Rare £1 coin dating back to 1983 is being sold on eBay for £2,500

The coin, which dates to 1983 according to sale material, is being offered for £2,500 or a best offer on the online retail platform eBay by the Stroud seller.

A rare Royal Arms £1 coin, which was first introduced into circulation in 1983, is being sold on eBay for £2,500.

The coin, which is being sold by a Stroud seller, can either be collected in person or delivered for a postage cost of £7.95.

However, no returns of the coin will be accepted.

According to The Royal Mint, over 443 million of the 1983 round £1 coins were put into circulation - making it the first round £1 to enter the market.

The coin is made of copper-nickel and has a milled edge.

On the obverse side of the coin is the crowned Royal Arms design by Timothy Noad, while the reverse features Benedetto Pistrucci's St George and the Dragon design.

Director of commemorative coin at The Royal Mint Rebecca Morgan said: “There are occasionally reports of coins selling for large amounts on the secondary market, some of which seem a bit farfetched.

“So we want to ensure collectors have the right information and pay a fair price for any coins they collect.

“A coin is ultimately worth what the collector is willing to pay for it, but there are factors you should consider before committing to a price.

“This can include the condition of the coin, its design, mintage figure and what it’s made of.

“If you have a coin and are unsure about its history, rarity or authenticity, we offer a range of services at The Royal Mint to help establish its likely value and help our customers build a bespoke collection.

“We also have a wide range of resources on our website to help people learn more about the coins in their pockets and coins they might inherit from family members.”

According to The Royal Mint, collectors should always establish how much a coin is in circulation before committing to a price for it.

And if in doubt, an expert should be consulted before making the purchase.

However, if people are looking to sell a coin on the secondary market and the coin has an unusually-low mintage, it might sell for higher than its face value.

Meanwhile, the condition of a coin is measured in relation to how much wear and tear it has suffered over the years.

The closer to mint condition (the condition it was in when it came off the production line at The Royal Mint) it is, the higher the value it could have.

The Stroud coin can be viewed on eBay via tinyurl.com/yu84789e