It has been just over a week since the brand new pound coins were first circulated, but did you know some of them are worth much more than their face value?
However, unlike the new £5 notes which can be easily identified via a serial number, it’s much more tricky spotting those rare editions with the £1 coin.
When our sister paper The Newcastle Chronicle asked The Royal Mint, they said: “Unlike bank notes, coins don’t have serial numbers, so there won’t be anything different about the new circulating £1 coin to distinguish it from any other, apart from the fact those struck last year and this year ready for the launch will carry the 2016 and 2017 year dates.”
However, according to the Mirror , if you look a little deeper there are certain elements that signify how valuable a new £1 coin might be.
This is what money expert Alex Cassidy, from GoCompare’s Coining It In says could make a coin a special edition model.
“As with the current £2 coins, the 2017 £1 coin is bi-metallic - in this case an outer ‘gold’ coloured nickel-brass band with an inner ‘silver’ coloured cupro-nickel disc,” Alex explained.
“Because of this, any potential die errors during production, which occurs when the dies have become misaligned, could be worth a lot of money.
“Punters should pay attention to both the floral crown on the reverse side for any rotations, as well as the Queen’s head, which should sit directly above the new bevelled edge.”
Trial coins - they’re worth more than you think
More than 200,000 of the brand new coins were sent out to retailers last year for “testing”. They were classed as “trial coins” only - and are not legitimate tender, however, they’re being flogged for hundreds of pounds on eBay.
Owner “Glanvog” sold his edition for £200 last month, after bidders ramped up the war for the sought after coin. Experts are now predicting their value to spike even further after launch.
“These new £1 trial coins are fascinating, especially considering the financial precedent of the £2 trial coins in 1994, which have since become one of the most sought after collectible coins in Britain,” explained Alex. “If these new trial coins turn out to be as valuable as 1994’s, then anyone who gets their hands on them now could be sitting on a future goldmine.”
Chards is a leading coin and bullion dealer based in the UK. The firm buys and trades coins, jewellery and specialises in valuable gold and silver.
According to the experts, the most valuable of all the £1 coins will be the ‘proof’ coins - the special pre-production samples - often used for “approval” purposes and produced to a much higher standard of finish.
A Chards statement said: “Bear in mind they are producing over 2.2 billion £1 coins this year.
“We do not think that the 2017 circulation £1 coin will be a good investment - however, the collector coins such as the silver proof, silver proof piedfort and gold proof will be the ones to invest in.”