Rare 1p coin sells for £127,000 as people urged to check their change

People have been emptying their piggy banks in search for a rare coin that could earn them almost £130,000 when sold at auction

People have been emptying their piggy banks in search for a rare coin that could earn them almost £130,000 when sold at auction - but many have their doubts over ever finding one.

A 1933 1p coin is considered ultra-rare by collectors and it is thought that only seven of the coins were issued.

The Royal Mint Museum website reads: “The banks possessed such large stocks of pennies in 1933 that it was not necessary to strike any more for general circulation. But there was a convention at the time that complete sets of coins of the current year were buried under the foundation stones of new buildings.

“Consequently three 1933 pennies were struck for buildings erected in that year, along with a small number to be kept as record copies by the British Museum and the Royal Mint Museum. No record was kept at the time of how many pennies dated 1933 were made but it is thought to be no more than six or seven.

“With no precise record of the number made, and with the coin having been struck to ordinary circulation standard, it seemed possible that one might turn up in everyday use, prompting a generation to search their change for the rare but ultimately elusive penny of 1933.”

But in August 1970, thieves broke into the Church of St Cross, Middleton, near Leeds, and stole a set of coins from under its foundation stone.

Following this, a second set buried under St Mary’s Church, Hawksworth Wood, Kirkstall, Leeds, was removed and sold. However, it is thought the third set remains in place.

One TikTok user, @ndainternet, has been sharing how one of the coins recently sold at auction for £127,000.

Another, presumed to be in worse condition, sold for £86,000.

He said: “It's because these King George 5th coins are considered to be a very rare coin. Mainly because they're around 100 years old and so they're considered to be a historical item. If you have one, it might be worth a lot of money.”

Commenting on his video, one user said: “I'm saving the Queen pennies now. Maybe my grandchildren will be rich.”

Another user added: “Only seven minted and three of them are owned by the mint one buried under a castle two of them in private collectors and one is still missing.”

A third user said: “I used to bury these in my grandad's back yard.”

One more added: “I have 1 pence coin year 1979, a 45 years old coin now.”

A final user said: “They are so rare because they did not make loads that the only reason not because they over 100 years old. Good luck finding 1933.”