A RARE penny could be the key to a fortune

The 1933 coin is one of the 10 rarest coins in the UK and is worth a whopping £130,000.

A RARE penny could be the key to a fortune, if you’re lucky enough to have one in your possession.

The 1933 coin is one of the 10 rarest coins in the UK and is worth a whopping £130,000.

One avid coin collector shared his knowledge about the rare penny, including that there is only seven known to be in existence.

The Coin Collecting Wizard on TikTok gave people an insight into what makes this penny so valuable.

“This is the 1933 pre-decimal penny from the United Kingdom, so make sure you check your grandad's old coin collection and keep an eye out for this date,” he said in a new TikTok, referring to the year 1933.

“Do you have this coin from 1933. If so, you are rich?”

He said that while “there are other dates to look out for too,” of rare coins, none are “going to have the crazy value of the 1933 penny,” and the reason for that is because there are only seven are known to exist.

The reason there were so few is because this penny was not intended for general circulation.

Instead, it was struck for ceremonial purposes, such as being placed under the foundation stones of important buildings.

“So, if you find one, you are extremely lucky, but that doesn't necessarily mean there are no other dates to look for because there is,” Coin Collecting Wizard continued.

Coin Collecting Wizard often posts about interesting coin facts on TikTok and in one video ran through the most valuable pennies.

Speaking in the video, he urged viewers to “stop what you're doing and listen”.

He said: “Did you know there are old pennies worth thousands of pounds?”

In some cases, the extremely rare 1p pieces have sold for a whopping £200,000.

Bear in mind though, that you might not always get such a hefty amount for a rare coin.

The design of the coin, its condition and whether or not the coin is in circulation also affects how much it could be worth.

How to spot valuable items

COMMENTS by Consumer Editor, Alice Grahns:

It’s easy to check if items in your attic are valuable.

As a first step, go on eBay to check what other similar pieces, if not the same, have sold for recently.

Simply search for your item, filter by “sold listings” and toggle by the highest value.

This will give you an idea of how much others are willing to pay for it.

The method can be used for everything ranging from rare coins and notes to stamps, old toys, books and vinyl records - just to mention a few examples.

For coins, online tools from change experts like Coin Hunter are also helpful to see how much it could be worth.

Plus, you can refer to Change Checker’s latest scarcity index update to see which coins are topping the charts.

For especially valuable items, you may want to enlist the help of experts or auction houses.

Do your research first though and be aware of any fees for evaluating your stuff.

As a rule of thumb, rarity and condition are key factors in determining the value of any item.

You’re never guaranteed to make a mint, however.

You can easily figure out how rare a coin is, by checking its mintage figures.

This relates to how many coins were produced by The Royal Mint.

If a coin has a low mintage, it means there's less in circulation and is therefore rarer and it could potentially be worth more than its face value.

Either way, you'll want to keep an eye out for some in particular which can sell for big numbers.

Plus sometimes specific details can determine how much the penny will sell for - such as if it has an error.

There are plenty of rare coins out there, you just have to know what you're looking forCredit: TikTok/@coincollectingwizard