IF YOU spot this tiny error on your 2p coin, it could be worth more than £1,000.

The rare piece, minted in 1983, has become incredibly valuable due to a mistake made during its redesign.

This tiny error on your 2p coin could make it worth more than £1,000, according to a TikTok user.

Coin Collecting Wizard shared a video on the social media platform discussing the 1983 ‘new pence’ two pence coin from the United Kingdom.

He explained that the coin is considered rare due to a specific transition in the design of the coin.

In 1983 the Royal Mint in the UK began the process of changing the inscription on the two pence coin from ‘new pence’ to ‘two pence’.

However, some error coins were released, not intended for circulation, as part of a commemorative issue.

These pieces were printed with the former ‘new pence’ name, rather than ‘two pence’.

A number of these may have now made their way into wallets across the UK, if the collector's sets were ever opened.

If you're lucky enough to find one, it could be worth more than a thousand pounds.

In his TikTok video, Coin Collecting Wizard said: "The 1983 'new pence' two pence coin from the United Kingdom is considered rare due to a specific transition in the design of the coin.

"In 1983 the Royal Mint in the UK began the process of changing the inscription on the two pence coin from 'new pence' to 'two pence'.

"If you find this rare coin you are looking at £1,000 plus."

The "new pence" name had come from when the UK switched to decimal currency in 1971, and was chosen to avoid confusion with the old currency.

By 1982, these coins were no longer fresh and so the name was dropped in favour of "two pence" for the coin, according to currency specialists Change Checker.

When looking for 1983 "new pence" for sale online, we found one of the coins listed as part of a collection of pieces from that year.

The Great British 1983 Coin Collection is currently on auction, with a staggering starting price of £1,383.72.

This comes as it was revealed that another extremely rare 2p coin could be worth more than £1,000.

A small number of 2p coins were accidentally minted on the same base as the silver 10p coin.

What should you do if you find a rare coin?

It's worth remembering that a rare coin is only worth what someone is willing to pay for it.

They might be happy to pay more if it will complete their collection, for example.

The Royal Mint has said it is unable to comment on the value of any individual coin so it is best to consult a coin dealer.

You can do this by contacting the British Numismatic Trade Association.

You can visit their website at: https://www.bnta.net/.

If you want to get an idea of how much your coin is worth, you can look online to see what it's sold for previously.

On eBay you can look at the "sold listings" to see what people have paid before.

Typically, 2p coins are made with copper-plated steel, giving them their distinctive copper look - they were originally minted from bronze.

However, some of these that were mistakenly made with the 10p's nickel-plated steel base have given the coins a silver finish.

If you find one of these in your wallet, it could sell for more than £1,000.

Back in 2016, a silver 2p sold for a whopping £1,350, more than 67,000 times its face value.

It was nearly thrown away as a presumed fake after it was discovered in a Poppy Appeal tin.

What other rare coins should you look out for?

One of the most collectable coins is the 50p.

Among the most valuable of these is the Kew Gardens design, which was created in 2009.

Only 210,000 of these special coins were made.

According to The Royal Mint, the Kew Gardens 50p has become one of the most talked about collectors coins in the last 15 years.

One recently sold on eBay for £157.

Other 50ps to look out for are the Olympic designs.

These were released by the Royal Mint in 2011 to celebrate the London 2012 Olympic and Paralympic Games.

Some are more rare than others, but all are becoming increasingly difficult to find in your change.