Rare £1 Coin Flaw Could See You Cashing Out for £2500

People have been alerted to keep a close watch for an ordinary-looking £1 coin that might just be worth an eye-watering £2,500

People have been urged to be on the lookout for a common £1 coin that could be worth a small fortune due to a minute production error.

The new 12-sided £1 coins, which began circulating in March 2017, are a familiar sight. But the Royal Mint began turning out more than half a billion of the coins in 2016 to prepare for the currency transition.

However, one particular variant of the 2016 coin has seen its price skyrocket to an astonishing degree. It is the 2016 coin that also has "2017" stamped on its tails side in an almost invisible micro-engraving.

The date is so small that it may be difficult to spot. But in a recent TikTok post, one coin collecting enthusiast, known as the Coin Collecting Wizard, provided his followers with some crucial tips on how to identify this rare coin.

He said: "This is a United Kingdom £1 coin and there is a rare dual dated error worth a lot of money.

"Here is what you need to look out for. You're looking for a 2016 obverse [heads side] dated coin with 2017 micro-engraving on the reverse.

"You may need a microscope to zoom in on it but it is 2017. Now this coin is very rare and it is sold for a lot of money.

"We understand that at least one example was sold for £2,500 to a buyer in Spain in 2017.

"The error is particularly difficult to spot due to the size of the micro engraving so be sure to keep an eye out for this one.

"It's worth checking any 2016 coins as it is one of the hardest errors to spot.

"Remember, you are looking for a 2016 obverse dated coin with 2017 micro-engraving on the reverse. So make sure to check all your 2016 £1 coins and make yourself some quick cash.

"This is such an easy error to miss because it is so small. Good luck."

Experts at Change Checker confirmed that his advice was sound. They added: "We understand that at least one example was sold for €3,000 (£2,500) to a buyer in Spain in 2017, which probably marks the likely ceiling for value.

"Probably more dual-dated £1 coins than 2p coins have been struck. However, the error is particularly difficult to spot due to the size of the micro-engraving.

"Bearing all that in mind, our best value estimate for a Dual-Dated £1 Coin in excellent condition is currently £300 – £500."

A dual-error 2016 £1 coin was recently listed on eBay for £1,500 at the time of writing.