This 2p coin is worth £1,000 - do you have one in your pocket?

A coin collector has revealed exactly what to look out for in your handful of change if you want to improve the state of your bank balance.

A coin collector has revealed a particular two pence coin is worth a huge £1,000 - and it's all down to a mistake made during the minting process.

DansDollars, a coin collector from DansDeals, regularly shares his knowledge on all things money-related on his TikTok page. In one of his recent videos, he explained how to identify a coin that could improve the state of your bank balance.

He's often asked about the value of the 1980 coin, so he decided to show viewers the design of this particular coin and its features.

"This is the 1980 two 'new pence' coin first released into circulation in 1971," he says. "The two ‘new pence’ design stayed on coinage until 1982, well supposedly."

He showed the coin, which features the portrait of Queen Elizabeth II looking to the right with the Latin inscription behind her head which translates to 'by the grace of God , Queen, Defender of the Faith' next to the year of issue, which is 1980. He then flipped the coin over to show the other side, which features feathers from the badge of the Prince of Wales.

He then revealed that this coin is worth its face value of two pence. However, a new coin was issued shortly after.

"In 1983 the two ‘new pence’ changed to the two pence," he said, as he held up a different coin. "The first batch of the 1983 coins didn’t feature two pence the new design, they still by accident featured the old one [which he held up first].

"So if you’ve got a 1983 two ‘new pence’ coin at home, your coin is an error coin and it's worth £1,000 - yes you heard that correctly."

He then held both coins up showing the designs of the plumes of ostrich feathers and added: "Let us know if you’ve got it, it really would be incredible."

Have you ever discovered you have an item worth a lot of money? Let us know in the comments below.