours then it is the standard version.

But if the coin is one colour throughout then it is the error version.

Coin expert Greg Dwane told The Sun Online that the error coin could be worth up to £5,000.

He said: “The error occurred during the production process at the Royal Mint in South Wales.

“Instead of the outer ring being struck with nickel brass and the inner ring being struck with nickel-plated brass alloy, both rings were struck with nickel brass.

“This gives the coin a uniform gold colour throughout, rather than the standard two-tone appearance.”

Five Incredibly Rare and Valuable British Coins

What makes a coin valuable?

The 50 pence piece has become the most valued and collected coin in the UK, with many collectable designs appearing on its heptagonal canvas.

Its 27.5mm diameter makes it the largest of any British coin, and allows space for decorative pictures. It has often been used to celebrate big events over the past 50 years of British history.

The rarest coins tend to be of the greatest value, with the mintage (number of coins with each design made) being the fundamental attraction for collectors.

Along with the design, other aspects of the coin which increase value are the condition of the coin and whether it has an error in its design.

The way in which it is sold can also determine the coin’s value - while some coin collectors will bid vast amounts of money on ebay or at auction, others opt for more robust valuations by selling via a coin dealer.

Royal Mint top 10 most valuable 50p coins

Here is a list of the top 10 most valuable coins, when they were made and how many were minted