CHANGE CHECK I’m a coin expert – exact date to spot on £1 rare coin worth £2,500

IT'S always worth digging around your spare change for any rare coins - particularly a £1 piece that could sell for thousands of pounds.

Acoin with a minting error, when its been struck incorrectly, could be worth thousands of times its face value.

A rare 'dual-dated' £1 has sold for £2,500 previously

A rare 'dual-dated' £1 has sold for £2,500 previously

The pieces are highly sought after because in most cases there are barely any in circulation, making them extremely rare.

One of these coins, a £1 error "dual-dated" piece, has been known to sell for £2,500 in the past.

Both 2016 and 2017 obverse-dated (when the date is on head of the coin not the tail) £1 coins entered circulation in April 2017.

But an error appears to have cropped up on a limited number of the coins with a 2016 date on the Queen's head side.

On these coins there is a 2017 engraving on the reverse side in tiny writing.

Kate Morgan, coin expert at Change Checker, said: "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 or Phonescope to properly see the writing, which should reveal the date."

Phonescopes can be bought from around £7 and attach to your smart phone, acting essentially as a Microscope.

These dual-dated coins have been known to sell for up to £2,500 in the past.

However, according to Change Checker, you're more likely to get between £300 and £500 for one.

How to check if a coin is rare

In most cases, a coin is rare if it has a low mintage figure - which is set by The Royal Mint.

The mintage figure relates to how many of the coins were made, so the fewer there are of them, the rarer they are.

You can find out what coins are rare and how they look on The Royal Mint's website.

Your next step after this is seeing if the same coin is still available to buy in superior Brilliant Uncirculated quality from an official Royal Mint distributor, according to Change Checker.

These coins have been specially made to a superior quality which differentiates them from other coins you might find in your pocket.

How to sell a rare coin

If, after checking, you realise you've come across a rare coin, there's a number of ways you can sell it.

You can sell it on eBay, through Facebook, or in an auction.

But be wary of the risks.

For example, there are a number of scams targeting sellers on Facebook.

Crooks will say they're planning to buy the item, and ask for money upfront for a courier they'll be sending around.

But it's all a ruse to get you to send free cash to them - and they never have any intention of picking your item up.

It's always best to meet in person when buying or selling on Facebook Marketplace.

Ensure it's a public meeting spot that's in a well-lit area.

Avoid payment links and log in directly through the payment method's website.

Most sellers prefer to deal with cash directly when meeting to ensure it's legitimate.

The safest way to sell a rare coin is more than likely at auction. You can organise this with The Royal Mint's Collectors Service.

It has a team of experts who can help you authenticate and value your coin.

You can get in touch via email and a member of the valuation team will contact get back to you.

You will be charged for the service though - the cost varies depending on the size of your collection.

Meanwhile, you can sell rare coins on eBay.

But take into account that if you manage to sell your item then eBay will charge you 10% of the money you made - this includes postage and packaging.

Always keep proof of postage to protect yourself from dodgy buyers who may claim they never received their item.

Send the parcel by tracked delivery if you can.

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