The Royal Mint has confirmed a new kind of error on £1 coins, and if you have one in your change, it could be worth £3,000. The Mint made a mistake when it put the date on them. The coins are stamped on one side with 2016, and on the edge of the reverse - in tiny text - it has 2017.
The coin was discovered by window cleaner and keen coin fan, Richard Bird from Hull. He applied to have it checked out by the Royal Mint, which confirmed they were aware of the error - but thought that all the affected coins had been removed from circulation.
This should be good news for coin collectors. The fact that the Mint spotted it and tried to remove all the mistakes from circulation means that the error is likely to be rare, which makes the coin more valuable. Bird has had it valued at £3,000. However, the fact that they missed one means there's a good chance they missed others, so it's well worth checking your change.
Other valuable £1 coins
The new error coin is one of the most valuable versions of the £1 coin so far, but it's not the only one. Website Check Your Change has discovered two mistakes that are rare enough to make a £1 coin more valuable to collectors - although they're not worth as much as £3,000.
The first is a remnant of the blank metal disc used to make the coin. When the 12 sides were made, the top edge of the coin wasn't struck, so you're left with what looks like a round raised lip around the edge of the coin.
The second is known as the 'leaked egg' error, because it helps you picture the mistake. If you think of the silver bit in the middle as the yolk and the gold bit around it as the white, it looks like a broken egg, where the yolk has leaked into the white. In extreme cases so much of the silver has leaked into the gold that it has left a gap in the silver on the other side.
The site also warns that there are unscrupulous people trying to create their own errors and cash in - by pushing the middle of the coin out and either manipulating it or putting it back in the wrong way round. These are worth being aware of and avoiding completely. They're not worth any more than £1. In fact, because they have been damaged, they're not even worth £1 any more.
Incredibly valuable coins
Incredibly valuable coins
This Australian coin was the first half crown minted under Edward VII. The price for a Melbourne coin in good condition is particularly high because around half of them were produced with faults. It’s now worth £7,500 and has risen in value some 13,789% since it was first in production
The only half crown on the list gets its position from its rarity value. However, the fact this is a silver coin rather than a gold one does affect its value - so it’s worth £10,500. It’s significantly less than others on the list - but it has still appreciated 79,445%.
This is the newest coin in the top ten, and the first year that sovereigns were produced featuring the Queen. The coin was produced in small numbers for investors - rather than for circulation - so is thought to be worth £12,500, due to its rarity.
This is another collectable gold coin prized for its rarity value. It’s worth £15,000 today and has appreciated 191,716%
This was issued in very small numbers, as it was produced during WWI. As a result, few are available - especially as uncirculated coins - so one in good condition will fetch £16,000.
This is another coin prized for its rarity, thanks to a relatively low number being minted, and more being taken out of circulation during WWI. It’s now thought to be worth £17,000 after appreciation of 42,084%.
This 1926 coin has shot up in value and is now worth £31,500. The rise in value is partly to do with a very low mintage, and partly to do with the fact that people were asked to hand their sovereigns over to be melted down during WWI, which took many of them out of circulation.
This brass threepence from 1937 has benefited enormously from the fact that Edward didn’t stick around for long to get too many coins struck in his image before he abdicated. It is now worth £45,000.
This 1933 penny has seen a stunning appreciation in value and is valued at a whopping £72,000 today. The value is due entirely to rarity. Only around seven British versions of this coin were minted, and were intended for the King to bury under the foundation stones of new buildings. They have been subject to theft, and a few are said to be in private hands now.
This isn’t the oldest coin in the list, but it was produced in a year when all gold coins were recalled and exchanged for paper money - so the vast majority were melted down. Its rarity and popularity puts it head and shoulders above the rest. It is worth an eye-watering £6,500,000, and has increased in value 2,178,885% since it was produced.