Brits are being encouraged to scrutinise their £1 coins closely for a minuscule mistake that could inflate their value to 500 times the original amount. At first sight, this coin might appear “ordinary”, yet it has the potential to fetch up to £500 from numismatists.
In a clip shared on TikTok, an expert known as the Coin Collecting Wizard demonstrated what enthusiasts should be on the lookout for. He showcased the contemporary 12-sided £1 coins that are now commonplace in the UK.
“So we all know these are the pound coins we can find in our everyday change, but did you know there is a rare error version worth £500,” he remarked. The 12-sided £1 coins were introduced into circulation across the UK in April 2017.
However, a batch of these coins had been minted in 2016 as part of the preparations. A select few of these early strikes contain a diminutive flaw along their edge, rendering them extremely desirable to collectors.
He said: “At first glance it looks like an ordinary pound coin, right? Well this is why you need to look even closer for that special pound coin.”
This particular error results in the principal date next to the Queen’s portrait reading “2016” while a tiny inscription around the edge indicates “2017”. “One of the most fascinating modern £1 coin errors to look out for, the 2016 coin with a micro engraving that actually says ‘2017’,” he explained.
“At first glance everything looks perfectly normal. The main date on the coin clearly reads ‘2016’ like many others from the initial batch of the new 12-sided £1 coins.
(Image: Getty)
“But if you look really closely, and we mean really closely, there’s a hidden detail around the edge of the whole coin. You’ll need a microscope or a very strong magnifying glass to see it but if the micro-engraving shows ‘2017’ instead of ‘2016’ then you’ve potentially got a rare minting error on your hands.”
He added: “A few of these have popped up and collectors have paid around £500 for them. It’s a great example of how even the smallest detail can turn an everyday coin into something quite special, so it’s worth checking your change carefully.”
Experts at Change Checker supported his statement. They explained: “Firstly, although both 2016 and 2017 obverse-dated £1 coins entered circulation in April 2017, the die-error mix-up appears to have only occurred on a limited number of coins with a 2016 date on the Queen’s head side. So it’s worth checking any 2016 coins.
“You’ll need to look just inside the rim of the design side of the coin, where you will see some tiny writing. You’ll almost certainly need a microscope to properly see the writing, which should reveal the date.”
They also noted that one such coin fetched £2,500 from a collector in Spain back in 2017. Nonetheless, they assess that the value of these coins, when in prime condition, ranges between £300 and £500.