The special half-penny worth £175,000 you could 'retire today' on

Brits have been urged to check any piles of old coins they might have lying around

A rare coin specialist has claimed that discovering an old half-penny could mean you are able to "retire today".

Brits have been urged to check any piles of old coins they might have lying around as one special half-penny is said to be worth a whopping £175,000.

Half-pennies have a storied history, dating back to the reign of Edward I, who ruled England from 1272 to 1307.

Before the half-penny was introduced by Edward I in 1279, traders would often break or cut a full penny into two to make change, a method that was clearly unsustainable. Thus, the half-penny coinage was established for practicality.

It was not until 1672, during Charles II's reign, due to a shortage of low denomination currency, that the first milled half-pennies were struck, bearing Britannia on one side - modelled after the Duchess of Richmond - and the image of the king on the other.

Initially produced in copper, the composition of the half-penny switched to bronze under Queen Victoria in 1860. Despite its long circulation, the half-penny was finally retired in 1984, remembered as perhaps the least favoured coin in British currency history.

The half-penny more familiar to many Brits emerged in February 1971 during decimalisation. The Royal Mint ceased production in 1984, and then Chancellor Nigel Lawson declared the coin's withdrawal, stating that "most people would be glad to get rid of them".

The half-penny was demonetised in December of the same year. Given its extensive history and various forms, there are a wide array of half-pennies in existence, leading to significant differences in their value, reports Lancs Live.

However, according to Coincollectingwizard, an expert of rare coins, some could fetch a hefty sum. He said: "Retire today if you have this half-penny worth £175,000.

"Did you know old UK half-pennies can be worth money? Keep an eye out for specific dates which could make you rich.

"With a history spanning over 800 years there are many rare and collectable half-penny coins. If you'd somehow come across one of the earliest half-penny coins - perhaps from as far back as the 15th Century - then you could be looking at well over £100,000.

"An uncirculated 1860 half-penny recently auctioned for big money. You need to look out for half-pennies from the 1800s - and it all depends on the condition of the coin too. You never know what might be sitting in a box left in your loft, so get your old coin collection out or ask your family members about these coins and make yourself some serious money."